#CryptoCorner #Podcast 513: #Stocks discussed: (NasdaqGS: $MSTR) (OTC: $GBTC) (TSX: $HUT.TO) (CSE: $NTAR.C)

 

 

 

#CryptoCorner #Podcast 513:  #Stocks discussed: (NasdaqGS: $MSTR) (OTC: $GBTC) (TSX: $HUT.TO) (CSE: $NTAR.C)

 

#Bitcoin Bounces Back, MicroStrategy Buys Dip, Hut 8 Finalizes Equipment Loan with Foundry Digital, and NexTech Sells BTC Holdings

 

Point Roberts, WA, Delta BC January 22, 2021 - 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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https://www.investorideas.com/Audio/Podcasts/2021/012221-CryptoMarket.mp3

 

Read this in full at https://www.investorideas.com/news/2021/crypto-corner/01221MSTR-GBTC-HUT-NTAR.asp

 

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Stocks discussed: (NasdaqGS:MSTR) (OTC:GBTC) (TSX:HUT) (CSE:NTAR)

 

The past 24 hours have been somewhat turbulent for Bitcoin (BTC), as the flagship cryptocurrency has ranged from a low of just under $29,000 to a present trading price of about $32,600, according to data from CoinMarketCap. Despite this uptick, an article from CoinDesk supposes that further losses may be expected before the next bull run. The piece quotes Matthew Dibb, COO and co-founder of Singapore-based Stack Funds:

 

“Bitcoin broke short-term support on Thursday, and while the market is trading positively now, we may see lows down to the $26,000 mark in the coming weeks.”

 

One of the likely reasons for Bitcoin’s having bounced back this morning, however, is the purchase of $10 million of Bitcoin by MicroStrategy (NasdaqGS:MSTR). The company’s founder and CEO, Michael Saylor, tweeted:

 

MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.

 

This buying of the dip can be seen by fellow institutional investor Grayscale Investments’ Bitcoin Trust (OTC:GBTC), which according to cryptonews, has added 53,643 bitcoins ($1.69 billion) in the last 30 days.

 

Hut 8 Mining Corp. (TSX:HUT) has finalized an equipment financing loan of $11.8 million from Rochester-based Foundry Digital LLC, a wholly-owned subsidiary of Digital Currency Group (DCG). According to the press release, the company will use this loan, along with a $2.9 million deposit “to order 5,400 units of Whatsminer M30S bitcoin mining machines from MicroBT, adding 475 petahashes per second (PH/s) to its bitcoin mining capacity over the next six months.” Jaime Leverton, CEO of Hut 8, commented:

 

"On behalf of the Hut 8 team, we are thrilled to be partnering with Foundry, the leading provider of equipment financing for institutional mining companies. This partnership builds on Hut 8's ongoing commitment to shareholders by mitigating supply constraints and reducing our capital expenditure with a proactive fleet management strategy to achieve a balanced portfolio of both new, cutting-edge equipment and highly profitable prior generation equipment."

 

Virtual and augmented reality (AR) firm NexTech AR Solutions Corp. (CSE:NTAR) has announced that it has sold its approximately 130.187 Bitcoins and reported around $200,000 in profit. NexTech CEO, Evan Gappelberg, explained:

 

“Our investment in Bitcoin in the past was part of our capital diversification strategy with the intent to maximize long-term value for our shareholders. This sale reflects our awareness that something potentially has changed with Bitcoin which is seen as the digital version of gold. The news that has emerged is that a critical flaw called a ‘double spend’ may have occurred, which if true allows someone to spend the same Bitcoin twice, undermining faith in the system. If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both -essentially destroying the store of value it was meant to be. In light of this potential outcome, I have decided to move to cash as this story is still unfolding.”

 

Sam Mowers, Investorideas

 

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