{"id":3061,"date":"2025-04-22T13:16:58","date_gmt":"2025-04-22T13:16:58","guid":{"rendered":"https:\/\/digkrypton.com\/index.php\/2025\/04\/22\/peter-schiffs-bitcoin-bond-secret-the-gold-bug-caught-holding-digital-gold\/"},"modified":"2025-04-22T13:16:58","modified_gmt":"2025-04-22T13:16:58","slug":"peter-schiffs-bitcoin-bond-secret-the-gold-bug-caught-holding-digital-gold","status":"publish","type":"post","link":"https:\/\/digkrypton.com\/index.php\/2025\/04\/22\/peter-schiffs-bitcoin-bond-secret-the-gold-bug-caught-holding-digital-gold\/","title":{"rendered":"Peter Schiff\u2019s Bitcoin Bond Secret: The Gold Bug Caught Holding \u2018Digital Gold\u2019"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

Peter Schiff\u2019s Bitcoin Bond Secret: The Gold Bug Caught Holding \u2018Digital Gold\u2019<\/a><\/p>\n

<\/div>\n

Peter Schiff has built a career on deriding Bitcoin. The outspoken gold evangelist and fund manager famously scoffed in 2019, \u201cKeep dreaming. Bitcoin is never going to hit $100,000!\u201d<\/em>1. To Schiff, the world\u2019s largest cryptocurrency has long been nothing but \u201cdigital fool\u2019s gold\u201d \u2013 a speculative bubble destined to pop, or as he put it in 2023, \u201cstill going to zero\u2026just traveling a long road\u201d<\/em>2. Yet in a twist laced with irony, recent disclosures reveal that Schiff\u2019s own asset management arm quietly gained exposure to a bitcoin-backed bond late last year. In other words, the man who equated bitcoin with tulip mania now finds his firm unwittingly invested in a bond powered by the very asset he loves to hate.<\/p>\n

The Bitcoin Bond Nobody Expected<\/strong><\/h2>\n

The instrument in question is a bitcoin treasury bond issued by Samara Asset Group p.l.c., a publicly traded European asset manager (formerly known as Cryptology Asset Group). In November 2024, Samara successfully issued what it calls \u201cEurope\u2019s first-ever Bitcoin Bond,\u201d raising \u20ac20 million to expand its portfolio and significantly increase its bitcoin treasury holdings.3 The bond (ISIN: NO0013364398) is structured as a 5-year senior secured note maturing in 2029, offering a substantial 10.062% annual coupon.4 Additionally, the bond includes an innovative incentive: bondholders receive an extra 0.25% premium on principal for every \u20ac0.25 increase in Samara\u2019s Net Asset Value (NAV) per share, closely aligning bondholder interests with shareholders.<\/p>\n

Samara\u2019s CEO Patrick Lowry described the issuance enthusiastically, noting it was \u201cthe very first time in history a European firm has taken a page out of the \u2018Michael Saylor playbook,\u2019 issuing a bond explicitly with the intent to acquire bitcoin.\u201d5 Indeed, within weeks of the bond issuance, Samara utilized the proceeds to purchase approximately 76 BTC for its treasury and invested in several crypto-focused venture funds.6<\/p>\n

The bond\u2019s backstory reads like pure rocket fuel for institutional Bitcoin enthusiasts. Announced in October 2024 amid rising BTC prices, the Samara Bitcoin Bond was designed to leverage bitcoin as a strategic treasury reserve asset. Samara positioned it as a win-win proposition: investors would enjoy a high yield coupled with additional NAV-based upside, while Samara could allocate capital into Bitcoin and pioneering tech investments.7 By early November, the bond had successfully closed its private placement at \u20ac20 million (minimum investment ticket: \u20ac100k) and is expected to be publicly listed for trading on the Oslo and Frankfurt exchanges within one to two weeks.8 Notably, this bond is secured by an overcollateralized portfolio comprising a \u20ac150 million basket of Samara\u2019s venture investments, locked securely within a guarantor SPV\u2014resulting in an ultra-low loan-to-value ratio of approximately 13.3%.9<\/p>\n

Little did anyone suspect that among these bondholders would be Peter Schiff\u2019s Euro Pacific.<\/p>\n

