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CoinSmart Achieves Record Monthly Revenue of $1.8 Million in October
November 30, 2021
Record Cash of 18MM and Crypto Assets of 3MM for a total of $21 Million ($0.35 per share) on Balance Sheet
Toronto, Ontario--(Newsfile Corp. - November 30, 2021) - CoinSmart Financial Inc. (NEO: SMRT) (FSE: IIR) ("CoinSmart"), a leading Canadian headquartered crypto asset trading platform, today announced record preliminary unaudited monthly revenue in October 2021 of approximately $1.8 million[1]. This represents a 24% increase compared to September 2021 and was primarily driven by increased trading volume.
October 2021 Highlights:
- Record Monthly Revenue of $1.8MM
- Record Assets Under Management (AUM) of $74MM
- Cash Flow Positive
- Approx $18MM in cash and cash equivalents and $3MM in crypto assets for a total of $21 million ($0.35 per share)[2] as at November 29, 2021
- No debt
CoinSmart CEO Justin Hartzman commented:
"October was a tremendous month for CoinSmart as we achieved record revenue, assets under management and company cash and crypto assets on our balance sheet. This bodes well for Q4 as our team continues to work feverishly to make crypto currency accessible to all."
From time to time the company may report on any new records it achieves on key performance metrics[3].
About CoinSmart
CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way for buying and selling digital assets, like Bitcoin and Ethereum. CoinSmart is one of the few crypto asset trading platforms in Canada to be registered as a securities dealer with the Ontario Securities Commission. CoinSmart is also one of the first Canadian headquartered trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand.
Cautionary Note Regarding Forward-Looking Information and Other Disclosures
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may","could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: regulatory approvals. Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
Financial Outlook
This press release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the revenue of CoinSmart during October 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading "Cautionary Note Regarding Forward-Looking Information and Other Disclosures" above and assumptions with respect to market conditions, pricing, and demand. The actual results of CoinSmart's operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. CoinSmart and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading "Cautionary Note Regarding Forward-Looking Information and Other Disclosures" above, it should not be relied on as necessarily indicative of future results.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information please contact:
Justin Hartzman
Chief Executive Officer
E-mail:justin@coinsmart.com
Tel.: (647) 923-7678
[1] All figures stated above are preliminary, unaudited and subject to final adjustment.
[2] Based on 60,364,549 shares outstanding as of November 29th,2021
[3] See heading "Financial Outlook".
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
News Provided by Newsfile via QuoteMedia
31 December 2024
Top 5 Most-popular Crypto Stories of 2024
The cryptocurrency world experienced a transformative year in 2024, marked by key events and trends that redefined the digital asset landscape.
From Bitcoin’s much-anticipated halving to the intersection of politics and blockchain, these stories have captured the attention of investors, institutions and regulators alike.
As the sector matured further, it became clear that cryptocurrencies are no longer a fringe phenomenon but a significant force in global finance.
As the year closes, we're taking a look back at our most popular crypto news articles of 2024 that covered some of the year's biggest Bitcoin and Ether stories.
1. Bitcoin's Latest Halving is Complete, Here's What Happened
The highly anticipated Bitcoin halving occurred on April 19, 2024, at 8:10 p.m. EDT, when ViaBTC mined block number 840,000.
This milestone reduced the block reward for miners from 6.25 Bitcoins to 3.125, marking another pivotal moment in Bitcoin’s history.
While Bitcoin's price remained relatively stable post-halving, trading between US$63,000 and US$65,000, the cryptocurrency showed a modest 2.2 percent gain by April 22, reaching US$66,243.
Over the past year, Bitcoin's market cap has surged by 142 percent, briefly surpassing that of silver in March.
Historically, Bitcoin halvings have led to significant price rallies. However, the 2024 halving was unique in its context, coinciding with increased institutional interest fueled by the approval of Bitcoin exchange-traded funds (ETFs) and a favorable macroeconomic environment.
