#CryptoCorner #Podcast 577: #Stocks discussed: (NYSE: $JPM) (NasdaqGS: $OSTK) (TSXV: $BITF.V) (TSXV: $DMGI.V)
#CryptoCorner #Podcast 577: #Stocks
discussed: (NYSE: $JPM) (NasdaqGS: $OSTK) (TSXV: $BITF.V) (TSXV: $DMGI.V)
#Bitcoin
Rebounds After Weekend Slump, JPMorgan to Open Bitcoin Fund, Overstock Closes #Blockchain
Fund Transaction with Pelion, Bitfarms Gives Quebec Expansion Update, and DMG
Buys Another 1,800 Miners
Point Roberts, WA, Delta BC April 26,
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/2021/042621-CryptoMarket.mp3
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Stocks discussed: (NYSE:JPM)
(NasdaqGS:OSTK) (TSXV:BITF) (TSXV:DMGI)
After
reaching a low of roughly $47,150 on Sunday, Bitcoin (BTC) has rallied nearly 8 percent in the past
24 hours and is now trading for about $53,600, according to data from CoinMarketCap.
The crypto market is looking quite green today more broadly, with major
altcoins Ether (ETH) and XRP up about 7.5 percent and 14.75 percent,
respectively.
CoinDesk reports that JPMorgan Chase (NYSE:JPM) “is preparing to offer an actively
managed bitcoin fund to certain clients,” “as soon as this summer.” Sources
familiar with the matter told CoinDesk that institutional bitcoin shop NYDIG
will act as JPMorgan’s custody provider, and that fund will be actively
managed.
Overstock.com
(NasdaqGS:OSTK) has closed its blockchain fund transaction with
third-party venture capital firm Pelion Venture Partners. This has converted
Medici Ventures, Overstock’s wholly owned blockchain-focused subsidiary, into a
limited partnership to be managed by Pelion. Overstock CEO Jonathan Johnson
commented:
“We remain bullish on blockchain
technology and are excited for Medici Ventures to enter this new post-closing
phase. Pelion has spent the last three months getting to know these portfolio
companies better. I expect Pelion, which will oversee the portfolio and make
follow-on investment decisions, will take these companies to the next level and
help guide them to economic success.”
Bitfarms
Ltd. (TSXV:BITF) has provided an update regarding its expansion
plans in the Canadian province of Québec. This consists of the renovation of
the company’s Cowansville site, which will involve upping the installed power
at the site from 4 MW to 17 MW. Bitfarms also “recently ordered materials,
transformers, and electrical equipment to develop a further 66 MW of power
capacity in Québec during the remainder of 2021 for a new mining site in
Sherbrooke.” According to the press release, “the new infrastructure will be
able to support approximately 21,000 new generation miners capable of adding
approximately 2.1 EH/s of new production.”
DMG
Blockchain Solutions Inc. (TSXV:DMGI) has purchased an additional 1,800 bitcoin ASIC
miners, adding about 180 PH/s, and thereby increasing the company’s total
hashrate to more than 680 PH/s. Sheldon Bennett, DMG’s CEO, said:
“As described during the Company’s
April 22, 2021 conference call, DMG continues to focus its Core+ strategy by
increasing the procurement of newest generation equipment. Along with its Core
strategy, DMG will work to transition these miners to immersion cooling to gain
further efficiencies in power consumption and increased overall hashrate. With
the addition of these miners, along with our commitment to our Core+ strategy
of investing and growing the Blockseer platforms, DMG continues to execute on
its vertical integration.”
Sam
Mowers, Investorideas
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