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Jay Z and Jack Dorsey launch a Bitcoin development fund

Steve Dent
·Associate Editor
·2 min read

Twitter and Square CEO Jack Dorsey has teamed up with rapper and Tidal chief Jay Z on a new endowment to fund Bitcoin development starting in Africa and India, Dorsey tweeted. They’re launching the project, called ₿trust, with an injection of 500 Bitcoin currently valued at $23.6 million. It will be set up as a blind irrevocable trust, so neither Dorsey nor Jay Z can give any direction on how it’s run. Dorsey didn’t provide any more details, other than linking a ₿trust board member application.

The announcement comes at an odd time, because India just announced that it will completely ban cryptocurrencies after giving investors a transition period to divest their holdings. At the same time, the announcement comes when bitcoin is at an all-time high of $47,450 for a single Bitcoin, up $17,000 or so from just a couple of weeks ago.

While India might be planning to ban Bitcoin, the corporate world is starting to embrace it. Mastercard became the latest payment company to support cryptocurrencies, joining Dorsey’s Square and even traditional banks. Telsa announced last week that it would accept Bitcoin in payment for its EVs, after buying up $1.5 billion in the cryptocurrency.

Cryptocurrencies are booming in African countries like Nigeria, as TechCrunch noted. They can provide a hedge against currency devaluation and even act as a reserve currency, an idea Kenya has said it would adopt. However, as the massive fluctuations of late have shown, it’s still risky to use it to pay for goods, services or employees — so it still can’t replace traditional currency for most folks.

