#CryptoCorner #Podcast 859: #Stocks discussed: (NasdaqGS: $CORZ) (TSXV: $BNXA.V)




#CryptoCorner #Podcast 859: #Stocks discussed: (NasdaqGS: $CORZ) (TSXV: $BNXA.V)


Core Scientific to Join Russell 3000 Index, Banxa Holdings Announces Cost Cutting Plan, and New Research on Crypto ATM Market


Vancouver, Kelowna, Delta, BC June 27, 2022 -  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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Stocks discussed: (NasdaqGS:CORZ) (TSXV:BNXA)


Blockchain data center and digital asset miner provider Core Scientific, Inc. (NasdaqGS:CORZ) has announced that it is “set to join the Russell 3000 Index at the conclusion of the 2022 Russell indexes annual reconstitution, effective after the US market opens today.” The company’s CEO, Mike Levitt, said:


"Inclusion in the Russell 3000 index less than six months after we became a public company represents an important acknowledgement of Core Scientific’s business fundamentals and strong position as a blockchain data center leader. We look forward to continued engagement with the investment community as we execute our growth plans to create shareholder value."


Banxa Holdings, Inc. (TSXV:BNXA) has announced a cost cutting plan in response to the global markets' downturn to ensure “a stronger roadmap,” for its “long-term success and with a clear line of sight to profitability.” Some key cost-reduction measures being implemented include the laying off of approximately 30 percent of the company’s staff, a general corporate costs reduction across all SG&A accounts, a downsizing of EU operations and its executives, resulting in an expected cost savings “in excess of $10 million per annum.” The company’s CEO, Holger Arians, said:


"These are measures of a responsible management. We have experienced rapid growth over the last year and while we strongly believe demand will resume its global rise, we cannot ignore the current market downturn and must be careful to grow with the long-term in mind so we can deliver sustainable value to both our partners and our shareholders."


Notably, however, Banxa’s management believes the current market downturn “is temporary and that growth will resume within the next 6-18 months.”


A report published by Market Research Future finds that the global market for crypto ATMs, which was valued at $3.4 billion USD in 2021, is projected to register a compound annual growth rate (CAGR) of 56.5 percent from 2022 to 2030. The following excerpt from the report’s description outlines the impact of the COVID-19 pandemic on the market:


The COVID-19 pandemic has increased Bitcoin's [BTC] investment value around the world, with consumers interested in buying into cryptos due to a widespread fear being caused by this deadly virus, especially among people who live in areas affected by the pandemic. But not only has the pandemic brought growth and massive financial gains for investors who sat on the Bitcoin bandwagon (or any other cryptocurrency), but it's also given things like crypto ATMs more exposure, as more people discover how easy it is to use them.


Sam Mowers, Investorideas


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