#CryptoCorner #Podcast 834: #Stocks discussed: (TSX: $GLXY.TO) (NasdaqGS: $CORZ) (NasdaqCM: $CLSK)
#CryptoCorner
#Podcast 834: #Stocks discussed: (TSX: $GLXY.TO) (NasdaqGS: $CORZ) (NasdaqCM: $CLSK)
Galaxy Digital Holdings
Ltd. Provides Capital and Liquidity Update, Core Scientific and CleanSpark
Report Quarterly Results
Vancouver, Kelowna, Delta, BC May 13,
2022 - Investorideas.com, a leader in
crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary
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Stocks
discussed: (TSX:GLXY) (NasdaqGS:CORZ) (NasdaqCM:CLSK)
Galaxy Digital Holdings
Ltd. (TSX:GLXY) has provided an update on its capital and
liquidity position, and its operating resilience “in light of recent market
conditions.” The company has a liquidity position of approximately $1.6
billion, with $800 million in cash and over $800 million in net digital assets.
A net loss of roughly $300 million in comprehensive income is expected
quarter-to-date. This, however, is contrasted with the fact that the total
crypto market cap has decreased about 40 percent since March 31, 2022. The
company, according to the press release, plans to continue to invest in its
long-term growth strategy “while considering the current macroeconomic
backdrop.”
Core Scientific, Inc. (NasdaqGS:CORZ) has reported its financial results for the first
quarter ended March 31, 2022. Highlights include a total revenue increase of
255 percent over Q1 2021 to $192.5 million, the production of 3,202 Bitcoin (BTC), and a total hashrate of 16.2 EH/s. The
company’s CEO, Mike Levitt, said:
"By
continuing to focus on execution, we delivered first quarter revenue of $193
million, an increase of more than 250 percent over the prior year period. In
the quarter we expanded our total hashrate to 16.2 exahash, self-mined 3,202
bitcoins and maintained our leadership position in the North American
blockchain data center and digital asset mining category. Driven primarily by
two non-cash, mark-to-market adjustments and stock-based compensation expense
totaling $466 million, first quarter net loss was $466 million, while adjusted
EBITDA of $93.0 million grew by more than 600 percent."
CleanSpark, Inc. (NasdaqCM:CLSK) has posted its financial results for the three and
six months ended March 31, 2022. Highlights include revenues of $41.6 million
– an increase of $33.5 million from Q2 2021, and total assets worth $424.8
million. CleanSpark’s CEO Zach Bradford said:
"The
theme for this quarter has been operational and financial execution. While the
whole industry faced macro headwinds, primarily driven by a lower average
bitcoin price, we continued to execute on our infrastructure-first strategy. We
have line-of-sight on 600MW of power, driven in large part by the recent agreement
we signed with Lancium at the end of the quarter. We continue to make strides
in our commitment to ESG principles, most notably by working on attracting and
retaining a diverse and highly qualified workforce. As for our capital
strategy, our growth capex was funded 100% from the conversion of bitcoin. We
have not utilized the shelf offering since November and we continue to right
size our capital structure through means of non-dilutive capital."
Sam Mowers, Investorideas
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