Halving events also impact miners significantly since they cut block rewards, reducing profitability. Crypto miners ramped up their operations with more efficient hardware to maintain profitability, even as production costs were estimated to rise to US$37,856 per Bitcoin post-halving.
2. Bitcoin Reaches New Record High on Reserve Asset Speculation
Bitcoin soared to an unprecedented high of US$107,554 on December 16, fueled by speculation that US President-elect Donald Trump plans to designate it as a US reserve asset.
The surge followed Trump’s December 12 interview on CNBC, where he shared his vision for a strategic cryptocurrency reserve. Highlighting concerns over international dominance in the crypto space, Trump emphasized that the US must act decisively to prevent other nations from gaining an edge. This was not the first time he mentioned this plan, as we discuss in the next entry.
This interview came alongside a trend of strong institutional investment. Digital asset inflows reached US$3.2 billion during the week of December 9 through 13, while the global market for Bitcoin ETFs also expanded, managing over US$135 billion in assets amid heightened demand.
Globally, governments have been increasing their Bitcoin holdings, with the US owning nearly 200,000 Bitcoin valued at over US$20 billion at the time of the new high.
Trump’s pro-crypto administration, including key appointments like David Sacks and Paul Atkins, has added to crypto investors' confidence in the market.
3. Crypto Market Buzzing on Rumor Trump Will Announce Bitcoin as Strategic Reserve Asset
Looking back before the US election, speculation reached fever pitch last July when candidate and former US President Donald Trump delivered a keynote address at a Bitcoin conference in Nashville, Tennessee.
The Republican presidential nominee used the platform to promise sweeping changes to US cryptocurrency policy if elected for a second term.
In his speech on July 27, Trump pledged to establish the United States as the "crypto capital of the planet" and announced plans for a Bitcoin strategic reserve utilizing the government’s existing cryptocurrency holdings.
The announcement marked a major shift from his earlier criticism of digital assets, fueling investor enthusiasm and market volatility.
The prospect of Bitcoin as a strategic reserve asset has raised significant questions about its integration into national financial systems. While proponents see it as a step toward legitimizing Bitcoin as "digital gold," critics point to the asset's volatility and cybersecurity concerns as major hurdles.
4. ASX Welcomes First Bitcoin ETF as Crypto Soars in Popularity
In a landmark move for Australia’s financial markets, the Australian Securities Exchange (ASX) launched its first Bitcoin exchange-traded fund (ETF) on June 20.
The VanEck Bitcoin ETF (ASX:VBTC) provides Australians with a simplified way to gain exposure to Bitcoin’s price movements through traditional brokerage accounts.
The launch, backed by an initial investment of AU$985,000 (US$657,000), caters to the increasing demand for digital asset investment options in the region.
This followed global crypto trends, with spot Bitcoin and Ether ETFs in the US launching in January and July respectively, while Hong Kong permitted the trading of ETFs for Bitcoin and Ether in April.
Bitcoin's strong performance throughout 2024 further bolstered interest in the ETF. At the time of the launch, Bitcoin had nearly quadrupling in value since early 2023. Other Australian firms such as BetaShares and DigitalX have since launched their own crypto ETFs.
5. Spot Ether ETFs Make US Debut
After months of anticipation, the US market witnessed the launch of nine spot Ether ETFs on July 23.
These ETFs, which are now trading on major exchanges such as the New York Stock Exchange, Nasdaq and the Chicago Board Options Exchange, provide regulated exposure to Ether, the second-largest cryptocurrency by market capitalization.
The newly launched spot Ether ETFs were:
- Grayscale Ethereum Mini Trust (ARCA:ETH)
- Grayscale Ethereum Trust (ARCA:ETHE)
- Bitwise Ethereum (NYSE:ETHW)
- VanEck Ethereum (CBOE:ETHV)
- 21Shares Core Ethereum (CBOE:CETH)
- Invesco Galaxy Ethereum (CBOE:QETH)
- Fidelity Ethereum (CBOE:FETH)
- Franklin Ethereum (CBOE:EZET)
- iShares Ethereum Trust (NASDAQ:ETHA)
The SEC’s approval of these ETFs came after regulatory uncertainty, with the commission previously expressing concerns about Ether’s classification and the complexities of crypto staking.