Euro Pacific\u2019s Hidden Bitcoin Bet<\/strong><\/h2>\n

Enter the EuroPac International Bond Fund, a global bond mutual fund managed by Euro Pacific Asset Management \u2013 the firm founded and helmed by Peter Schiff10. Schiff, as an owning member of the advisor, has long shaped Euro Pacific\u2019s strategy around his macro views (hard money, skepticism of the U.S. dollar, affinity for gold and foreign bonds)11. The EuroPac International Bond Fund typically holds a mix of sovereign and corporate debt from around the world, aligned with Schiff\u2019s thesis that non-U.S. assets can protect against dollar debasement12. It\u2019s the last place one would expect to find anything<\/em> related to Bitcoin. But that\u2019s exactly what turned up when the fund\u2019s SEC filings were published this year.<\/p>\n

In the fund\u2019s Form N-PORT P disclosure (a mandatory SEC filing of portfolio holdings) covering late 2024, a curious line item appears: \u201cSamara Asset Group PLC\u201d \u2013 identified by the very same ISIN (NO0013364398) of Samara\u2019s Bitcoin bond13. The filing shows EuroPac\u2019s bond fund held \u20ac800,000 principal value of Samara\u2019s Bitcoin bond, valued at roughly $870,000 USD, as of the reporting date14. That position represented about 1.58% of the fund\u2019s net assets15. In plainer terms, Peter Schiff\u2019s flagship bond fund became a financier of a bitcoin-backed enterprise, even as Schiff himself spent 2024 loudly bashing bitcoin\u2019s rally.<\/p>\n

To be clear, this holding was likely a small, yield-driven allocation made by the fund\u2019s managers (Schiff\u2019s team includes co-managers Jim Nelson, CFA, and Steve Kleckner, CAIA16). From a bond investor\u2019s perspective, Samara\u2019s 10%+ coupon for a 5-year note\u2014secured by a trove of tech investments and bitcoin reserves\u2014may have simply looked like an attractive high-yield opportunity. In fact, EuroPac\u2019s International Bond Fund had a mandate to seek income in international markets, and 2024\u2019s rising interest rates made double-digit coupons enticing. In all likelihood, this was a strategic bet on a strong yield, not an ideological about-face. But intentional or not, the irony is exquisite: Schiff\u2019s fund indirectly hitched itself to bitcoin\u2019s success. If bitcoin thrives and bolsters Samara\u2019s finances, EuroPac\u2019s bond will be safer and its interest payments more secure. Conversely, a bitcoin crash would imperil the very issuer that EuroPac lent money to.<\/p>\n

Irony, Hypocrisy, or Just Business?<\/strong><\/h2>\n

This revelation\u2014that Peter Schiff, Bitcoin\u2019s arch-nemesis, has indirect exposure to bitcoin through his firm\u2019s investments\u2014is likely to spark both amusement and lively discussion within the bitcoin and crypto community. Given Schiff\u2019s well-known stance, it\u2019s easy to anticipate the inevitable jokes: Could Schiff be secretly \u201cstacking sats\u201d? Will bitcoin and crypto Twitter soon have a field day pointing out the irony of Schiff inadvertently backing Bitcoin?<\/p>\n

For years, Schiff has lambasted bitcoin as having \u201cno intrinsic value\u201d and repeatedly predicted its inevitable collapse. Even when bitcoin crossed $100,000 in December, Schiff dismissed the milestone, tweeting that it only occurred due to \u201cbuying off politicians and getting in bed with government,\u201d and insisted the rally would soon end17.<\/p>\n

While Schiff himself may not have been directly involved in the decision to purchase the Samara Bitcoin bond\u2014such allocations often reflect pragmatic yield strategies by fund managers rather than ideological shifts\u2014the symbolic impact remains significant. Bitcoin, the decentralized asset Schiff promised never to own, now quietly forms part of his firm\u2019s portfolio, underscoring how market incentives can override even deeply-held beliefs.<\/p>\n

Ultimately, this exclusive discovery highlights a broader narrative: Bitcoin\u2019s gravitational pull in traditional finance has become so strong that even its most outspoken critics can find themselves indirectly aligned with its success.<\/p>\n

When Ideology Meets Reality<\/strong><\/h2>\n

This highlights a broader truth in today\u2019s markets. As Bitcoin matures and integrates into global finance, it is blurring lines and forcing strange bedfellows. We\u2019ve seen big banks that once shunned crypto start offering bitcoin custody, and hedge fund titans who called Bitcoin a scam later allocate to it. But Peter Schiff\u2019s case is perhaps the most ironic to date \u2013 the gold bug inadvertently backing a Bitcoin bond is one for the history books. It shows that pragmatism often wins out: if a Bitcoin-related instrument can deliver returns, even a fund led by Bitcoin\u2019s biggest naysayer will buy in.<\/p>\n

