Teddy Fusaro @teddyfuse Twitter profile

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Teddy Fusaro

2 months

Have had a lot of questions on #bitcoin ETFs since they launched in January. Links to the most common Questions I've gotten & threads with my answers r below. If you have more @ me and I'll try to get to them. For BITB disclosures & prospectus see:

BITB | Bitwise Bitcoin ETF

BITB provides low-cost access to bitcoin through a traditional, professionally managed ETF.

bitbetf.com

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Teddy Fusaro

@teddyfuse

3 months

USDT @tether_to produced an estimated $6.2 billion in net income in 2023. That's 78% of the number Goldman Sachs did ($7.9bn) and 72% of Morgan Stanley's ($8.5b). They have ~100 employees. GS has 49,000. MS has 82k. Source @MaelstromFund

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Teddy Fusaro

@teddyfuse

4 months

Have had a lot of questions about how #bitcoin ETFs interact with the underlying bitcoin market throughout the trading day, when ETF buys and sells impact the spot bitcoin market (and how and when the ETF actually gets its bitcoin). Short thread.

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Teddy Fusaro

@teddyfuse

4 months

Lots of you asked about how settlement of #bitcoin txns work in bitcoin ETFs, after the ETF buys (or sells) its BTC and how you can follow along. I'm going to tweet about $BITB specifically in this instance, so for BITB disclosures & prospectus see:

BITB | Bitwise Bitcoin ETF

BITB provides low-cost access to bitcoin through a traditional, professionally managed ETF.

bitbetf.com

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Teddy Fusaro

@teddyfuse

5 years

BITCOIN TO KEEP PRODUCING BLOCKS EVERY TEN MINUTES; ISSUANCE TO REMAIN ON PREDETERMINED, TRANSPARENT SCHEDULE

Jennifer Ablan

@jennablan

5 years

FED'S WILLIAMS SAYS IN A DOWNTURN WE COULD CONSIDER QUANTITATIVE EASING, NEGATIVE RATES

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Teddy Fusaro

@teddyfuse

1 month

IBIT is 26% of BlackRock's 2024 inflows and FBTC is 56% of Fidelity's. BlackRock is the world's largest asset manager. Fidelity has the most active brokerage accounts in the US. Probably nothing.

Eric Balchunas

@EricBalchunas

1 month

To those asking, $IBIT is 26% of BlackRock's flows and 56% of Fidelity's flows, so yes, def having impact on leaderboard.

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Teddy Fusaro

@teddyfuse

6 months

Bitwise Bitcoin ETF banner going up outside the iconic facade at ARCA. For the fund’s prospectus & risk disclosures, visit:

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Teddy Fusaro

@teddyfuse

3 years

Me: I’ll read the Sunday NYT and stop thinking about NFTs for a few minutes. NYT:

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Teddy Fusaro

@teddyfuse

2 months

Seen a lot of chatter on this related to IBIT in particular and #bitcoin ETFs in general. There is some amount of misunderstanding (and some truth) based on what I've seen. This tweet has 1.1 mm views, so will do my best to clarify below 🧵

Tyler

@TylerDurden

2 months

Blackrock can take as much Bitcoin as they want from Coinbase and the transaction is recorded off chain. I'd like to see the all of the ETF's wallets. Thanks Brian you massive cunt.

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Teddy Fusaro

@teddyfuse

3 years

I realize a lot of you are new here. This is the kind of food we eat in the #Bitcoin community.

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Teddy Fusaro

@teddyfuse

3 years

Proof of steak

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Teddy Fusaro

@teddyfuse

5 years

This is the tweet that started the #LNTrustChain torch that @jack participated in today. Amazing. #Bitcoin ⚡️

hodlonaut 80 IQ 10%er 🌮⚡🔑 🐝

@hodlonaut

5 years

Some LN fun.. - I send 100k sats with to the first person I choose to trust that replies to this. - That person adds 10k sats and sends 110k to someone (Either from reply to a new tweet, or this thread) .. and so on How many sats before it breaks?