However, the SEC gave the green light to these ETFs on May 23, following the filing of updated applications, and this decision contributed to a surge in Ether’s price.
While they had a slower start than analysts expected, Ether ETFs ultimately saw net inflows of US$2.62 billion in 2024 as of December 30 according to data from Farside Investors.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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30 December 2024
Bitcoin Well Announces Closing of $2 Million Private Placement Offering of Convertible Debenture Units with $900,000 of Insider
Bitcoin Well Inc. (" Bitcoin Well" or the "Company") (TSXV:BTCW; OTCQB:BCNWF), the non-custodial bitcoin business on a mission to enable independence, is pleased to announce it has closed its previously announced offering of 2,000 convertible debenture units of Bitcoin Well (the "Debenture Units") at a price of $1,000 per Debenture Unit for aggregate gross proceeds of $1,100,000 on a brokered basis (the "Brokered Offering") and $900,000 on a non-brokered basis (the "Non-Brokered Offering" and together with the Brokered Offering, the "Offering"). Each Debenture Unit consists of: (i) one 8% $1,000 principal amount unsecured convertible debenture (each, a "Debenture"); and (ii) 4,347 common share purchase warrants of the Company (each, a "Warrant").
Pursuant to the Offering, the Company issued a total of $2,000,000 principal amount of Debentures and 8,694,000 Warrants. For more details on the terms of the Debentures and Warrants, see the Company's news release dated December 2, 2024.
The net proceeds of the Offering will be used for working capital, general corporate purposes and for further additions to the Company's strategic bitcoin reserve.
The Brokered Offering was completed pursuant to the terms of an agency agreement dated December 30, 2024, between the Company and Haywood Securities Inc., as lead agent and sole bookrunner, and Ventum Financial Corp. (together, the "Agents"). In connection with the Brokered Offering, the Company: (i) paid to the Agents a cash commission of $77,000; (ii) issued to the Agents 334,782 non-transferrable compensation options of the Company (the "Compensation Options"), with each Compensation Option exercisable at any time prior to December 30, 2029 at $0.23 to purchase one unit of the company (the "Compensation Option Units"), with each Compensation Option Unit comprised of one common share in the capital of the Company (the "Common Shares") and one Warrant; and (iii) paid to Haywood
Securities Inc. a corporate finance fee of $66,000, satisfied by way of issuing 286,956 units of the Company (the "Corporate Finance Fee Units") at a deemed price of $0.23 per Corporate Finance Fee Unit, with each Corporate Finance Fee Unit comprised of one Common Share and one Warrant. The Warrants comprising the Compensation Option Units and the Corporate Finance Fee Units shall have the same terms as the Warrants comprising the Debenture Units.
All securities issued in connection with the Offering are subject to a statutory hold period expiring on May 1, 2025. The Offering remains subject to final approval of the TSX Venture Exchange ("TSXV").
Pursuant to the Non-Brokered Offering, Terry Rhode, through his wholly owned corporation, Beyond The Rhode Corp., acquired control over 900 Debenture Units. Prior to the Offering, Mr. Rhode, directly and indirectly, exercised control over 15,881,000 Common Shares, 9,385,437 common share purchase warrants, 961,876 options and convertible debentures in the principal amount of $4.1 million convertible into 16,400,000 Common Shares, representing an aggregate of 42,628,313 Common Shares on a partially diluted basis and approximately 17.39% of the issued and outstanding Common Shares on a on a partially-diluted basis. Following closing of the Offering, Mr. Rhode, directly and indirectly, exercises control over 15,881,000 Common Shares, 13,297,737 common share purchase warrants, 961,876 options and convertible debentures in the principal amount of $5.0 million convertible into 20,313,043 Common Shares, representing an aggregate of 50,453,656 Common Shares on a partially diluted basis and approximately 19.94% of the issued and outstanding Common Shares on a partially-diluted basis. Mr. Rhode holds securities of the Company for investment purposes and currently does not have any plan to acquire or dispose of additional securities of the Company. However, Mr. Rhode may acquire additional securities of the Company, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position, depending on market conditions, reformulation of plans or other relevant factors.