For the Bitcoin-savvy crowd, there\u2019s a sweet satisfaction in seeing Schiff\u2019s anti-BTC purism quietly upended. It reinforces the meme that \u201cBitcoin doesn\u2019t care\u201d \u2013 it will convert anyone eventually, willingly or otherwise.<\/p>\n

To be fair, Schiff remains as anti-Bitcoin as ever in his public commentary. But the facts speak for themselves: Thanks to the EuroPac International Bond Fund\u2019s holdings, Peter Schiff now has exposure to Bitcoin\u2019s upside (and downside) through Samara\u2019s bond18. The next time he tweets about Bitcoin being worthless, hodlers can smile knowing that even Schiff\u2019s own products are, in a roundabout way, tied to the fate of digital gold.<\/p>\n

Endnotes:<\/strong><\/h3>\n

Peter Schiff quoted in CryptoPotato<\/em>: \u201cKeep dreaming. Bitcoin is never going to hit $100,000!\u201d September 30, 2019, CryptoPotato<\/a>.<\/p>\n

Peter Schiff quoted in Crypto News<\/em>: Bitcoin described as \u201cdigital fool\u2019s gold\u201d and \u201cstill going to zero\u2026just traveling a long road,\u201d March 26, 2023, Crypto News<\/a>.<\/p>\n

Samara Asset Group Press Release: \u201cEurope\u2019s first-ever Bitcoin Bond,\u201d December 6, 2024, Samara Asset Group<\/a>.<\/p>\n

Samara Bitcoin Bond details: 5-year senior secured note, 10.062% annual coupon, ISIN NO0013364398, Business Insider Markets<\/a>.<\/p>\n

Patrick Lowry (CEO, Samara): First European firm using \u201cMichael Saylor playbook,\u201d December 6, 2024, Samara Asset Group<\/a>.<\/p>\n

Samara Asset Group invested bond proceeds into 76 BTC and venture funds, December 2024, Samara Asset Group<\/a>.<\/p>\n

Samara Bitcoin Bond designed to leverage Bitcoin as a treasury reserve asset, October 2024, Samara Asset Group<\/a>.<\/p>\n

Samara Bond private placement closed (\u20ac20 million), listed Oslo and Frankfurt, November 2024, Samara Asset Group<\/a>; Business Insider Markets<\/a>.<\/p>\n

Samara Bond collateral details: overcollateralized \u20ac150 million portfolio, 13.3% LTV, November 2024, Samara Asset Group<\/a>.<\/p>\n

Euro Pacific Asset Management, managed by Peter Schiff, Fund Fact Sheet, September 30, 2024, EPC Advisors Group<\/a>.<\/p>\n

Peter Schiff\u2019s macroeconomic strategy for Euro Pacific Asset Management, September 2024, EPC Advisors Group<\/a>.<\/p>\n

EuroPac International Bond Fund investment thesis, September 30, 2024, EPC Advisors Group<\/a>.<\/p>\n

SEC filing (Form N-PORT P), EuroPac Fund holding Samara Bitcoin Bond, December 2024, PublicNow<\/a>.<\/p>\n

EuroPac Fund holds \u20ac800,000 principal in Samara Bitcoin Bond, valued ~$870,000 USD, December 2024, PublicNow<\/a>.<\/p>\n

EuroPac holding in Samara Bond represented 1.58% of net assets, December 2024, PublicNow<\/a>.<\/p>\n

EuroPac Fund co-managers: Jim Nelson (CFA), Steve Kleckner (CAIA), September 2024, EPC Advisors Group<\/a>.<\/p>\n

Schiff reaction tweet to Bitcoin hitting $100,000, December 2024, Benzinga<\/a>.<\/p>\n

EuroPac Fund indirect Bitcoin exposure confirmed via Samara Bond holding, December 2024, PublicNow<\/a>.<\/p>\n

This post Peter Schiff\u2019s Bitcoin Bond Secret: The Gold Bug Caught Holding \u2018Digital Gold\u2019<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Allen Helm<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Peter Schiff\u2019s Bitcoin Bond Secret: The Gold Bug Caught Holding \u2018Digital Gold\u2019 Peter Schiff has built a career on deriding Bitcoin. The outspoken gold evangelist and fund manager famously scoffed in 2019, \u201cKeep dreaming. Bitcoin is never going to hit $100,000!\u201d1. To Schiff, the world\u2019s largest cryptocurrency has long been nothing but \u201cdigital […]<\/p>\n","protected":false},"author":0,"featured_media":3062,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-3061","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/3061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=3061"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/3061\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/3062"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=3061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=3061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=3061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}