Point Roberts, WA and Delta, BC – July 13, 2021 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Crypto Corner Podcast 630: Stocks discussed: (NasdaqGS: MSTR) (NasdaqGS: BTBT) (TSXV: IMIN)
Stocks discussed: (NasdaqGS:MSTR) (NasdaqGS:BTBT) (TSXV:IMIN)
Cointelegraph reports that LA-based $2.3 trillion asset manager Capital International Group, and specifically its private equity unit Capital International Investors (CII), has acquired a 12.2 percent stake in MicroStrategy Incorporated (NasdaqGS:MSTR). The former now holds 953,242 Microstrategy stocks, valued at about $560 million given current prices. This transaction provides CII with indirect exposure to MicroStrategy’s vast Bitcoin (BTC) reserves – “making it one of the largest indirect investors in Bitcoin on the planet,” according to the Cointelegraph article – though Capital International has “yet to comment publicly on Bitcoin or cryptocurrencies.”
Bit Digital, Inc. (NasdaqGS:BTBT) has announced its unaudited bitcoin production and mining operations update for the second quarter ended June 30, 2021. Highlights include the earning of 562.9 bitcoins in the second quarter, a reduction from the first quarter, attributed to “the accelerated migration program, in which more miners were offline while in transit to or awaiting installation in North America, as well as miner sales and disposals.” Bryan Bullett, Bit Digital’s CEO, explained how the company may capitalize on Chinese restrictions on crypto mining:
“Bit Digital faces an unprecedented opportunity to scale its miner fleet. This is driven [by] the historic disruption, in which we believe that bitcoin mining equipment is flowing onto the Chinese spot market in large volumes, in the aftermath of China’s recent shutdown of the sector.
Bit Digital is uniquely positioned to acquire these miners at scale. Headquartered in New York and led by a primarily US-based management team, to our knowledge, Bit Digital is the only US-listed miner with deep relationships among the major former Chinese operators. Our team on the ground in China is positioned to source equipment and transact with reputable counterparties rapidly, at scale. As illustration of this capacity, the Company grew to its current position as one of the largest US-listed miners, primarily through several large spot market purchases.”
iMining Blockchain and Cryptocurrency Inc. (TSXV:IMIN) has closed the transaction to acquire all of the issued and outstanding shares of BitBit Financial Inc., a seller of digital goods and services, making the latter its wholly-owned subsidiary. Khurram Shroff, the Chairman and CEO of iMining, commented:
“With the recent closing of BitBit, we are very excited about this opportunity to revolutionize the fintech industry. We believe that the recent acquisition of BitBit financial will open the door to massive opportunities such as lending, and the regulated exchange of digital currencies. BitBit Financial is a key piece in connecting the digital asset industry to the traditional finance sector. This acquisition will also allow us to empower everyday investors globally, and this is just the beginning.”
Sam Mowers, Investorideas
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