The foregoing disclosure is being disseminated pursuant to National Instrument 62- 103 The Early Warning System and Related Take-Over Bid and Insider Reporting. Copies of the early warning reports with respect to the foregoing will appear on the Company's SEDAR profile at www.sedarplus.ca and may also be obtained by contacting the Company at 1 888 711 3866 or ir@bitcoinwell.com.
Terry Rhode's participation in the Offering for gross proceeds of $900,000 constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Offering is exempt from formal valuation and minority approval requirements of MI- 61-101 pursuant to the exemptions set forth in sections 5.5(a) and 5.7(a) of MI 61-101, as neither the fair market value of securities being issued to insiders nor the consideration paid therefor exceeds 25% of the Company's market capitalization.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities offered hereby have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the 1933 Act) unless the securities have been registered under the 1933 Act and all applicable state securities laws, or are otherwise exempt from such registration.
About Bitcoin Well Bitcoin Well is in the business of future-proofing money. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. Our existing Bitcoin ATM business unit drives cash-flow to help fund this mission.
Join our investor community and follow us on Nostr, LinkedIn, Twitter and YouTube to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact: Tel: 1 888 711 3866 ir@bitcoinwell.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information Certain statements contained in this news release may constitute forward-looking statements or forward-looking information (collectively, "forward-looking information"). Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information, including but not limited to statements in respect of: final approval of the Offering by the TSXV; use of proceeds from the Offering; and Bitcoin Well's business plans and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Bitcoin Well's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, inability to obtain final TSXV approval, competitive factors in the industries in which Bitcoin Well operates, prevailing economic conditions, and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward- looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. For more information, see the Cautionary Note Regarding Forward Looking Information found in the Bitcoin Well quarterly Management Discussion and Analysis.
Click here to connect with Bitcoin Well (TSXV:BTCW, OTCQB:BCNWF) to receive an Investor Presentation
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20 December 2024
Tech 5: Bitcoin Drops Below US$100,000, Micron Guidance Shakes Investors
Bitcoin surged early in the week before retracting below US$100,000, dampened by a hawkish rate cut from the US Federal Reserve that led to significant drops in both the crypto and stock markets.
Meanwhile, the Nasdaq-100 (INDEXNASDAQ:NDX) welcomed three new companies, and artificial intelligence leader NVIDIA (NASDAQ:NVDA) lost ground to networking giant Broadcom (NASDAQ:AVGO).
Find out what other key pieces of news made headlines in the tech space this week.
1. Bitcoin drops below US$100,000 on Fed cut
Bitcoin surged above US$107,800 this past weekend, fueled by factors like MicroStrategy's (NASDAQ:MSTR) recent Bitcoin purchases, and anticipation of an interest rate cut from the Fed.
Bitcoin historically performs well in December, and experts are saying that it's in "Santa Claus mode."
Adding to the excitement, Strike CEO Jack Mallers hinted on Tim Pool's podcast that the US government may designate Bitcoin as a reserve asset through the Dollar Stabilization Act. Meanwhile, Digital Chamber founder Perianne Boring pointed to the stock-to-flow model on Fox Business, which predicts Bitcoin could hit US$800,000 by 2025's end.
The cryptocurrency market kicked off the week at a market cap of US$3.9 trillion, up 0.3 percent in 24 hours.
As open interest neared US$70 billion on Monday (December 16), traders eyed figures between US$120,000 and US$154,000 as Bitcoin’s next target based on bull flag pattern and Fibonacci extension analysis.
Despite the bullish sentiment, Bitcoin experienced volatility on Tuesday (December 17). After retaking US$107,500 overnight and climbing to a new all-time high of US$108,135 following the opening bell, its price quickly sank below US$106,000, triggering around US$1.3 billion in liquidations.
