[vinniejames]

This explainantion doesn't make sense. You're alledging a16z funded 21.co with $100M, then took it all back to buy Bitcoin?

If that's the case earn.com would own the BTC, which would mean Coinbase acquired all the BTC held by earn.com

Unless there is something I'm missing, this almost certainly did NOT happen

[harryh]

"21.co had been started as 21E6, a bitcoin mining company with a sizable data center footprint and a monthly bill to match. The company was set up to return mined bitcoin to its shareholders"

https://medium.com/@balajis/the-turnaround-2d145589d814

[fudged71]

Uhh... wow. He's former A16Z so he would likely have devised 21 while he was working there. Seems totally plausible to put the invested cash into BTC.

[mbesto]

Mind you the founder of 21.co was/is a partner at a16z.

Remember these people don't play by the normal rules as everyone else - so while there may not hard evidence, it is entirely plausible.

[vasilipupkin]

right, and if earn.com is sitting on a billion worth of bitcoin, why would they sell for 100mln and why would the founder take a CTO job? Doesn't sound plausible