SummaryThe mining industry is an absolute necessity for bitcoin to work as a technology platform, so these stocks bring portfolio correlation and beta to the price action of bitcoin. The industry is experiencing a hurricane of challenges - energy, regulation and bitcoin price, to name a few.A year from now, the public players will look very different than today, and yet, assuming bitcoin holds the $18,000-20,000 level, almost all the companies are trading around 2-3 times EBITDA on an enterprise value basis.Dan Weiskopf from Toroso Asset Management discusses what’s in store for crypto and blockchain in Q4.Crypto and blockchain have had an interesting first three quarters, so VettaFi’s Evan Harp sat down with Toroso Asset Management’s Dan Weiskopf to discuss what’s in store for Q4.Evan Harp: Thanks so much for sitting down with me, Dan. What are the big things in the blockchain/crypto space that people should be paying attention to in Q4?Dan Weiskopf: I’ll start with the mining stocks, of which our exposure is about 18%. This is at the low end of our history. The mining industry and the companies and management teams have come a long way since we launched the fund in January 2018 in terms of capital access, operating sophistication, and technology. The mining industry is an absolute necessity for bitcoin to work as a technology platform, so these stocks bring portfolio correlation and beta to the price action of bitcoin. Our ap...
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