HACKER Q&A
📣 bigbossman

Any startups here own Bitcoin (and digital assets)?


Public companies like Square and MicroStrategy have been in the news for buying bitcoin. Anyone here work for a startup that owns bitcoin on its balance sheet? How does the company custody and track their holdings?

Question is intended for both non-crypto and crypto companies.

  👤 superbcarrot Accepted Answer ✓
This is one of the worst things a startup can do with their money. I wonder how many will try it just because they want to emulate Tesla.
👤 zachlatta
At Hack Club, a 501(c)(3) nonprofit that helps teenagers run high school hacker clubs, we accept cryptocurrency donations at https://hackclub.com/donate/.

We open source nearly everything we do at https://github.com/hackclub, even our finances. We have deeply appreciated the generosity of the cryptocurrency community.

We have a Coinbase account where we store received crypto. In our books, we log everything in USD and I believe we record our crypto holdings as an asset. This has worked at our current size since we are a small and cash-strapped organization focusing nearly all our efforts on those we serve.

👤 derivagral
I don't have an answer, but I do have a question. If you funded some amount of crypto as the primary asset into a new company, and then convinced a SPAC to take you public... is that a net gain? We've seen already-public companies buy up crypto, but what about taking a private one public and skipping the "real" business part?
👤 doggosphere
You can be exposed to a bitcoin etf or closed fund as well, there's a bunch now and probably more coming out.

EBIT, BTCC, GBTC, BTCG, QBTC, BITC

Watch out for momentary premiums/discounts on share price though. https://bitbo.io/ for quick calculations.

👤 randomopining
STX is looking pretty solid. You can stake out for 8-15% APY in 2 week stints for BTC. Would not be bad as a way to store capital.