For years, Peter Schiff has made a name for himself by absolutely hammering Bitcoin. The well-known gold enthusiast and fund manager famously scoffed back in 2019, claiming, “Keep dreaming. Bitcoin is never going to hit $100,000!”¹. In Schiff’s view, the world’s leading cryptocurrency has always been little more than “digital fool’s gold” – a speculative frenzy destined to crash, or as he put it more recently in 2023, it’s “still going to zero…just traveling a long road”². But hold on, here’s a richly ironic twist: recent paperwork reveals that Schiff’s own asset management branch quietly snagged some exposure to a bitcoin-backed bond late last year. Yes, the very same man who compared bitcoin to tulip mania now finds his firm, perhaps without meaning to, invested in a bond fueled by the very asset he loves to bash.

The Bitcoin Bond Nobody Saw Coming

So, what *is* this unexpected connection? It’s all thanks to a unique bitcoin treasury bond issued by Samara Asset Group p.l.c., a publicly traded European asset manager previously known as Cryptology Asset Group. Picture this: in November 2024, Samara pulled off something pretty noteworthy by successfully issuing what it proudly calls “Europe’s first-ever Bitcoin Bond.” They raised a cool €20 million specifically to beef up their portfolio and significantly boost their bitcoin treasury holdings.³ The bond (ISIN: NO0013364398) is structured as a 5-year senior secured note set to mature in 2029, offering a rather attractive 10.062% annual coupon.⁴ On top of that, it includes a clever extra: bondholders get an additional 0.25% premium on the principal for every €0.25 bump up in Samara’s Net Asset Value (NAV) per share, effectively linking the bondholders’ interests closely with those of the shareholders.

Samara’s CEO, Patrick Lowry, couldn’t hide his excitement about the issuance, pointing out it was “the very first time in history a European firm has taken a page out of the ‘Michael Saylor playbook,’ issuing a bond explicitly with the intent to acquire bitcoin.”⁵ And true to their word, within weeks of releasing the bond, Samara used the money to buy roughly 76 BTC for its corporate treasury and invested in several funds focused on crypto ventures.⁶

The bond’s backstory sounds like pure energy drink for institutional Bitcoin fans. Announced in October 2024 as BTC prices were climbing, the Samara Bitcoin Bond was clearly designed to capitalize on bitcoin as a smart treasury reserve asset. Samara pitched it as a sweet deal for everyone: investors would grab a high yield with that extra potential tied to NAV growth, while Samara could channel capital directly into Bitcoin and cutting-edge tech investments.⁷ By early November, they had successfully wrapped up the private placement, raising the full €20 million (with a minimum ticket of €100k). It was expected to hit public trading on the Oslo and Frankfurt exchanges within just a week or two.⁸ And get this – the bond is backed by a heavily overcollateralized portfolio worth €150 million, a basket of Samara’s venture investments securely locked away in a guarantor SPV, leading to an ultra-low loan-to-value ratio hovering around 13.3%.⁹

Little did anyone outside the bond market know that among the firms snapping up these bonds would be Peter Schiff’s Euro Pacific.

Euro Pacific’s Unexpected Bitcoin Footprint

Now, here’s where it gets really interesting. Let’s bring in the EuroPac International Bond Fund, a global bond mutual fund managed by Euro Pacific Asset Management – the very firm founded and led by Peter Schiff himself¹⁰. Given Schiff’s position as an owning member of the advisor, he’s long shaped Euro Pacific’s investing strategy around his core economic beliefs (focus on hard money, skepticism of the U.S. dollar, and a strong preference for gold and international bonds)¹¹. The EuroPac International Bond Fund typically holds a mix of government and corporate debt from around the world, all aimed at aligning with Schiff’s thesis that non-U.S. assets can help protect investors from the dollar losing value¹². Honestly, it feels like the absolute last place you’d ever expect to find *anything* remotely connected to Bitcoin. But that’s exactly what turned up when the fund’s official SEC filings landed this year.

In the fund’s Form N-PORT P disclosure (a required SEC filing showing portfolio holdings) covering late 2024, a line item jumped right out: “Samara Asset Group PLC.” It was identified by that exact same ISIN (NO0013364398) for Samara’s Bitcoin bond¹³. The paperwork showed EuroPac’s bond fund held €800,000 principal value of Samara’s Bitcoin bond, which was valued at roughly $870,000 USD as of the reporting date¹⁴. That position represented about 1.58% of the fund’s total net assets¹⁵. Put simply, Peter Schiff’s main bond fund ended up partly funding a business built on bitcoin, even as Schiff was publicly slamming bitcoin’s rally throughout 2024.

To be clear, this holding was most likely a relatively small allocation made by the fund’s managers purely for the enticing yield. (Schiff’s team includes co-managers Jim Nelson, CFA, and Steve Kleckner, CAIA¹⁶). From the perspective of a bond investor, Samara’s 10%+ coupon for a 5-year note – especially one secured by a robust pool of tech investments and bitcoin reserves – probably just looked like a solid high-yield opportunity. After all, EuroPac’s International Bond Fund was designed to seek income in international markets, and the rising interest rates in 2024 certainly made double-digit coupons look very appealing. Chances are, this was a pragmatic play for a strong return, not some kind of sudden change of heart about Bitcoin. But intentional or not, the irony is exquisite: Schiff’s fund indirectly hitched itself to bitcoin’s potential success. If bitcoin does well and shores up Samara’s finances, EuroPac’s bond becomes safer and those interest payments more reliable. Conversely, a bitcoin crash could directly threaten the very issuer that EuroPac money is now lent to.

Irony, Hypocrisy, or Just How Markets Work?

