The B-Word conference is in gear, and Bitcoin appears to be successfully hanging onto key support in the $30k area.
The luminaries in the crypto space have been hard at work making the case for digital currencies in general, and Bitcoin specifically. In particular, the conference this week includes Elon Musk, Cathy Wood, and Jack Dorsey, among others. We can expect Bitcoin-affirming headlines to stream out from the affair, recycled across the web and major social media platforms over days, perhaps making an impact on public perception.
Either way, the crypto space has enjoyed a resurgence in mainstream popularity and Wall Street legitimacy over the past year that exceeds anything seen before. The recent pullback hardly dents that big-picture view, making for a strong platform for new enthusiasm to confront the recent correction in coin pricing.
In the meantime, investors looking for equity plays tethered to the idea of a new base in Bitcoin prices will be actively tracking key crypto tickers, including HIVE Blockchain Technologies Ltd (NASDAQ:HVBT), ISW Holdings (OTC US:ISWH), MicroStrategy Incorporated (NASDAQ:MSTR), Marathon Digital Holdings Inc (NASDAQ:MARA), Riot Blockchain Inc (NASDAQ:RIOT), Coinbase Global Inc (NASDAQ:COIN), Bitfarms Ltd (CVE:BITF), and Grayscale Bitcoin Trust (Btc) (OTC US:GBTC).
We would especially note the news from ISW Holdings (ISWH) this morning given that it is an OTC stock trading at just a few dimes per share that just announced a massive deal with the most important company in the cryptocurrency space in the world – a deal that could add up to hundreds of millions of dollars in revenues.
HIVE Blockchain Technologies Ltd (NASDAQ:HVBT) bills itself as a company working to build a bridge from the blockchain sector to traditional capital markets. It is also involved in the production of mined cryptocurrency. Its projects include Iceland Cryptocurrency Mining.
It owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where it sources only green energy to mine on the cloud and HODL both Ethereum and Bitcoin, according to company materials.
HIVE Blockchain Technologies Ltd (NASDAQ:HVBT) recently announced the purchase and immediate hashing of 3,019 MicroBT WhatsMiner M30S dedicated mining computers, or “miners”.
Frank Holmes, Executive Chairman of HIVE stated “We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays. Our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners. Mining power is shifting from east to West, and we’re excited to be involved.”
Even in light of this news, HVBT hasn’t really done much of anything over the past week, with shares logging no net movement over that period. Shares of the stock have powered higher over the past month, rallying roughly 0% in that time on strong overall action.
HIVE Blockchain Technologies Ltd (NASDAQ:HVBT) managed to rope in revenues totaling $17.9M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 170.4%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels exceeding current liabilities ($20.8M against $15.4M).
ISW Holdings (OTC US:ISWH) is particularly interesting right now, as stated at the outset. The company partnered with Bit5ive, North America’s largest provider of collective management of renewable, clean energy crypto mining services and equipment, through a JV structure about a year ago to design and assemble a new POD5 concept mining solution – a fully self-contained high-PUE mining solution designed for installation and plug-and-play mining capability.
As noted, the company dropped huge news this morning with its announcement of “long-term partnership” with Bitmain Technologies, perhaps the most well-known cryptocurrency company in the world. The two companies signed an agreement that ISWH believes will form the backbone of its Phase One launch of its cryptocurrency hosting and mining operation in Georgia.
ISW Holdings (OTC US:ISWH) management says it believes the deal could drive as much as $200 million in annualized revenues based on power commitments and cryptocurrency pricing.
Irene Gao, Antminer BD Director NCSA Region, Bitmain, said, “We are excited to have signed this new pioneering project to begin cooperation with ISW Holdings, a new milestone for the industry for creating hosting facilities overseas. The 200 MW facility is the first phase of our long-term partnership, utilizing renewable energy as its source. We expect to further expand this project into the future to support the development of the industry.”
“Bitmain is probably the most recognizable name in the mining space, and we are excited that they will be a major piece of our success in Georgia,” remarked Alonzo Pierce, ISW Holdings President and Chairman. “Once our 200 MW power tranche is fully utilized, we anticipate annualized revenues of over $200 million, but that will only close the first phase of our vision. We look forward to discussing our next phases in due course. If we are able to execute according to our full vision, we have the potential to drive exponential revenue growth ahead.”
ISWH management notes that a recent crackdown in China has taken roughly 54% of the global hashrate offline. This resulted in the largest ever single day easing of bitcoin mining difficulty (~28%) through the bitcoin algorithm adjustment that took place on Saturday, July 3, 2021. It has also resulted in increased demand for cryptocurrency hosting services outside of China as mining operations seek to relocate geographically.
ISW Holdings (OTC US:ISWH) has been acting well lately, and that could continue given the nature of its Bitmain partnership. The company has also reduced outstanding shares by nearly 25% and eliminated over $3.4 million (or 94%) of outstanding convertible debt in recent months. Given its tight float and lack of speculative interest, the news of its partnership with Bitmain could spur a major repricing of shares. One to watch.
MicroStrategy Incorporated (NASDAQ:MSTR) engages in the provision of enterprise analytics and mobility software, and has been one of the most aggressive bitcoin supporters in the corporate world over the past couple years.
The firm designs, develops, markets, and sells software platform through licensing arrangements and cloud-based subscriptions and related services. Its product packages include Hyper.Now, Consumer User Bundle, and Power User Bundle. It has also bought billions in BTC with cash flows from operations as a store of value.
MicroStrategy Incorporated (NASDAQ:MSTR) recently announced that it had purchased an additional approximately 13,005 bitcoins for approximately $489 million in cash at an average price of approximately $37,617 per bitcoin, inclusive of fees and expenses.
According to the release, as of June 21, 2021, MicroStrategy holds an aggregate of approximately 105,085 bitcoins, which were acquired at an aggregate purchase price of approximately $2.741 billion and an average purchase price of approximately $26,080 per bitcoin, inclusive of fees and expenses. MacroStrategy LLC, a subsidiary of MicroStrategy, holds approximately 92,079 of the bitcoins.
Even in light of this news, MSTR hasn’t really done much of anything over the past week, with shares logging no net movement over that period. MSTR shares have been relatively flat over the past month of action, with very little net movement during that period.
MicroStrategy Incorporated (NASDAQ:MSTR) managed to rope in revenues totaling $122.9M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 10.3%, as compared to year-ago data in comparable terms. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($83.7M against $283.6M, respectively).
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