Bitcoin performance, December 14 to 17, 2024.
Chart via CoinGecko.
This brief pullback confirmed a resistance zone between US$108,000 and US$111,000. Rekt Capital attributed this retracement to a typical pattern seen during price discovery phases.
Bitcoin's volatility continued into Wednesday (December 18), and it declined steadily before and after the Fed's meeting. The central bank announced a cut of 25 basis points as anticipated, but indicated that future reductions in 2025 may be less aggressive than initially projected. This shift in approach is attributed to recent economic data suggesting that the labor market is cooling and that inflation is stagnating above the Fed's 2 percent target.
Chair Jerome Powell also asserted that the Fed is not allowed to own Bitcoin, potentially disrupting President-elect Donald Trump's plan to implement a strategic reserve when he takes office in January.
This caused significant drops throughout the crypto market, with Bitcoin falling 3.75 percent in the two hours following Powell’s address. This was followed by further declines below US$100,000 on Wednesday evening.
Bitcoin performance, December 18 to 20, 2024.
Chart via CoinGecko.
On Thursday (December 19), Bitcoin fell to an intraday low of US$95,700, and the market cap for the crypto sector was down by 6 percent after Wall Street markets wrapped. Ether and Solana recorded losses of over 10 percent, while XRP slid 8.5 percent, reversing gains from earlier in the week ahead of the launch of Ripple’s stablecoin, RLUSD.
Losses extended into Friday morning, with Bitcoin dropping to US$92,245. The fall resulted in a bearish crossover, with over US$1 billion in liquidated positions, according to CoinGlass data.
QCP Capital attributed the losses to overly bullish market positioning and the Fed's hawkish cut.
After the dip, Bitcoin's price rebounded and held at around US$97,000 for most of Friday, a strong support zone identified by Glassnode founder Rafael Schultze-Kraft and Bitcoin researcher Axel Adler Jr. Recovery followed US personal consumption expenditures data that showed cooling inflation, easing investor concerns.
2. Micron's quarterly guidance disappoints
Micron Technology (NASDAQ:MU) delivered results for its first fiscal quarter of 2025 after Wednesday’s closing bell, showing an 84 percent year-on-year revenue increase for the period.
“Data center revenue grew over 400 percent year over year and 40 percent sequentially, reaching a record level, with data center revenue mix surpassing 50 percent of Micron’s revenue for the first time,” the company said.
Micron performance, December 17 to 20, 2024.
Chart via Google Finance.
However, its guidance for its second fiscal quarter indicates a downshift in sales.
The company's Q2 revenue guidance is US$7.9 billion, missing analysts' expectations of US$7.93 billion. Non-GAAP earnings per share are anticipated to be US$1.26 compared to average projections of US$1.97.
“While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year,” wrote President and CEO Sanjay Mehrotra in a press release.
“We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.”
Shares of Micron opened 13.2 percent lower on Thursday morning and hit US$85 shortly after the market opened. The company is ending the week down over 14 percent.
3. Broadcom surges as NVIDIA stumbles
Broadcom continued its upward trajectory this week, fueled by Friday's rally. It reached a valuation higher than even NVIDIA, which stumbled into correction territory on Monday.
After a mid-week bump ahead of the Fed's meeting, NVIDIA ultimately fell with the broader market as Powell signaled a hawkish stance, sinking further into correction territory.
Broadcom and NVIDIA performance, November 20 to December 20, 2024.
Chart via Google Finance.
While NVIDIA remains a powerhouse with a stellar year overall, Broadcom's superior gains this month could signal a potential shift in the chip landscape, challenging NVIDIA's dominance.
Shares of NVIDIA were down 7.67 percent on the month as of Friday afternoon, while Broadcom had gained over 35 percent. Its share price rose by nearly 40 percent following the release of its earnings report last week.