Okay, so what do we make of this? The sheer discovery that Peter Schiff – yes, *that* Peter Schiff, Bitcoin’s most vocal critic – now has his firm indirectly exposed to bitcoin through these investments is definitely going to spark both amusement and plenty of chatter within the bitcoin and broader crypto world. Given Schiff’s famously anti-Bitcoin stance, it’s easy to guess the jokes are already writing themselves: Is Schiff secretly “stacking sats” now? Will bitcoin and crypto Twitter soon have an absolute field day gleefully pointing out the beautiful irony of Schiff inadvertently backing Bitcoin?

For decades, Schiff has blasted bitcoin for having “no intrinsic value” and repeatedly forecasted its inevitable downfall. Even when bitcoin recently blew past $100,000 in December, Schiff dismissed the milestone, tweeting that it only occurred because of “buying off politicians and getting in bed with government,” and stubbornly insisted the rally wouldn’t last¹⁷.

While it’s important to remember this was likely a portfolio management decision by the fund’s team, and Schiff himself may not have been directly involved in the specific choice to buy the Samara Bitcoin bond – these allocations often reflect practical yield-seeking strategies rather than ideological shifts – the symbolic punch is undeniable. Bitcoin, the decentralized asset Schiff promised never to own, now quietly forms a part of his firm’s investment portfolio. It’s a powerful illustration of how powerful market opportunities can sometimes push aside even the strongest, long-held beliefs.

Ultimately, this exclusive finding highlights a broader point: Bitcoin’s gravitational pull within traditional finance has become so incredibly strong that even its most outspoken, die-hard critics can find themselves indirectly linked to its potential success.

When Beliefs Meet Market Reality

This whole situation isn’t just about Peter Schiff; it really underscores a bigger trend shaping today’s financial landscape. As Bitcoin keeps growing up and weaving itself into global markets, it’s absolutely blurring the lines and creating some truly strange pairings. We’ve seen big banks that once swore off crypto now quietly setting up bitcoin custody services, and major hedge fund titans who publicly called Bitcoin a scam years ago now throwing billions at it. But Peter Schiff’s story? This might just take the crown for the most delicious irony yet. The gold bug inadvertently backing a Bitcoin bond is definitely one for the history books. It’s a classic tale showing that, often, pragmatism wins out: if a Bitcoin-related investment can deliver returns, even a fund led by Bitcoin’s biggest naysayer will consider buying in.

And for the crew who stuck with Bitcoin through thick and thin and weathered the Schiff storms, there’s definitely a quiet sense of satisfaction in seeing his anti-BTC purism quietly sidestepped. It kind of proves that meme: “Bitcoin doesn’t care.” It just keeps on converting people, whether they like it or not, willingly or otherwise.

Let’s be clear, Peter Schiff hasn’t suddenly had a change of heart about Bitcoin in his public commentary; he remains as critical as ever. But look at the facts tucked away in those filings: thanks to the EuroPac International Bond Fund’s portfolio holdings, Schiff’s firm now has a stake, however indirect, in Bitcoin’s upside (and downside) through Samara’s bond¹⁸. So the next time he goes on a rant about Bitcoin being worthless, the ‘hodlers’ out there can share a knowing look, because even his own investment products are now, in this wonderfully roundabout way, linked to the fate of that ‘digital fool’s gold.’ The irony, as they say, is golden.

Endnotes:

1. Peter Schiff quoted in CryptoPotato: “Keep dreaming. Bitcoin is never going to hit $100,000!” September 30, 2019, CryptoPotato.
2. Peter Schiff quoted in Crypto News: Bitcoin described as “digital fool’s gold” and “still going to zero…just traveling a long road,” March 26, 2023, Crypto News.
3. Samara Asset Group Press Release: “Europe’s first-ever Bitcoin Bond,” December 6, 2024, Samara Asset Group.
4. Samara Bitcoin Bond details: 5-year senior secured note, 10.062% annual coupon, ISIN NO0013364398, Business Insider Markets.
5. Patrick Lowry (CEO, Samara): First European firm using “Michael Saylor playbook,” December 6, 2024, Samara Asset Group.
6. Samara Asset Group invested bond proceeds into 76 BTC and venture funds, December 2024, Samara Asset Group.
7. Samara Bitcoin Bond designed to leverage Bitcoin as a treasury reserve asset, October 2024, Samara Asset Group.
8. Samara Bond private placement closed (€20 million), listed Oslo and Frankfurt, November 2024, Samara Asset Group; Business Insider Markets.
9. Samara Bond collateral details: overcollateralized €150 million portfolio, 13.3% LTV, November 2024, Samara Asset Group.
10. Euro Pacific Asset Management, managed by Peter Schiff, Fund Fact Sheet, September 30, 2024, EPC Advisors Group.
11. Peter Schiff’s macroeconomic strategy for Euro Pacific Asset Management, September 2024, EPC Advisors Group.
12. EuroPac International Bond Fund investment thesis, September 30, 2024, EPC Advisors Group.
13. SEC filing (Form N-PORT P), EuroPac Fund holding Samara Bitcoin Bond, December 2024, PublicNow.
14. EuroPac Fund holds €800,000 principal in Samara Bitcoin Bond, valued ~$870,000 USD, December 2024, PublicNow.
15. EuroPac holding in Samara Bond represented 1.58% of net assets, December 2024, PublicNow.
16. EuroPac Fund co-managers: Jim Nelson (CFA), Steve Kleckner (CAIA), September 2024, EPC Advisors Group.
17. Schiff reaction tweet to Bitcoin hitting $100,000, December 2024, Benzinga.

EuroPac Fund indirect Bitcoin exposure confirmed via Samara Bond holding, December 2024, PublicNow.