Latest Stories

  • A Crypto Kid Had a $23,000-a-Month Condo. Then the Feds Came

    (Bloomberg) -- Stefan Qin was just 19 when he claimed to have the secret to cryptocurrency trading.Buoyed with youthful confidence, Qin, a self-proclaimed math prodigy from Australia, dropped out of college in 2016 to start a hedge fund in New York he called Virgil Capital. He told potential clients he had developed an algorithm called Tenjin to monitor cryptocurrency exchanges around the world to seize on price fluctuations. A little more than a year after it started, he bragged the fund had returned 500%, a claim that produced a flurry of new money from investors.He became so flush with cash, Qin signed a lease in September 2019 for a $23,000-a-month apartment in 50 West, a 64-story luxury condo building in the financial district with expansive views of lower Manhattan as well as a pool, sauna, steam room, hot tub and golf simulator.In reality, federal prosecutors said, the operation was a lie, essentially a Ponzi scheme that stole about $90 million from more than 100 investors to help pay for Qin’s lavish lifestyle and personal investments in such high-risk bets as initial coin offerings. At one point, facing client demands for their money, he variously blamed “poor cash flow management” and “loan sharks in China” for his troubles. Last week, Qin, now 24 and expressing remorse, pleaded guilty in federal court in Manhattan to a single count of securities fraud.“I knew that what I was doing was wrong and illegal,” he told U.S. District Judge Valerie E. Caproni, who could sentence him to more than 15 years in prison. “I deeply regret my actions and will spend the rest of my life atoning for what I did. I am profoundly sorry for the harm my selfish behavior has caused to my investors who trusted in me, my employees and my family.”Eager InvestorsThe case echoes similar cryptocurrency frauds, such as that of BitConnect, promising people double-and triple-digit returns and costing investors billions. Ponzi schemes like that show how investors eager to cash in on a hot market can easily be led astray by promises of large returns. Canadian exchange QuadrigaCX collapsed in 2019 as a result of fraud, causing at least $125 million in losses for 76,000 investors.While regulatory oversight of the cryptocurrency industry is tightening, the sector is littered with inexperienced participants. A number of the 800 or so crypto funds worldwide are run by people with no knowledge of Wall Street or finance, including some college students and recent graduates who launched funds a few years ago.Qin’s path started in college, too. He had been a math whiz who planned on becoming a physicist, he told a website, DigFin, in a profile published in December, just a week before regulators closed in on him. He described himself on his LinkedIn page as a “quant with a deep interest and understanding in blockchain technology.”In 2016, he won acceptance into a program for high-potential entrepreneurs at the University of New South Wales in Sydney with a proposal to use blockchain technology to speed up foreign exchange transactions. He also attended the Minerva Schools, a mostly online college based in San Francisco, from August 2016 through December 2017, the school confirmed.Crypto BugHe got the crypto bug after an internship with a firm in China, he told DigFin. His task had been to build a platform between two venues, one in China and the other in the U.S., to allow the firm to arbitrage cryptocurrencies.Convinced he had happened upon a business, Qin moved to New York to found Virgil Capital. His strategy, he told investors, would be to exploit the tendency of cryptocurrencies to trade at different prices at various exchanges. He would be “market-neutral,” meaning that the firm’s funds wouldn’t be exposed to price movements.And unlike other hedge funds, he told DigFin, Virgil wouldn’t charge management fees, taking only fees based on the firm’s performance. “We never try to make easy money,” Qin said.By his telling, Virgil got off to a fast start, claiming 500% returns in 2017, which brought in more investors eager to participate. A marketing brochure boasted of 10% monthly returns -- or 2,811% over a three-year period ending in August 2019, legal filings show.His assets got an extra jolt after the Wall Street Journal profiled him in a February 2018 story that touted his skill at arbitraging cryptocurrency. Virgil “experienced substantial growth as new investors flocked to the fund,” prosecutors said.Missing AssetsThe first cracks appeared last summer. Some investors were becoming “increasingly upset” about missing assets and incomplete transfers, the former head of investor relations, Melissa Fox Murphy, said in a court declaration. (She left the firm in December.) The complaints grew.“It is now MID DECEMBER and my MILLION DOLLARS IS NOWHERE TO BE SEEN,” wrote one investor, whose name was blacked out in court documents. “It’s a disgrace the way you guys are treating one of your earliest and largest investors.”Around the same time, nine investors with $3.5 million in funds asked for redemptions from the firm’s flagship Virgil Sigma Fund LP, according to prosecutors. But there was no money to transfer. Qin had drained the Sigma Fund of its assets. The fund’s balances were fabricated.Instead of trading at 39 exchanges around the world, as he had claimed, Qin spent investor money on personal expenses and to invest in other undisclosed high-risk investments, including initial coin offerings, prosecutors said.So Qin tried to stall. He convinced investors instead to transfer their interests into his VQR Multistrategy Fund, another cryptocurrency fund he started in February 2020 that used a variety of trading strategies -- and still had assets.‘Loan Sharks’He also sought to withdraw $1.7 million from the VQR fund, but that aroused suspicions from the head trader, Antonio Hallak. In a phone call Hallak recorded in December, Qin said he needed the money to repay “loan sharks in China” that he had borrowed from to start his business, according to court filings in a lawsuit filed by the Securities and Exchange Commission. He said the loan sharks “might do anything to collect on the debt” and that he had a “liquidity issue” that prevented him from repaying them.“I just had such poor cash flow management to be honest with you,” Qin told Hallak. “I don’t have money right now dude. It’s so sad.”When the trader balked at the withdrawal, Qin attempted to take over the reins of VQR’s accounts. But by now the SEC was involved. It got cryptocurrency exchanges to put a hold on VQR’s remaining assets and, a week later, filed suit.Asset RecoveryBy the end, Qin had drained virtually all of the money that was in the Sigma Fund. A court-appointed receiver who is overseeing the fund is looking to recover assets for investors, said Nicholas Biase, a spokesman for Manhattan U.S. Attorney Audrey Strauss. About $24 million in assets in the VQR fund was frozen and should be available to disperse, he said.“Stefan He Qin drained almost all of the assets from the $90 million cryptocurrency fund he owned, stealing investors’ money, spending it on indulgences and speculative personal investments, and lying to investors about the performance of the fund and what he had done with their money,” Strauss said in a statement.In South Korea when he learned of the probe, Qin agreed to fly back to the U.S., prosecutors said. He surrendered to authorities on Feb. 4, pleaded guilty the same day before Caproni, and was freed on a $50,000 bond pending his sentencing, scheduled for May 20. While the maximum statutory penalty calls for 20 years in prison, as part of a plea deal, prosecutors agreed that he should get 151 to 188 months behind bars under federal sentencing guidelines and a fine of up to $350,000.That fate is a far cry from the career his parents had envisioned for him -- a physicist, he had told DigFin. “They weren’t too happy when I told them I had quit uni to do this crypto thing. Who knows, maybe someday I’ll complete my degree. But what I really want to do is trade crypto.”The case is U.S. v Qin, 21-cr-75, U.S. District Court, Southern District of New York (Manhattan)(Updates with comment from prosecutor and case caption)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Who Will Build the Apple Car? Here Are Candidates to Watch