Adding to NVIDIA's woes, reports suggest China is expanding its scrutiny of the company's acquisitions beyond the 2020 Mellanox deal, potentially casting a shadow over its future growth prospects.
4. Samsung, Texas Instruments finalize Chips Act deal
Samsung Electronics (KRX:5930) and Texas Instruments (NASDAQ:TXN) are the two latest companies to receive government funding via US President Joe Biden’s Chips Act initiative. The deals were finalized on Friday, with Samsung set to receive up to US$4.75 billion and Texas Instruments getting US$1.6 billion.
While Texas Instruments' final agreement aligns with an initial deal reached in August, Samsung's funding was significantly reduced. The company stated that it adjusted its investment plan to improve efficiency and that the incentives were determined through negotiations with the US government, but did not provide specific details.
Texas Instruments’ funding will go toward building new chipmaking facilities in Utah and Texas. They will reportedly create 2,000 new company jobs and thousands more employment opportunities in construction and supply management. Samsung will use its award to expand its facilities in Central Texas.
5. Palantir, Axon and MicroStrategy join Nasdaq-100
Nasdaq (NASDAQ:NDAQ) released its annual list of changes to the Nasdaq-100 on Monday, with data analysis and security companies Palantir Technologies (NASDAQ:PLTR) and Axon Enterprises (NASDAQ:AXON) joining the index, along with business intelligence and analytics software firm MicroStrategy.
Palantir secured multiple contracts with the US Department of Defense in 2024, while Axon landed a contract with the Canadian government to supply body-worn cameras to the Royal Canadian Mountain Police in November.
MicroStrategy has been in the news this year due to several Bitcoin acquisitions. Over the weekend, the company acquired another 15,350 Bitcoin for US$1.5 billion. The acquisition was finalized on Sunday (December 15), bringing the company’s total Bitcoin holdings to 439,000. The purchase was funded through share sales under the firm's at-the-market program. According to its latest filing, MicroStrategy now has US$7.65 billion remaining.
Bloomberg estimates that MicroStrategy's inclusion on the Nasdaq-100 will add at least US$2 billion in new stock purchases from the various exchange-traded funds that follow the index.
Super Micro Computer (NASDAQ:SMCI), on the other hand, saw its share price open over 14 percent lower on Monday following the news that it will be removed from the Nasdaq-100. It closed the week 0.85 percent higher.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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16 December 2024
Bitcoin Reaches New Record High on Reserve Asset Speculation
Bitcoin hit a new record high of US$107,554 on Monday (December 16) following growing interest in the cryptocurrency as a potential reserve asset.
The speculations were spurred by a statement from US President-elect Donald Trump about creating a strategic reserve for cryptocurrencies.
“We’re going to do something great with crypto because we don’t want China or anybody else — not just China but others —embracing it ahead of us,” Trump said in a CNBC interview on December 12.
He further emphasized his administration’s intention to explore a Bitcoin reserve to strengthen the US position in the global cryptocurrency landscape.
The prospect of Bitcoin gaining reserve asset status has fueled institutional interest in the digital currency. Data from CoinShares showed that digital asset investment products saw US$3.2 billion in inflows last week, marking 10 consecutive weeks of gains.
Bitcoin products, including exchange-traded funds (ETFs), accounted for US$2 billion of these inflows, while Ethereum investment products attracted US$1 billion.
According to CoinShares, global Bitcoin ETFs now manage over US$135 billion in assets, reflecting heightened institutional adoption.
Market observers and analysts have presented mixed projections for Bitcoin’s future following the statements.
Arthur Hayes, co-founder of BitMEX, told Forbes that Bitcoin could reach prices between “hundreds of thousands to US$1 million” if it secures formal reserve status.
Bernstein analysts forecast Bitcoin reaching US$500,000 by 2029 and US$1 million by 2033, driven by the adoption of regulated Bitcoin ETFs.
However, skeptics argue that Bitcoin's volatility and lack of stability compared to traditional reserves like gold or government bonds remain significant barriers.
