Big Bitcoin Winner, A Hedge Fund Goes to the Dogs and Labor Department Is Looking Up…Almost

Smooth as silk…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Venture Capitalist Tim Draper is a bit bitcoin richer these days after he won the lot of 30,000 crypto-coins auctioned off by US Marshals. The seized bitcoins came courtesy of Ross Ulbricht, alleged operator of the Silk Road online marketplace for drugs and guns. The original plan was for the government to auction off the coins in nine blocks but Draper had other plans and as he simply puts it, “paid more than other people.” Those other “people” included 45 bidders and 63 bids. The estimated value of the coins is somewhere between $17 million and $19 million. It seems Draper of the VC firm Draper Fisher Jurvetson has big plans for his newly acquired bitcoins which actually don’t involve a space voyage. Instead, the VC plans to use it for his Bitcoin startup Vaurum that is geared towards providing liquidity to markets with shaky currencies. The government still has 144,000 bitcoins so maybe you’ll have better luck at the next auction.

How smart…

Image courtesy of debspoons/FreeDigitalPhotos.net

Image courtesy of debspoons/FreeDigitalPhotos.net

Activist hedge fund Jana Partners has gone to the dogs. And cats. And fish…The fund is looking to buy the PetSmart and disclosed its 9.9% stake in the company. The chatter had Wall Street howling, sending shares up about 13%. The Phoenix-based company has seen its shares fall 18% in 2014 and reported some poor first quarter earnings. PetSmart has been trying to combat fiercer competition from companies like Amazon Prime and other e-commerce outlets by offering more grooming services and fresh food. The company has over 1,300 stores and is valued at almost $6 billion. And that’s nothing to bark at.

Laboring away…

Image courtesy of cooldesign/FreeDigitalPhotos.net

Image courtesy of cooldesign/FreeDigitalPhotos.net

The Labor Department is celebrating Independence Day early announcing that not only did the economy add 288,00 jobs, as ADP suggested yesterday, but also that unemployment took a much needed and much appreciated drop from its arrogant little perch of 6.3% to 6.1% The economy has added around 200,000 jobs for the last five months and many say that the Great Recession, that obnoxious unwelcome visitor that overstayed its visit, has officially been over for five years. Unfortunately states like Illinois, New Jersey Florida have yet to receive that memo as those states and 29 others are still trying to regain all their jobs. Nevada is also still trying to recover its economic mojo, signaling that while the recession, that started in 2007, has been over for several years, recovery has been mixed and slow. But on the bright side, North Dakota saw a huge energy boom and with that a 28% increase in jobs.

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