    (Bloomberg) -- Apple Inc.’s work on a car has brought to the fore several potential manufacturing partners capable of building an electric self-driving vehicle for the technology giant.The secret project has gained momentum in recent months, adding multiple former Tesla Inc. executives, gaining the supervision of Apple’s top artificial intelligence executive and ramping up road tests. The initiative, known as Project Titan inside Apple, is attracting intense interest because of its potential to upend the automotive industry and supply chains, much like the iPhone did to the smartphone market.Read more: Apple’s Car Is at Least Half a Decade AwayIf and when Apple commits to building a car, it is likely to seek multiple partners -- including a major one to assemble the vehicle and many others to supply key components. The following companies -- whose representatives declined to comment -- are possible candidates:FoxconnFoxconn Technology Group already has a close relationship with Apple. For well over a decade, it has been the U.S. company’s largest production partner, assembling the majority of the world’s iPhones and a big chunk of its Macs and iPads from vast complexes employing upwards of a million people across China.In October, Foxconn, whose main listed arm is Hon Hai Precision Industry Co., unveiled its first electric-vehicle chassis and a software platform to help carmakers bring models to market faster. It also plans to release a solid-state battery by 2024.The Taiwanese company, founded by billionaire Terry Gou, announced a plan in early 2020 to form a joint venture with Fiat Chrysler to develop and make electric vehicles in China, though Foxconn won’t be involved in any assembly itself.In January, Foxconn signed a manufacturing deal with Chinese EV startup Byton Ltd. with the goal of starting mass production of its M-Byte model by the first quarter of 2022. It also announced another venture with China’s Zhejiang Geely Holding Group Co. to provide production and consulting services.MagnaMagna, based in Ontario, Canada, is the third-largest auto supplier in the world by sales, and has a contract-manufacturing operation with years of experience making entire car models for a variety of auto brands.Magna produces everything from chassis and car seats to sensors and software for driver-assistance features. Automakers including BMW AG and Jaguar Land Rover have hired its Magna Steyr unit and outsourced production to its factory in Graz, Austria.Magna also pitches its engineering and manufacturing services to EV startups. Last fall, it agreed to provide Fisker Inc. with an EV platform for its Ocean SUV and added self-driving features to the deal in January.In December, Magna put about $450 million into a joint venture with Korea’s LG Electronics Inc. to make EV powertrains. It’s also expanding its manufacturing footprint in China, the largest EV market, by building the ArcFox Alpha-T for Beijing Automotive Group Co. -- the first vehicle it’s assembled outside of Europe.It also has the benefit of a prior relationship with Apple: the two were in talks to build Apple’s car when the iPhone maker first set out on this path about five years ago.Hyundai or KiaHyundai Motor Co. and its affiliate Kia Motors Corp. have drawn the most attention so far this year, thanks in part to Hyundai initially confirming reports in Korea last month that it was in discussions with Apple. But the carmaker quickly walked that back and recently repeated that it wasn’t in talks.Hyundai and Kia both have plants in the U.S., in Alabama and Georgia. Their dedicated EV platform will deliver driving range of over 500 kilometers (311 miles) and be capable of recharging car batteries up to 80% in 18 minutes.While the two sell EVs derived from existing models, they will start selling vehicles based on the dedicated EV platform from March, helping to bring down costs and improve performance efficiency. They plan to introduce a combined 23 new EV models and sell 1 million units globally by 2025.The big disadvantage Hyundai and Kia have is the recent back-and-forth on whether they are developing a car for Apple, a notoriously secretive company. Although the two automakers have said talks aren’t happening, it’s possible discussions could restart if Apple deems them the best possible partners.NissanAlthough it’s seen as a long shot, Nissan Motor Co. brings several elements to the table that could be beneficial for Apple.Nissan already has a common EV platform developed with French partner Renault SA, which will be used for its Ariya compact SUV debuting later this year. When asked whether the Japanese company would be willing to build cars for Apple, CEO Makoto Uchida said during an earnings news conference that Nissan “has the DNA to do things others won’t do.”The automaker has been mired in a slump, reporting its biggest loss in two decades in fiscal 2019, and could get much-needed revenue from helping Apple develop or manufacture its vehicle. It also could benefit from access to Apple’s technology.After pursuing a strategy of volume at any cost that ate into profit, Nissan needs to attract higher-paying customers largely with the technology inside of its cars.StellantisOne factor in determining the suitability of a partner for Apple may be availability of production capacity. This could point to European automakers such as Stellantis NV, which has been hit by the region’s sales slump and has spare room in some plants.Stellantis is under pressure to find synergies after forming last month through the merger of PSA Group and Fiat Chrysler.Chief Executive Officer Carlos Tavares said during a Jan. 19 press conference that Stellantis is open to working with Apple or any tech company on EVs, “as long as it doesn’t create any technology dependence” that would jeopardize the automaker’s future.Chairman John Elkann said in 2016 that the auto industry should work with “new industry participants” like Google and Apple rather than try to compete with them.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Churchill Capital Corp. VI upsizes IPO to 48 million units

