#CryptoCorner #Podcast 873: #Stocks discussed: (NasdaqGS: $COIN) (NasdaqGS: $HUT) (NYSE: $BKKT)
#CryptoCorner
#Podcast 873: #Stocks discussed: (NasdaqGS: $COIN) (NasdaqGS: $HUT) (NYSE: $BKKT)
Coinbase Publishes
Shareholder Letter, Hut 8 and Bakkt Announced Q2 Updates
Vancouver, Kelowna, Delta, BC August 12,
2022 - Investorideas.com, a leader in
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Stocks
discussed: (NasdaqGS:COIN) (NasdaqGS:HUT) (NYSE:BKKT)
Coinbase (NasdaqGS:COIN) has published its second
quarter 2022 shareholder letter. As compared to Q2 2020,
the company’s Monthly Transacting Users have grown from 1.5 million to 9
million, its Total quarterly Trading Volume from $28 billion to $217 billion,
and its Assets on Platform increased from $26 billion to $96 billion. An
excerpt reads:
Down
markets are not as bad as they may seem. Yes, it can feel scary and near-term
financials can be heavily impacted. That’s why we have worked hard to build a
strong balance sheet to weather the storms. We began investing in less volatile
revenues during the last crypto down market and are pleased to see the
continued growth of our Subscription and services revenues. Down markets are
builder’s markets, where many casual competitors step back. At Coinbase, we are
optimists and are focused on building great products and services for our
users. We are incredibly proud of the speed of product deployment and the
recent feedback we have been receiving from our customers. We have conviction
that if we continue to focus on building the right products and services, we
will emerge stronger than before.
Hut 8 Mining Corp. (NasdaqGS:HUT) has announced its financial results for the
quarter ended June 30, 2022. Highlights include a revenue of $43.8 million, the
mining of 946 Bitcoin (BTC), and the installation of 7,199 new
MicroBT M30S, M30S+, and M31S+ miners at the company’s Drumheller, Alberta, Medicine Hat, Alberta,
and North Bay, Ontario facilities. Jaime Leverton, CEO of Hut 8, said:
"We
have been anticipating market volatility for nearly a year and took proactive measures
to successfully navigate the current downturn through the balance of the cycle.
Our continued growth in digital asset mining operations and in our Bitcoin
reserves, coupled with our first full quarter generating uncorrelated fiat
revenue in our high performance computing business, has positioned us well to
drive future success."
Bakkt Holdings Inc. (NYSE:BKKT) has announced its financial and operational
results for the second quarter ended June 30, 2022. Highlights include a net
revenue of $13.6 million, the continued signing up of new banks for crypto
capabilities, and a strategic alliance with Visa to provide solutions to the
latter’s “extensive network.” Gavin Michael, Bakkt’s President and CEO, said:
"We
are proud of our second quarter performance where we delivered robust revenue
growth, with 2Q net revenues up 60% year-over-year, and maintained a strong
balance sheet, with over $315 million in available cash and other highly liquid
assets. Our strong platform and compliance-first approach enable us to
withstand challenging markets and continue to execute against our roadmap,
working closely with our partners to fully integrate our capabilities and help
bring them to market."
Sam Mowers, Investorideas
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