On November 14, VR Advisory Services, with the solemnity of a man choosing a hat, declared a new position in Core Scientific (CORZ +0.60%). This acquisition, valued at $21.7 million as of September 30, was filed with the SEC like a love letter to the U.S. Securities and Exchange Commission. One might say the filing itself was the only thing profitable.
Earlier this month, ProShares, that audacious upstart, submitted amendments seeking approval for high-leverage ETFs designed to deliver triple the daily performance of major assets-cryptocurrencies and tech stocks alike. The SEC, with the gravitas of a prophet, responded with a letter as dense as a Dostoevskian tome, asserting that the funds violate Rule 18f-4, an Investment Company Act rule that limits leverage like a jailer confines a prisoner. 🚫
However, the rally has not been without its hiccups, as several bearish signals suggest the market condition is not fully bullish yet. Or, as I call it, “The Wall of Whining.” 🙄
Now, as the MSCI Global Standard Indexes are pondering whether to give Strategy’s prized digital treasury assets (DATs) the boot, Saylor’s crew is busy chatting with the index folks – a bit like techie kids pleading with the teacher to keep them in the game, no matter how much they might be bending the rules. Reuters nicely reported on Wednesday that Strategy says they’re “engaging” in this process, which sounds either stubborn or strategically diplomatic – your pick. Meanwhile, JPMorgan has wet everyone’s appetite with a claim that if Strategy’s stock gets excluded, roughly $2.8 billion could evaporate faster than a snowman in July.
According to a filing with the U.S. Securities and Exchange Commission dated November 14, Commodore Capital LP disclosed a new stake in Amylyx Pharmaceuticals (AMLX +1.60%). The fund reported ownership of 4.1 million shares, equating to $55.4 million and 2.7% of its $2 billion in reportable equity holdings after the third quarter. Now, let’s pause for a second. A fund that’s worth $2 billion is now allocating 2.7% to a company with a $1.5 billion market cap. That’s like ordering a side of fries with your Big Mac. But hey, maybe they’re very hungry for a comeback.
Let’s establish this upfront: Commodore Capital’s new position in Terns isn’t exactly a love letter. It’s more like a polite nod at a party where everyone’s shouting stock tips over jazz music. This 2.1% stake sits comfortably in the “also purchased” category, well behind their top five holdings, which include NASDAQ darlings like MRUS and NUVL. If this were a dinner party, Terns would be the guest seated next to the host’s eccentric uncle who insists he’s invented a time machine.
The SEC filing of November 14 reveals a tale not merely of numbers, but of conviction masquerading as arithmetic. Commodore’s stake swelled to 17 million shares, valued at $88.7 million – a position now constituting 4.3% of their U.S. equity portfolio. One might say they’ve traded the Philosopher’s Stone for a pipette and a supercomputer, seeking not gold but genetic enlightenment.
Bitcoin’s rebound into a major resistance band has traders dusting off six-figure price targets, with several desks now openly talking about a push toward $100K if spot demand holds. Who needs reality when you can just… checks notes… hold?
The ETF, a vessel for U.S. large- and mid-cap equities with veins of free cash flow, now constitutes but 0.58% of Allworth’s 13F assets-a retreat from its former 1.14% prominence. Such is the rhythm of capital: fluid, fickle, and forever chasing new altars to worship.