    Churchill Capital Corp. VI said Friday it upsized its initial public offering to 48 million units from an earlier plan to offer 46 million, with shares expected to start trading Friday on the New York Stock Exchange under the ticker symbol 'CCVI.U.' The special purpose acquisition corporation, or SPAC, is the latest one from ex-Citigroup Inc. banker Michael Klein. SPACs, or blank-check companies, are ones that raise money in an IPO and then have two years to acquire a business or businesses. It has become a popular way to go public during the pandemic and raised a record of $82 billion in proceeds in 2020, according to Dealogic data. Klein's Churchill Capital Corp. IV SPAC has been the subject of speculation that it may acquire electric vehicle maker Lucid Motors, but the company has declined to comment.

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  • These 2 Penny Stocks Could Rack up Triple-Digit Gains, Say Analysts

    Is a pause to the stock market’s continued surge finally in the cards? The talk has turned to rising interest rates and the specter of inflation against the backdrop of growth powered by Covid fiscal stimulus. However, strategists say there’s no need to get alarmist just yet. According to Goldman Sachs equity strategist, Ryan Hammond, the stock market bull may stick with us for a while. Hammond notes that interest rates remain low, and sees this as the key factor. “Given the historically low level of interest rates, we expect interest rates are still well below levels that would be thought of as a ‘tipping point’ for equities,” Hammond opined. Casting his gaze at the broader markets, Hammond points out that since 2012, the S&P 500 performance has consistently been positively correlated with inflation bets. “Improving growth expectations often correspond with higher breakeven inflation, rising earnings expectations, and improving investor sentiment, which more than offset the higher discount rate,” Hammond wrote, backing his belief that inflation fears should remain low. With rates and inflation low, this makes the stock market the go-to place for investors seeking higher returns. And within the stock market, penny stocks are sure to attract attention. These names trading for under $5 per share are considered to be some of the most controversial on the Street, and divide market watchers into two factions: critics and fans. The former brings a valid argument to the table. Stocks don’t just end up trading at such low levels; typically, there’s a very real reason for their bargain price tags. As for the latter, the potential for an investment worth only pocket change to appreciate even a seemingly insignificant amount, the result of which could be massive percentage gains, is too enticing to ignore. The implication for investors? Due diligence is essential, as some penny stocks might not have what it takes to climb their way back up. Using TipRanks’ database, we pinpointed two compelling penny stocks, as determined by Wall Street pros. Each has earned a “Strong Buy” consensus rating from the analyst community and brings massive growth prospects to the table. We’re talking about triple-digit upside potential here. Checkpoint Therapeutics (CKPT) We will start with Checkpoint Therapeutics, a biopharmaceutical company that works in the oncology field. Checkpoint acquires, develops, and commercializes immune-enhanced combination treatments for solid tumor cancers. Checkpoint has two leading drug candidates, CK-101 and CK-301. CK-101, known as cosibelimab, is a small-molecule targeted anti-cancer agent, currently undergoing a Phase 1/2 clinical study for the treatment of specific non-small cell lung cancer (NSCLC). The drug candidate targets cancers susceptible to the EGFR mutation, making it applicable to approximately 20% of NSCLC patients. The drug has shown promise compared to traditional chemotherapy treatments. Further studies will test CK-101 against tumor progression due to resistance mutations. The second candidate, CK-301, is an antibody drug currently in a Phase 1 clinical trial focused on patients with selected recurrent or metastatic cancers. The selected cancers include NSCLC, as well as metastatic melanoma, renal cell carcinoma, head and neck cancer, and urothelial carcinoma. All of these cancers are responsive to the therapeutic action of CK-301, an anti-tumor response due to blocking the PD-1/PD-L1 interaction. CK-301 has shown a 44% objective response rate in treated patients during the Phase 1 study, along with a 10.3-month median progression-free survival rate, when compared to currently available approved treatments. Based on these results, the company is continuing its clinical phase program, including an early registration of patients for a Phase 3 study. Among the fans is Cantor analyst Jennifer Kim who writes, “We think the risk-reward is favorable heading into the full, reg-enabling Phase 1 readout for cosibelimab in metastatic CSCC in 2H21. We view this as the key near term focus for CKPT. We expect a positive readout based on what we have viewed as strong interim data that have recently been presented for cosibelimab (SITC 2020, ESMO 2020).” The analyst added “The potential peak sales opportunity for cosibelimab is underappreciated, in our view, and we expect upwards earnings estimate revisions to drive CKPT shares higher.” In line with her upbeat outlook on the cosibelimab potential, Kim rates CKPT shares an Overweight (i.e., Buy), and her $16 price target indicates confidence in a 331% upside potential for the stock. (To watch Kim’s track record, click here) Turning now to the rest of the Street, other analysts are on the same page. With only Buys assigned in the last three