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Teddy Fusaro

@teddyfuse

25 days

First off, Sasha is a long time bitcoiner, a friend, has done much to advance #bitcoin over the years, and I appreciate her work and dedication. Second, this is incorrect. Some details on why 🧵

Sasha Hodder

@sashahodler

26 days

Coinbase is rehypothicating its prime lending customers’ bitcoin to fund the ETFs. That’s why the price isn’t pumping. They are settling w borrowed bitcoin instead of buying new bitcoin. Shame on Brian Armstrong for this one…

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Teddy Fusaro

@teddyfuse

4 years

If you’re eating take out this weekend, consider getting Chinese food. One of the unfortunate early side effects of the #coronavirus pandemic here is that Chinese American businesses are getting crushed (out of ignorance).

Coronavirus: Shops in NYC's Chinatown are suffering 50% business losses

The downturn began even before the coronavirus reached New York City, and coincides with a rise in anti-Chinese sentiment.

www.businessinsider.com

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Teddy Fusaro

@teddyfuse

25 days

Long penguins / short the bankers

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Teddy Fusaro

@teddyfuse

5 months

Have seen some confusion comparing #bitcoin ETF traded volume to net ETF flows. Couple things: 1. An end user ETF buyer doesn’t buy shares from the ETF. She buys them in the secondary market, which is either a natural seller (another end user selling shares) or a market maker.

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Teddy Fusaro

@teddyfuse

1 year

@espn Bad bunny going nuts

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Teddy Fusaro

@teddyfuse

2 years

Coinbase add was the most memorable one so far right? My kids got up and wanted to scan it.

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Teddy Fusaro

@teddyfuse

3 years

NYT Business section finally covers actual business

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Teddy Fusaro

@teddyfuse

1 year

@espn @NBATopShot @MiamiHEAT Playoff Jimmy. Refs were helping the nugs too.

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Teddy Fusaro

@teddyfuse

1 year

Yesterday was a sad day in the annals of crypto history; the passing of Silvergate Bank. Possible misdeeds notwithstanding, they were the first major US institution to provide regulated, widespread on-ramps for USD into crypto. Their contributions should be commended, their

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Teddy Fusaro

@teddyfuse

3 months

Lots of you asked about how #Bitcoin ETFs buy (or sell) bitcoin. I'm going to tweet about $BITB specifically in this instance, so for BITB disclosures & prospectus see:

BITB | Bitwise Bitcoin ETF

BITB provides low-cost access to bitcoin through a traditional, professionally managed ETF.

bitbetf.com

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Teddy Fusaro

@teddyfuse

2 months

tHeRe aRE nO iNStituTiONs bUyInG #bitcoin ETFs

Eric Balchunas

@EricBalchunas

2 months

Millennium is king of the bitcoin ETF holders w/ about $2b across four ETFs. This is out of over 500 holders (about 200x the avg for new ETF). Majority are inv advisors (60%) but a big dose of HFs (25%). Never can be totally sure what HFs up to but they were def big buyers.

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Teddy Fusaro

@teddyfuse

1 year

@JoePompliano Spikes was an absolute unit

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Teddy Fusaro

@teddyfuse

2 months

Playing in a golf event today. Plenty of Boomers. @BitwiseInvest jacket / @pudgypenguins hat. Everyone wants to talk crypto. What should I tell them?

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Teddy Fusaro

@teddyfuse

3 years

CNBC just reported that the "Reference Price" for $COIN is $250/share. That is much lower than where the Shares traded in the private market in Q1 (~$345 avg in S-1) and way, way (technical term) below the FTX (offshore futures/forward) price of near $600 last. #CoinbaseIPO

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Teddy Fusaro

@teddyfuse

8 months

Excited to ring the Opening Bell at the New York Stock Exchange later this morning to celebrate the listing of crypto-linked ETFs!

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Teddy Fusaro

@teddyfuse

1 month

The Anti-Crypto Army’s Strategy Session this morning “We need to rethink our strategy of hoping the internet will go away”

cdixon.eth

@cdixon

10 years

"We need to rethink our strategy of hoping the Internet will just go away." http://t.co/JU2WZ3XCeq

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Teddy Fusaro

@teddyfuse

8 months

2023 - the year crypto entered its Mainstream Era. Crypto-linked ETFs listed on the world’s most iconic stock exchange.

