#CryptoCorner #Podcast 874: #Stocks discussed: (TSX: $GLXY.TO) (NasdaqGM: $BITF) (NasdaqCM: $EQOS)
#CryptoCorner
#Podcast 874: #Stocks discussed: (TSX: $GLXY.TO) (NasdaqGM: $BITF) (NasdaqCM: $EQOS)
Galaxy Digital Terminates
BitGo Acquisition, Bitfarms Posts Q2 Results, and Eqonex to Streamline
Operations
Vancouver, Kelowna, Delta, BC August 15,
2022 - Investorideas.com, a leader in
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on what’s driving cryptocurrency stocks and the crypto market.
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Stocks
discussed: (TSX:GLXY) (NasdaqGM:BITF) (NasdaqCM:EQOS)
Galaxy Digital Holdings
Ltd. (TSX:GLXY) has announced the termination of its previously
announced acquisition agreement with digital asset firm BitGo following the
latter's “failure to deliver, by July 31, 2022, audited financial statements
for 2021.” Mike Novogratz, CEO and Founder of Galaxy, commented:
“Galaxy
remains positioned for success and to take advantage of strategic opportunities
to grow in a sustainable manner. We are committed to continuing our process to
list in the U.S. and providing our clients with a prime solution that truly
makes Galaxy a one-stop shop for institutions.”
Bitfarms Ltd. (NasdaqGM:BITF) has reported its financial results for the second
quarter ended June 30, 2022. Highlights include the mining of 1,257 Bitcoin (BTC), an increase in revenue to $42 million,
and a gross mining profit of $27 million. Jeff Lucas, the company’s CFO,
explained:
“By
deleveraging our balance sheet and increasing financial flexibility, we are
better positioned to execute our growth initiatives to drive market share gains
and increased production. As careful stewards of capital, to better align with
our capacity expansion, we amended our miner delivery schedule to match our
deployment plan. Thus, we optimized resources, deferring $39 million in capex
spending from the fourth quarter of 2022 into 2023.”
Eqonex Limited (NasdaqCM:EQOS) has announced that it is taking actions to
streamline its operations and focus resources on the businesses that offer the
most potential for revenue growth and long-term financial sustainability,
namely Asset Management and Custody. Notably, this will include the company
exiting from the crypto exchange space. The company’s CEO, Jonathan Farnell,
said:
"The
recent extreme market volatility and declining trading volumes have added to
the headwinds being felt by exchange operators.
We take a realistic view that our exchange will not move the needle for
us financially over the near-to-medium term. We don't see value in continuing
to bear the costs of operating an exchange during what may be a prolonged
market downturn. We have conviction that
proactively exiting the crowded exchange space is the right decision to deliver
shareholder value."
Sam Mowers, Investorideas
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