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Blockchain-Based Social Network Minds To Allocate 25% Of Balance Sheet To Cryptocurrency

Mary Liu

Summary: Bill Ottman, founder and CEO of blockchain-based social network Minds, told Fortune that the company plans to convert 25% of its balance sheet into cryptocurrency, with 5% of the cash allocated to Bitcoin, 10% to Ethereum, 10% to Circle's interest product Circle Yield. Ottman said the move accounted for about a quarter of the company's ...

Bill Ottman, founder and CEO of blockchain-based social network Minds, told Fortune that the company plans to convert 25% of its balance sheet into cryptocurrency, with 5% of the cash allocated to Bitcoin, 10% to Ethereum, 10% to Circle's interest product Circle Yield.

Ottman said the move accounted for about a quarter of the company's $10 million Series B financing raised in June, or about $2.5 million.

Ottman explained to Fortune: "It has a huge impact when Tesla and Square and MicroStrategy [buy crypto], but if we can create a phenomenon where startups are all putting a tangible percentage of their balance sheet into crypto, that’s a serious trend that could really change the market".

By Mary Liu

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