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Teddy Fusaro

@teddyfuse

1 month

For the people dunking on @EricBalchunas and @JSeyff - you have no idea

Charles Gasparino

@CGasparino

1 month

Breaking: If the @SECGov does approve the $ETH @ethereum ETF it will be one of the biggest regulatory 180s in recent SEC history and proof that the crypto crowd is a legitimate voting block, securities lawyers tell me. All the guidance coming from @GaryGensler was that he was

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Teddy Fusaro

@teddyfuse

1 month

When you travel solo with the @pudgypenguins hat on, you roll deep, knowing the whole colony is with you.

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Teddy Fusaro

@teddyfuse

5 years

“The greatest wealth comes from investing in something you believe in long before others even understand. You will be criticized, mocked and ridiculed for your non-conformist actions...”- @MarkYusko

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Teddy Fusaro

@teddyfuse

4 months

Mallory has a bunch of other things to think about, including current and prior inventory and positioning, cost of capital, balance sheet usage / availability, cost to create/redeem, availability of other hedges and borrow rates, etc. Fin/

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Teddy Fusaro

@teddyfuse

4 months

This happens hundreds of thousands of times throughout the day (in all ETFs, not just BTC). As Eric pointed out last week, in one single session, one of the bitcoin ETFs alone had over 100k individual trades

Eric Balchunas

@EricBalchunas

4 months

Also interesting $IBIT saw over 100,000 individual trades today. It was doing 30-60k the whole time up until Tuesday. It's like it found a new gear over Pres Day wknd. I thought maybe it was just pent up volume due to long wknd but it did even more today so there goes that theory

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Teddy Fusaro

@teddyfuse

1 year

@NBAHistory @NBA The scores in these old games are wild.

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Teddy Fusaro

@teddyfuse

2 years

Long @nic__carter / short the bankers

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Teddy Fusaro

@teddyfuse

1 month

Look. I’m about as optimistic as it gets on the future of Bitcoin and crypto. But I did not think it would be a major topic in the 2024 presidential election. In 2020 we got excited bc a fringe candidate (Yang) was known to be pro BTC. Wow.

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Teddy Fusaro

@teddyfuse

3 years

From the very beginning i told them: just speed up the block time, make the blocks bigger, and lower the fees. But nobody listened.

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Teddy Fusaro

@teddyfuse

1 year

@NateGeraci Moral bankruptcy

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Teddy Fusaro

@teddyfuse

2 months

BITB had about $33.5 million in in-flows today. Earlier this week, BITB had outflows of $34.3mm on Tuesday and $29mm on Wednesday. People ask: why $63 million out on Tues/Weds and $32 million in on Friday? For BITB disclosures & prospectus see:

BITB | Bitwise Bitcoin ETF

BITB provides low-cost access to bitcoin through a traditional, professionally managed ETF.

bitbetf.com

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Teddy Fusaro

@teddyfuse

4 months

In this way, as soon as Alice buys the $100 of ETF, and Mallory sells it to her, she becomes short the shares of the ETF and simultaneously becomes long the underlying corn. Mallory is running a hedged book (while Alice is taking outright directional risk, long).

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Teddy Fusaro

@teddyfuse

1 month

5 pm ET - Wall Street has been closed for the weekend for an hour already. "Wall Street guys" are already opening the pool getting ready for MDW drinking rosé eating crab legs. Meanwhile #bitcoin is still trading. Will trade all night. All long weekend. 24/7/365

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Teddy Fusaro

@teddyfuse

2 months

Get a lot of questions on why #bitcoin ETFs perform differently from one another despite the fact that they are all so similar. Will also tweet some thoughts directly about $BITB so for BITB disclosures & prospectus see:

BITB | Bitwise Bitcoin ETF

BITB provides low-cost access to bitcoin through a traditional, professionally managed ETF.

bitbetf.com

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Teddy Fusaro

@teddyfuse

4 months

Mallory’s "hedged book" position is now LONG bitcoin and SHORT bitcoin ETF (fully hedged, or risk neutral, or delta-one, as Wall Street calls it). If BTC number go up, her hedge makes money while her short ETF position loses the same amount. And vice versa.

