The Downfall of PUNK: A Cautionary Tale
After a lengthy 15-month run that saw a troubling 30% decline, the Subversive Metaverse ETF, affectionately known by its ticker ‘PUNK’, is set to exit stage left. With a dramatic twist, Subversive Capital has announced its decision to liquidate the ETF and pivot towards the shinier promise of artificial intelligence (AI).
A Trip Down Memory Lane: The Birth of PUNK
Launched in January 2022, PUNK was crafted with the ambition of investing in the backbone of the metaverse. Picture this: a world where digital interactions are as genuine as a handshake over the water cooler. But hold the confetti; notable tech overlord Mark Zuckerberg’s Meta was placed on the naughty list, omitted from the lineup of companies worthy of investment.
Principles Over Profits
Subversive Capital prided itself on its commitment to core values like sustainability, democracy, and egalitarianism. In their own words, they claimed that any significant market cap over zero from companies like Meta potentially posed dire risks to liberal democracy and, well, the survival of the earth itself. Talk about a hot take!
Closure and Liquidation: When to Say Goodbye
Marked as the end of an era, the decision to shutter the ETF was immediate, with the liquidating process kicking in after business hours on May 31, 2023. Thankfully, Subversive assures that the rest of its exchange funds aren’t joining the farewell tour.
The Shifting Sands: From Metaverse to AI
As the investment landscape shifts, it’s worth keeping an eye on what PUNK’s portfolio manager, Christian Cooper, has to say. With Meta’s share price yo-yoing from $300 at launch to a low under $90 and back to around $240, it’s evident that navigating these digital waters is anything but simple. Subversive is now placing its chips on AI, signaling a collective industry shift as firms increasingly turn their backs on the once-promising metaverse. What does this mean for the tech landscape? Only time will tell!
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