Chris Weston, head of research at Pepperstone, cautioned against overly optimistic expectations, stating that implementing a strategic Bitcoin reserve would require strategic planning and communication.
"I think we still need to be cautious on a BTC strategic reserve, and at least consider that this is not likely to happen anytime soon," Weston told Reuters.
Worldwide, governments have started accumulating Bitcoin as part of their reserve strategies.
As of July, global governments held 2.2 percent of Bitcoin’s total supply, with the United States owning nearly 200,000 Bitcoin worth over US$20 billion. Other significant holders include China, the UK, Bhutan and El Salvador.
Russian President Vladimir Putin has pointed to cryptocurrencies as an alternative reserve asset amid declining confidence in the US dollar, stating that Bitcoin "cannot be prohibited by anyone."
Since the US election on November 5, Bitcoin's price has gained more than 50 percent, with the cryptocurrency's total market capitalization nearing US$3.8 trillion.
Trump’s pro-crypto stance during his campaign and subsequent announcements have contributed to growing confidence in the sector.
The President-elect recently named David Sacks, a former PayPal (NASDAQ:PYPL) executive, as White House czar for artificial intelligence and cryptocurrencies.
Additionally, pro-crypto Washington attorney Paul Atkins is expected to lead the Securities and Exchange Commission under Trump’s administration.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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11 December 2024
5 Best-performing Canadian Crypto Mining Stocks of 2024
Canadian crypto stocks offer investors exposure to the booming cryptocurrency market.
Cryptocurrencies are digital currencies that are independent of traditional banking systems. They exist on a blockchain, a secure and immutable transaction record shared among many computer nodes in a network.
The most well-known cryptocurrency is Bitcoin, and the process of generating new Bitcoin units is called mining. When Bitcoin was new, it was easy enough for tech-savvy individuals to mine their own tokens using store-bought hardware. However, as Bitcoin has grown in popularity, mining has become a difficult and expensive process.
That’s why these days most mining is done at the industrial level. Large corporations with capital and the right equipment can mine tens or even hundreds of Bitcoin every day. Buying shares of companies that mine crypto or provide crypto services is a way for investors to reap the potential benefits this industry has to offer without risking major losses.
Here Investing News Network has rounded up the Canadian crypto miners and crypto-related companies with the biggest year-on-year share price gains. Figures were obtained using TradingView’s stock screener on December 9, 2024, and all data was accurate at the time. Companies with share prices above C$10 million were considered.
1. SOL Strategies (CSE:HODL)
Year-on-year gain: 2,540 percent
Market cap: C$434.14 million
Current share price: C$2.64
Formerly known as Cypherpunk Holdings, the company rebranded to Sol Strategies on September 12.
In 2024, the company shifted its focus exclusively to Solana and acquired significant holdings of the cryptocurrency. Its previous mission was to identify and invest in high-potential opportunities in blockchain and cryptocurrency technologies.
In addition to investing in projects on the Solana blockchain, Sol Strategies operates Solana validators. On October 15, the company announced "a significant increase in the amount of SOL delegated to the Company’s public validator for purposes of earning staking rewards on the Solana blockchain."
Sol Strategies' approach has been very successful, as evidenced by its significant share price increase.
2. Bitcoin Well (TSXV:BTCW)
Year-on-year gain: 333.33 percent
Market cap: C$29.46 million
Current share price: C$0.20
Established in 2013, Bitcoin Well makes using Bitcoin easy and accessible via an ecosystem of products and services offered through its two revenue-generating business units. The first is its Canada-wide network of Bitcoin ATMs, and the second is its online Bitcoin portal, which went live in Canada in November 2022 and the US in February 2024.
Shares of Bitcoin Well reached a 2024 high of C$0.25 on March 4 after it announced a record number of signups to its Bitcoin portal in February, in addition to a brokered financing agreement with Haywood Securities.
3. Hut 8 (TSX:HUT)
Year-on-year gain: 200.47 percent
Market cap: C$4.01 billion
Current share price: C$38.55
Hut 8 is an energy infrastructure operator and Bitcoin miner.