months, 3 to be exact, the word on the Street is that CKPT is a Strong Buy. Additionally, the $17.67 average price target brings the upside potential to 365%. (See CKPT stock analysis on TipRanks) Galmed Pharmaceuticals (GLMD) Next up we have Galmed Pharmaceuticals, a clinical-stage biotech specializing in liver, metabolic and inflammatory diseases. The company’s lead candidate is aramchol, a liver targeted SCD‑1 modulator, designated for the treatment of non-alcoholic steatohepatitis (NASH), for which aramchol has been given Fast Track Designation status by the FDA. NASH is a fatty liver disease, closely correlated to obesity, for which there are currently no targeted drugs available. Due to the growing obesity rates, the market for NASH medications is expected to grow significantly over the next few years, with some estimating it could be worth $35 billion. Whoever brings a solution into play stands to cash in handsomely. Aramchol has completed Phase 2a and Phase 2b trials and is currently in Phase 3. However, the enrollment for the study was recently temporarily halted; Aramchol meglumine - an NCE (new chemical entity) with extended IP compared to aramchol, and which the company is switching to - is earmarked to take aramchol’s place in the ongoing Phase 3 ARMOR study. In Q2, Galmed expects to sit down with the FDA to discuss substituting aramchol meglumine for aramchol, and file the IND in 1H21. Raymond James analyst Steven Seedhouse thinks the company has been playing its cards right. “Of course, delaying Phase 3 by one year in a competitive NASH field is suboptimal but given all NASH trials are being delayed by COVID anyway, we think Galmed made the right decision to transition to aramchol meglumine now. At this point, FDA go-ahead remains the most important catalyst in 2021, followed by 24- week open label data from the first cohort,” the 5-star analyst opined. Galmed has also recently added a new candidate to the pipeline called Amilo-5MER, a 5 amino acid peptide that inhibits Serum Amyloid A (SAA) polymerization and aggregation. The company believes that Amilo-5MER could potentially play a role in numerous indications, such as inflammatory bowel disease, rheumatoid arthritis, and COVID-19. “Preclinical data presented by Galmed show good activity in IBD and RA mouse models… This adds an interesting new value driver for Galmed beyond NASH, which is ongoing,” Seedhouse added. To this end, Seedhouse rates GLMD an Outperform (i.e. Buy) along with a $17 price target. Should his thesis play out, a twelve-month gain of 270% could potentially be in the cards. (To watch Seedhouse’ track record, click here) Wall Street analysts are firmly on Galmed’s side; The stock’s Strong Buy consensus rating is based on Buys only - 4, in total. Like Seedhouse, other analysts are anticipating big returns; At $19, the average price target implies gains of 314% in the year ahead. (See GLMD stock analysis on TipRanks) To find good ideas for penny stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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    (Bloomberg) -- Oil storage locations across the Americas are emptying as the remarkable rally in crude prices undermines the need to buy and stockpile barrels.Tank owners were one of the few benefactors from last year’s collapse that spurred traders to buy crude cheap, store it, and then sell into a rally. Now that the market and shifted into backwardation, where oil for prompt delivery is priced higher than later-dated contracts, it’s making storage unprofitable. Gulf Coast terminal operators are offering to lease tanks at less than half the rate at the height of the storage boom in 2020.The rapid draining of the tanks underscores the remarkable turnaround in oil prices less than a year after West Texas Intermediate futures settled below zero for the first time. The rebound can be attributed to aggressive supply cuts from OPEC and its partners, falling output in the U.S. and resilient demand in Asia.This year, about 1.9 million barrels of crude storage become available at St. James and Gibson in Louisiana and Beaumont in Texas, said Steven Barsamian, chief operating officer at The Tank Tiger, an independent storage brokerage. “This is the most amount of storage we’ve seen up for rental in at least a year,” he said.Crude inventories in Cushing, Oklahoma, and on the U.S. Gulf Coast have sunk to the lowest levels in more than six months. Some terminal operators aren’t seeing leases getting renewed once the users clear out supplies.“So far, leases aren’t getting renewed mainly in Texas and Louisiana, but it might start to happen soon at the Cushing hub,” Barsamian said.When traders locked in storage deals a year ago, the oil market was in contango, a bearish structure where prices for near term oil supply traded at a discount for future delivery, meaning traders could hold on to crude to sell it at a later date for higher prices. Now, West Texas Intermediate futures have climbed 20% so far this year to settle at $58.24 a barrel on Thursday and the front-month March contract has traded as high as 16 cents premium April futures last week.Storage tanks in the Caribbean and Canada are also draining:More than 1 million barrels of storage has become available in Alberta, according to Barsamian, even as Canada’s oil production has recovered to record levelsStockpiles in the Caribbean have fallen more than 6 million barrels from the peak in October, according to data from Ursa Space SystemsCul de Sac in St. Lucia saw stored volumes drained about a third to about 6 million barrelsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Aurora Cannabis stock slides 4% premarket as MKM downgrades stock to sell

