Gold bug holding “digital gold”

Peter Schiff has built a career in lowering Bitcoin. Outspoken Evangelists and Fund Managers laughed at them in 2019 “Keep dreaming. Bitcoin will never reach $100,000!”¹. For Schiff, the world’s largest cryptocurrency is long gone but “the gold of digital fools” – a speculative bubble, or what he said in 2023, “It’s still zero…it’s just a long road”². However, in an ironic twist, recent disclosures suggest that Schiff’s own asset management department quietly acquired bonds backed by bitcoin late last year. In other words, the person who equates Bitcoin with tulip mania now finds his company unconsciously investing in a bond that is backed by assets that he likes.

Bitcoin bonds that no one expected

The instrument is a Bitcoin Treasury bond issued by a publicly traded European Asset Manager (formerly known as a crypto asset group). In November 2024, Samara successfully released what it called the “first-ever Bitcoin bond”, raising 20 million euros to expand its portfolio and significantly increased its holdings in Bitcoin Treasury bonds.³ Bonds (ISIN:NO0013364398) mature into a 5-year premium guaranteed note in 2029, offering 10.062% annual coupons.⁴ In addition, the bond includes innovative incentives: the additional principal fee of 0.25 euros per share of the bondholder’s net asset value per share (NAV) per share, closely aligned with the interests of shareholders and bondholders.

Samara’s CEO Patrick Lowry enthusiastically described the issuance, noting that “it is the first time that European companies have removed a page from the “Michael Saylor script” and issued a bond explicitly with the intention of obtaining Bitcoin. ”⁵ Indeed, within the weeks of issuing margin, Samara used the proceeds to buy approximately 76 btc of the Treasury and invested in several crypto-focused venture capital investments.⁶

The bond’s backstory reads like an institutional bitcoin enthusiast. Samara Bitcoin Bond was announced in October 2024 in October 20024, aiming to utilize Bitcoin as a strategic fiscal reserve asset. Samara positioned it as a win-win proposition: investors will enjoy high returns, coupled with NAV-based upside, and Samara can allocate capital to Bitcoin and pioneering technology investments.⁷ By early November, the bond had successfully concluded its private placement, completing the bond for 20 million euros (minimum investment ticket: €100K), which is expected to be publicly listed within one to two weeks for trading on Oslo and Frankfurt exchanges.⁸ It is worth noting that the bond is guaranteed by a super-large portfolio that includes €150 million in Samara venture capital and is firmly locked in the guarantor SPV at an ultra-low loan value ratio of about 13.3%.⁹

Few doubt that these bondholders will be Peter Schiff’s European Pacific.

Euro Pacific’s hidden Bitcoin bet

Enter the global bond mutual fund Europac International Bond Fund, managed by European Pacific Asset Management – The company was founded and hosted by Peter Schiff¹⁰. As all members of the advisor, Schiff has long shaped the strategy around the macro perspective of the euro Pacific (hard money, skepticism about the dollar, affinity for gold and foreign bonds))¹¹. The Europac International Bond Fund typically holds a combination of sovereignty and corporate debt from around the world and is consistent with Schiff’s argument that non-U.S. assets can prevent the depreciation of the dollar.¹². This is the last place people expect to find Anything Related to Bitcoin. But that’s exactly what appeared when the fund’s SEC application was published this year.

In the N-PORT P disclosure (mandatory SEC archive) of the fund form covering the end of 2024, a strange order item emerged: “Samara Asset Group plc” – determined by the same ISIN (NO0013364398) of Samara’s Bitcoin bonds¹³. The document shows that Europac’s bond fund holds the principle value of €800,000 of Samara Bitcoin bonds, worth approximately $870,000 as of the reporting date¹⁴. This position accounts for approximately 1.58% of the fund’s net assets¹⁵. From a simple point of view, Peter Schiff’s flagship Flagship Bond Fund became a financier for a Bitcoin-backed business, even though Schiff himself spent 2024 slamming Bitcoin rally.

To be clear, this holding could be a small, yield-driven distribution by fund managers (Schiff’s team includes co-managers Jim Nelson, CFA and Caia’s Steve Kleckner¹⁶). From a bond investor perspective, Samara’s 10%+ coupon is a 5-year note (provided by a range of technology investments and Bitcoin reserves), which may look like an attractive high-yield opportunity. In fact, Eurobark’s international bond funds have the task of seeking income in the international market, while interest rates rise in 2024 make double-digit coupons attractive. This is likely to be a strategic bet, not an ideological one. But intentional or not, ironically refined: Schiff’s fund indirectly incorporates Bitcoin’s success. If Bitcoin flourishes, Samara’s financial situation will be safer and its interest payments will be safer. Instead, the Bitcoin crash would endanger the issuer who borrowed money from Eurobark.

Ironically, hypocritical or just business?

