#CryptoCorner #Podcast 630: #Stocks discussed: (NasdaqGS: $MSTR) (NasdaqGS: $BTBT) (TSXV: $IMIN.V)
#CryptoCorner #Podcast 630: #Stocks
discussed: (NasdaqGS: $MSTR) (NasdaqGS: $BTBT) (TSXV: $IMIN.V)
Capital
International Acquires 12.2% Stake in MicroStrategy, Bit Digital Announces
Production and Operations Update, and iMining Acquires BitBit Financial Inc.
Point Roberts, WA, Delta BC July 13, 2021
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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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