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Teddy Fusaro

@teddyfuse

2 months

And 232 years later #Bitcoin ETFs launched on NYSE For the BITB prospectus & risk disclosures, visit:

Dylan Halvorsen

@DYLANMHALVORSEN

2 months

On this day May 17th, 1792: the New York Stock Exchange was founded

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Teddy Fusaro

@teddyfuse

1 year

@ESPNNBA This is such a creepy promo

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Teddy Fusaro

@teddyfuse

4 months

Mallory, as a market maker, is an arbitrageur. She doesn’t want to be long or short bitcoin, and doesn’t seek to profit from the price going up or down. She wants to make a spread on the difference between the prices at which she can buy ETF shares and sell them, while hedged.

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Teddy Fusaro

@teddyfuse

3 months

On Amtrak to Boston. Had a min to look at Ethena & USDe which may be the fastest-growing USD-denominated asset in the history of crypto. I'm tweeting about structure/mechanics here as I personally understand it. Not a Bitwise or personal investment.

G | Ethena

@leptokurtic_

3 months

USDe is the fastest growing USD denominated asset in the history of crypto

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Teddy Fusaro

@teddyfuse

4 months

So when Mallory sells the $100 of shares to Alice, Mallory simultaneously buys a long position in the underlying asset, bitcoin, to hedge her position. She can do this any number of ways - buying BTC spot, buying BTC futures, buying another bitcoin ETF, buying other BTC derivs.

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Teddy Fusaro

@teddyfuse

4 months

This is the moment when Alice’s purchase of ETF, although not directly interacting with the underlying bitcoin market, indirectly impacts supply/demand in the bitcoin market, by pushing that demand to Mallory, who is out bidding for corn.

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Teddy Fusaro

@teddyfuse

4 years

@kakape Hang in there Kai. Keep up the great work. It must be exhausting and stressful but please continue to keep us all informed.

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Teddy Fusaro

@teddyfuse

1 year

The original *philosophy* of #bitcoin as an idea is that civilization deserves the free choice of an alternative to the system of fiat money managed by the state: a system that has produced with predictable regularity bank runs, bailouts, bouts of manic instability.

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Teddy Fusaro

@teddyfuse

3 years

The legendary Fintech Frank teaching the masses about #bitcoin

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Teddy Fusaro

@teddyfuse

4 months

The ETF is now long $100 more bitcoin, has issued $100 more of shares, has $100 more in net assets. Alice has a long position of $100 worth of bitcoin via the ETF. All of this happened behind the scenes from Alice’s perspective, when she clicked the button in her account.

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Teddy Fusaro

@teddyfuse

4 months

Typically, the cycle starts with Alice. She’s at home, logged into her Fidelity or Schwab account or similar, and decides she wants to buy $100 worth of a bitcoin ETF.

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Teddy Fusaro

@teddyfuse

5 years

One-name icons are the best brands. “Tiger.” “Oprah.” “Naval.” “Pomp.” “Madonna.” “Teddy.” etc

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Teddy Fusaro

@teddyfuse

4 months

She goes into her account, punches up the ticker; clicks buy. As described before, she could either be buying this $100 of shares from Bob (who happens to be selling at the same time) or from Mallory, who is a market maker. Let's assume in this scenario she buys from Mallory.

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Teddy Fusaro

@teddyfuse

4 months

Have a read through our thread on Alice, the end user, and Mallory, the market maker. We’ll use the same characters.

Teddy Fusaro

@teddyfuse

5 months

Have seen some confusion comparing #bitcoin ETF traded volume to net ETF flows. Couple things: 1. An end user ETF buyer doesn’t buy shares from the ETF. She buys them in the secondary market, which is either a natural seller (another end user selling shares) or a market maker.

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Teddy Fusaro

@teddyfuse

4 years

“Investing during a hyperinflation has a few basic principles: get short the currency, do whatever you can to get your money out of the country, buy commodities, and invest in commodity industries (like gold, coal, and metals).” (Dalio)

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Teddy Fusaro

@teddyfuse

4 years

@WeAreMel wow I did not realize there was this divide with Sarah Cooper

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Teddy Fusaro

@teddyfuse

4 months

But in that moment, the ETF is a buyer. The ETF has to go out and buy $100 worth of coin as a result of the $100 Creation Unit order. So the ETF turns around and goes out to the market to buy $100 of BTC, and is likely to be targeting the same benchmark that Mallory is.

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Teddy Fusaro

@teddyfuse

1 year

I am 27 and do not have a receding hairline

FinancialJuice

@financialjuice

1 year

FED: THE BANKING SYSTEM IN THE UNITED STATES IS SOUND AND RESILIENT.