This revelation – Peter Schiff, the arch masses of Bitcoin, has indirect exposure to Bitcoin through its company’s investments – will likely spark entertainment and lively discussions in the Bitcoin and cryptocurrency community. Given Schiff’s well-known stance, it’s easy to expect the inevitable joke: Can Schiff “pile SATS” secretly? Will Bitcoin and crypto Twitter point out ironic irony soon on outdoor activities day?

Schiff has slammed Bitcoin for its “uninherent value” for years and repeatedly predicted its inevitable collapse. Even if Bitcoin crossed $100,000 in December, Schiff dismissed the milestone, tweeting that it was simply due to “buying politicians and going to bed with the government” and insisting that the rally would end soon¹⁷.

Although Schiff himself may not be directly involved in the decision to buy Samara Bitcoin bonds, the allocation usually reflects a pragmatic production strategy of fund managers rather than ideological shifts, the symbolic influence remains large. The decentralized asset Schiff promises never to own Bitcoin, now quietly forms part of his company’s portfolio, emphasizing the belief that market incentives cover even deeply.

Ultimately, this exclusive discovery highlights a broader narrative: Bitcoin’s gravity has become so powerful in traditional finance that even the most outspoken critics can find themselves indirectly aligned with the success of success.

When ideology fits reality

This highlights the broader fact in today’s market. As Bitcoin matures and integrates into global finance, it is blurred lines and forces strange bed effects. We have seen large banks once shunned cryptocurrencies and began offering Bitcoin custody, which hedge fund Hedge Fund Titans called Bitcoin a scam later distributed. But Peter Schiff’s case is perhaps the most ironic thing to date – the Golden Bug, who inadvertently supports Bitcoin bonds, is one of history books. It shows that pragmatism usually wins: If the instruments associated with Bitcoin can provide returns, even funds led by Bitcoin’s biggest opponents will be purchased.

For those who are proficient in Bitcoin, seeing Schiff’s anti-BTC purism quietly rise. It reinforces the meme of “Bitcoin doesn’t care” – it will eventually, be willing or otherwise convert anyone.

To be fair, Schiff is still as always in public comments. But the facts speak for themselves: With the help of shares in the European International Bond Fund, Peter Schiff is now through Samara¹⁸. The next time he posts a tweet about Bitcoin’s worthlessness, the Hoddles know that even Schiff’s own products can smile in ways that even the fate of digital gold can be associated with.

endnotes:

1. Cited by Peter Schiff cryptopotato: “Continue to dream. Bitcoin will never reach $100,000!” September 30, 2019, Cryptopotato.
2. Cited by Peter Schiff Encrypted news: Bitcoin is described as “the gold of digital fools” and “still zero…just a long road”, March 26, 2023, Encrypted News.
3. Samara Asset Group Press Release: “The First Bitcoin Bond in Europe’s All-time” Samara Asset Group, December 6, 2024.
4. Details of Samara Bitcoin Bonds: 5 Years Senior Guarantee Notes, 10.062% Annual Coupon, ISIN NO0013364398, Business Insider Market.
5. Patrick Lowry (Chief Executive Officer of Samara): The first European company to use the Michael Saylor Playbook, December 6, 2024, Samara Asset Group.
6. Samara Asset Group invested in bonds with a yield of 76 BTC, and in December 2024, Samara Asset Group.
7. Samara Bitcoin Bonds aim to use Bitcoin as a Treasury Reserve Asset, October 2024, Samara Asset Group.
8. Samara Bond’s private placement closed (€20 million), listed in Oslo and Frankfurt, November 2024, Samara Assets Group; Business Insider Market.
9. Samara Bond Collateral Details: In November 2024, Samara Asset Group, a portfolio of over €150 million, 13.3% LTV.
10. European Pacific Asset Management, managed by Peter Schiff, Fund Profile, September 30, 2024, EPC Advisory Group.
11. Peter Schiff’s Macroeconomic Strategy for Euro Pacific Asset Management, September 2024, EPC Advisory Group.
12. Europac International Bond Fund Investment Paper, September 30, 2024, EPC Advisory Group.
13. SEC Application (Form N-PORT P), Europac Fund Holds Samara Bitcoin Bond, December 2024, PublicNow.
14. Europac Fund holds a principal of €800,000 in Samarra Bitcoin bonds, worth approximately US$870,000, December 2024, Publicnow.
15. Europac’s holdings of Samara bonds account for 1.58% of its net assets, December 2024, Publicnow.
16. Co-Manager of Europac Fund: Jim Nelson (CFA), Steve Kleckner (CAIA), September 2024, EPC Advisors Group.
17. Schiff Reaction Tweet tweeted to Benzinga in December 2024, priced at $100,000.

Europac Fund Indirect Bitcoin was confirmed by Samara Bond Holding in December 2024, Publicnow.