    MKM analyst Bill Kirk downgraded the stock of Aurora Cannabis Inc. to sell on Friday, after the company's fiscal second-quarter earnings published late Thursday fell short of expectations. The numbers were "concerning on two fronts," Kirk wrote in a note to clients. The company's consumer cannabis revenue of C$28.6 million ($22.5 million) was down 17% from the first quarter and at its lowest level since the second quarter of 2019, he wrote. The company's guidance for positive adjusted EBITDA also failed to materialize and showed deterioration from the first quarter. "We don't see a cost-cutting or growth path that gets to near-term positive EBITDA," Kirk wrote. "For perspective, Aurora collected more in COVID-related subsidies in 2Q than it generated in gross profit dollars." Aurora may be further commoditizing its flower offering by outsourcing sales functions and may struggle to distinguish itself from rivals and the excess supply in the Canadian market, said Kirk. With pricing pressures still in play, the company's decision to push grows into more premium price points "seems like a recipe for consumer/province frustration," said the analyst. In an industry that is now showing years of sequential growth, Aurora sold less recreational weed in the quarter than in any full quarter since Canada fully legalized cannabis in October of 2018, he wrote. "To the company's credit, Aurora has some strong IP from its MedReleaf acquisition and strong brands in San Rafael and Whistler (both acquired)," said Kirk. "They will try to premiumize around those offerings, but we believe the shift back toward higher price point products will be difficult. Downgrading to Sell, while maintaining our C$9 PT." Aurora shares were down 4.2% premarket, and have fallen 17% in the last 12 months, while the Cannabis ETF has gained 99.9% and the S&P 500 has gained 16%.