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Teddy Fusaro

@teddyfuse

1 year

@NBA Incredible. The refs tried to help Miami win it too.

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Teddy Fusaro

@teddyfuse

4 months

Mallory calls up the ETF issuer (or its Administrator), and says “I want to create $100 of the ETF.” She enters a ‘Creation Unit’ order with the ETF, and at the price of that night’s closing NAV, the issuer will mint $100 worth of new ETF Shares to give to Mallory.

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Teddy Fusaro

@teddyfuse

2 months

Most do not understand the significance of this. This is the first stand-alone crypto bill to ever be VOTED on in either chamber of congress. H.J. Res. 109 PASSED in the House last week, and PASSED the Senate today. May seem small, but the progress is astounding. Historical.

Alexander Grieve

@AlexanderGrieve

2 months

SAB 121 CRA —first standalone crypto bill ever to pass both chambers of Congress—SAILS through the Senate 60-38. Dems voting for CRA/against WH & SEC: **Schumer** Gillibrand Hickenlooper Peters Tester Sinema Rosen Kelly Casey Booker Lujan Wyden (Biden still expected to veto)

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Teddy Fusaro

@teddyfuse

3 years

I told you guys

Teddy Fusaro

@teddyfuse

3 years

Jen is making a sausage bread today. It’s one of the top overall food items. Will show you later.

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Teddy Fusaro

@teddyfuse

26 days

Just saw a @coinbase commercial during the #NBA Finals. Pretty neat.

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Teddy Fusaro

@teddyfuse

4 months

Mallory doesn’t want to take up any balance sheet overnight, wants to go home “flat.” She has to unwind both the short ETF position and the long bitcoin position. She wants to lock in her arbitrage gain and go home for the day. Work is almost done.

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Teddy Fusaro

@teddyfuse

4 months

The ETF is now a buyer of BTC in the market at the same time that Mallory is a seller. They are on opposite sides of the market in similar size & with similar price goals. Mallory sells, the ETF buys; & now Mallory is out of the long position, flat risk, and can go to the bar.

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Teddy Fusaro

@teddyfuse

4 months

Towards the end of each session, Mallory looks at her book to see where she wound up after the day of trading. Let��s keep it simple and assume the only trade she did was with Alice. She sold $100 worth of ETF to Alice, and bought $100 of bitcoin exposure like we talked about.

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Teddy Fusaro

@teddyfuse

1 month

“There are decades when nothing happens, and then there are weeks when decades happen”

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Teddy Fusaro

@teddyfuse

2 months

@NBA @Timberwolves @nuggets Refs working hard for the nugs here

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Teddy Fusaro

@teddyfuse

4 years

“There are decades when nothing happens, and then there are weeks when decades happen”

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Teddy Fusaro

@teddyfuse

3 months

That was an earthquake right? Just felt it in Fairfield Connecticut

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Teddy Fusaro

@teddyfuse

1 month

Based on the convo it generates, and the demographic it expands the huddle into, i now exclusively wear my @pudgypenguins hat while golfing.

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Teddy Fusaro

@teddyfuse

2 months

Good Morning Hong Kong

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Teddy Fusaro

@teddyfuse

4 months

BITB offers an unprecedented level of transparency and discloses it's bitcoin wallet addresses, which you can find here:

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Teddy Fusaro

@teddyfuse

4 months

So Mallory now needs to unwind the LONG position in the underlying BTC in order to go home flat risk and lock in her arbitrage profits on the trade. She'll want to do so at ~the same time and price that the ETF is buying corn and calculating it’s NAV. She's a seller now.

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Teddy Fusaro

@teddyfuse

1 year

We don’t make beautiful things like the Merritt Parkway any more. What happened to us?

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Teddy Fusaro

@teddyfuse

3 months

If you think the Eclipse is crazy wait until you see the #Bitcoin halving

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Teddy Fusaro

@teddyfuse

4 months

This is an overly simplistic example, and assumes a vacuum of activity where nothing else is impacting Mallory. IRL, that is not the case, and there are more complex dynamics at play (including the basic fact that a single creation unit is much larger than 10 shares) etc.

