Ballast reports third-quarter results and 41,280 BTC under treasury
Ballast ended the third quarter with 41,280 BTC under treasury, every coin held in multi-party cold storage. Yield earned to date stands at 1,942.16 BTC, and all of it accrues to shareholders.
The yield came from the same two sources as always: short-dated, overcollateralised loans to vetted institutions and covered calls written against a portion of reserves. We did not use leverage, and no coin was lent that we could not recall within a day.
Issuance this quarter was timed to raise Bitcoin per share. Where conditions did not favour holders, we did not raise. The full letter sets out each decision and the reasoning behind it.
As every quarter, the figures in this letter reconcile against the treasury dashboard and the published wallets at any block you choose to check.