Key Takeaways
- • Moez Kassam, co-founder and investment director of Anson Funds, which manages approximately $2.5 to $3 billion in assets, says Bitcoin has intrinsic value and is no longer merely a speculative tool, according to remarks on Anthony Pompliano's podcast.
- • Anson Funds has provided a total of $1 billion in capital to companies holding Bitcoin on their balance sheets over the past 18 months, via stocks and convertible instruments.
- • Kassam is selective on Bitcoin treasury companies, arguing that early adopters of the Strategy-popularized accumulation model have captured significant advantage and that newer entrants are often driven by expectations of quick profits.
- • Anson sees opportunity in preferred shares of Strive, a Bitcoin-focused investment company, which Kassam says offer approximately a 15% return for institutions buying at discounts.
- • Kassam cited investor models projecting a 30% to 50% Bitcoin increase over the next year but did not present those figures as his own price target.
Summary
Moez Kassam, co-founder and investment director of Anson Funds, has publicly argued that Bitcoin has moved beyond its earlier role as a speculative instrument and that institutional adoption has materially changed its outlook. Appearing on Anthony Pompliano's podcast, Kassam said his own view evolved from one focused solely on investment opportunities and corporate deals to a belief in Bitcoin's fundamental value. He noted that Bitcoin was historically associated with anonymity and the underground economy but has since developed into an investment ecosystem that includes major financial institutions. "Previously, I was only interested in investment deals. Now I believe Bitcoin has an intrinsic value and is here to stay," Kassam said.
Kassam acknowledged that Bitcoin has experienced sharp price swings and multiple market cycles, but said a durable investor community has formed that continues to support the asset. According to Kassam, the participation of large financial institutions and their inclusion of Bitcoin in investment platforms is the main factor distinguishing the current market from prior cycles.
On Anson Funds' own activity, Kassam said the firm has provided a total of $1 billion in capital over the past 18 months to companies holding Bitcoin on their balance sheets. He put the firm's assets under management at approximately $2.5 to $3 billion, noting that these investments are made through structures including equities and convertible finance instruments. He also said Anson sees opportunities in the preferred shares of Strive, a Bitcoin-focused investment company, which he described as offering roughly a 15% return, with institutional investors able to profit from price differentials by buying at discounts.
Kassam was not uniformly positive on the sector. He argued that the institutional Bitcoin accumulation model popularized by Strategy is increasingly being adopted by numerous companies, reducing available opportunities, and that early adopters have gained a significant edge. He further stated that many recent entrants are motivated by expectations of quick profits, which he said poses risk for investors. Kassam also referenced market projections in which some investors model a 30% to 50% increase in Bitcoin over the next year, while stressing he did not present these as his own definitive price target. The article notes it is not investment advice.
Kassam acknowledged that Bitcoin has experienced sharp price swings and multiple market cycles, but said a durable investor community has formed that continues to support the asset. According to Kassam, the participation of large financial institutions and their inclusion of Bitcoin in investment platforms is the main factor distinguishing the current market from prior cycles.
On Anson Funds' own activity, Kassam said the firm has provided a total of $1 billion in capital over the past 18 months to companies holding Bitcoin on their balance sheets. He put the firm's assets under management at approximately $2.5 to $3 billion, noting that these investments are made through structures including equities and convertible finance instruments. He also said Anson sees opportunities in the preferred shares of Strive, a Bitcoin-focused investment company, which he described as offering roughly a 15% return, with institutional investors able to profit from price differentials by buying at discounts.
Kassam was not uniformly positive on the sector. He argued that the institutional Bitcoin accumulation model popularized by Strategy is increasingly being adopted by numerous companies, reducing available opportunities, and that early adopters have gained a significant edge. He further stated that many recent entrants are motivated by expectations of quick profits, which he said poses risk for investors. Kassam also referenced market projections in which some investors model a 30% to 50% increase in Bitcoin over the next year, while stressing he did not present these as his own definitive price target. The article notes it is not investment advice.
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