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Teddy Fusaro

@teddyfuse

4 months

The next set of questions comes up around settlement: how do the Shares that the ETF issued actually make their way into custody at Alice’s broker? That’s a question for another day though!

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Teddy Fusaro

@teddyfuse

4 months

Have a few minutes to answer questions on #bitcoin ETF mechanics. Will RT a few of the common questions and provide an answer. If you have more questions leave them here and I'll get to them eventually.

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Teddy Fusaro

@teddyfuse

4 months

The Creation Order flattens Mallory’s short position in the ETF - the sale of $100 that she made to Mallory, that made her SHORT the ETF is now covered at tonight’s NAV, and that side of the book is flat. Unless she does something else, she'd no longer be fully hedged / delta-1

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Teddy Fusaro

@teddyfuse

3 years

Probably nothing.

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Teddy Fusaro

@teddyfuse

2 months

@TylerDurden all of that said, my preference (and our preference at Bitwise) is for onchain transactions and maximum transparency. BITB offers an unprecedented level of transparency and we would like to see a world where all other issuers follow suit

Teddy Fusaro

@teddyfuse

4 months

BITB offers an unprecedented level of transparency and discloses it's bitcoin wallet addresses, which you can find here:

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Teddy Fusaro

@teddyfuse

2 years

Great to see senators from both parties on stage at the @DigitalChamber ’s DC Blockchain Summit. Senators Lummis and Gillibrand will jointly propose legislation for the crypto ecosystem next month.

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Teddy Fusaro

@teddyfuse

4 years

CNBC: JPMorgan Chase says it will (temporarily) close 20% of its branches because of the coronavirus pandemic

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Teddy Fusaro

@teddyfuse

2 years

More and more talent moving full time into crypto

NBC News

@NBCNews

2 years

BREAKING: Tom Brady announces retirement after 22 seasons in NFL

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Teddy Fusaro

@teddyfuse

1 year

Good morning @WSJ ! Bitcoin is not anonymous, it is pseudonymous. There are important and very material differences.

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Teddy Fusaro

@teddyfuse

3 months

wore some fresh @BitwiseInvest gear to a youth basketball tourny this am. 3 different dads noticed and approached me to talk crypto. 1. It is now #altszn - all 3 told me abt memecoins 2. Wow the brand is growing! Never happened b4 3. All 3 mentioned SOL & lower gas fees

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Teddy Fusaro

@teddyfuse

4 months

Any more questions, at me here and I'll try to get to them.

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Teddy Fusaro

@teddyfuse

22 days

OOO for a few days taking the igloo hat on the road

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Teddy Fusaro

@teddyfuse

1 month

Please ensure your seatbelt is on and your seatbacks and tray tables are in the full upright and locked positions.

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Teddy Fusaro

@teddyfuse

4 months

ETFs buy their underlying bitcoin on the same day that they are processed into the Fund at NAV. So if it has $100 of inflow to the fund today, it will spend it's $100 on bitcoin today, and won't wait until tomorrow (when the price will have changed).

Texas₿TC

@TxBTC

4 months

@teddyfuse What happens when the ETF goes to buy more bitcoin the next day (T+1) yet the price goes hyperbolic because no one wants to sell?

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Teddy Fusaro

@teddyfuse

3 years

@MylesUdland A 91 year old self made billionaire who achieved long term returns of 20% on billion dollar industrial company and insurance trades on the opportunities available today in the American stock market and why he is a huge fanboy of Coca-Cola amid the rise of sugary drinks.

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Teddy Fusaro

@teddyfuse

2 months

GM. #bitcoin and crypto is an embodiment of American values and ideals. -freedom of speech, -freedom from censorship, -permissionless, -opportunity, -right to privacy -right to individual property ownership -decentralization of power

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Teddy Fusaro

@teddyfuse

4 years

Excited to share my piece for @CoinDesk 's 2020 Year In Review series, a collection of essays about the past year in crypto and beyond. The image is of Julius Caesar, crossing the Rubicon River, as depicted by Adolphe Yvon (1875).

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Teddy Fusaro

@teddyfuse

3 years

Late summer in New England is tough to beat

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Teddy Fusaro

@teddyfuse

2 months

Telegram has started rolling out blockchain wallets to their users. Telegram has 930 million users. Bitcoin has 900k daily active users and Ethereum has 500k. (Source: @PanteraCapital )

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