It operates data centers across North America and boasts self-mining, hosting and managed services. The company has formed partnerships with other companies in the blockchain and technology space.
An expansion of Hut 8's partnership with digital currency mining server Bitmain Technologies was announced on September 19. The two companies are collaborating to build a miner that utilizes direct liquid-to-chip cooling technology, thereby improving efficiency without compromising performance.
Hut 8 plans to deploy these new miners at its Texas facility in Q2 2025, and will charge Bitmain a fee for the space and power. This deal gives Hut 8 early access to new technology and an alternative revenue source.
4. DMG Blockchain Solutions (TSXV:DMGI)
Year-on-year gain: 8.14 percent
Market cap: C$98.38 million
Current share price: C$0.47
DMG Blockchain Solutions is a vertically integrated blockchain and cryptocurrency company that helps users monetize the blockchain environment by delivering digital solutions like its Blockseer software platform, which allows traders to monitor and track their transactions on the Bitcoin and Ethereum networks.
Its business model consists of two segments, Core and Core+. Core focuses on crypto infrastructure operations, deriving its revenue from rewards and transaction fees, hosting services and hardware sales to industrial crypto miners. For its part, Core+ deals with data analysis and forensic services.
5. HIVE Digital Technologies (TSXV:HIVE)
Year-on-year gain: 6.73 percent
Market cap: C$792.32 million
Current share price: C$5.71
HIVE Digital Technologies is a crypto miner that focuses on using green energy to power its operations. It mines Bitcoin and other digital currencies at its data centers in Québec and New Brunswick, as well as Sweden and Iceland.
HIVE also operates a vast network of NVIDIA (NASDAQ:NVDA) GPUs powered by renewable energy sources. This allows the firm to offer high-performance computing services for cutting-edge artificial intelligence applications, such as large language models and image generation, through the HIVE Cloud platform and by renting out its GPUs.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Bitcoin Well is a client of the Investing News Network. This article is not paid-for content.
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10 December 2024
Crypto Market Forecast: Top Trends for Crypto in 2025
The cryptocurrency market is heading into 2025 on the heels of a bull run sparked largely by converted crypto advocate Donald Trump’s impending return to the White House.
The president-elect has vowed to make the US the “crypto capital of the world,” and is stocking his cabinet with crypto-friendly picks, heralding a new era for an industry whose market cap has hit around US$2 trillion in under 16 years.
Bitcoin and Ethereum performed strongly in H2 2024, joined by emerging contenders Solana, XRP and Cardano. Their surges accelerated after the election on the back of growing hopes for crypto adoption and integration.
Even so, Bitcoin has retained its dominant position. The number of active addresses has grown by over 12 percent since November 5, according to data gathered from Into the Block. Meanwhile, the anticipation of clearer regulations in 2025 is driving a price discovery phase for Bitcoin. Investors are optimistic, buoyed by the popular coin's recent breakthrough to over US$100,000 on December 4. Estimates now range from around US$120,000 to US$150,000.
“The next months will have insane long opportunities,” said Capriole Fund founder Charles Edwards on December 1.
2025 is expected to be a year of transformation for the crypto market, where defined regulation, institutional adoption and emerging technologies converge to shape a new era of digital finance.
Read on for an overview of what experts see coming for the fast-developing industry next year.
Economic landscape promising for crypto
“The current economic landscape is quite promising for the crypto market in the upcoming year,” Dean Skurka, president and CEO of Canadian financial firm WonderFi, told the Investing News Network (INN) in an email.
“The incoming pro-crypto Trump White House has given a lot of confidence to investors, both institutional and retail, and this should reduce the uncertainty that has held many investors back from the sector. Both Canadian and US crypto investors should see the benefits from this confidence in the asset class," he continued.
“Additionally, interest rate cuts in the US and Canada have sent a positive signal to investors in the back half of 2024. As we anticipate further cuts next year, many retail investors will feel the benefit from reduced borrowing costs, which should help increase the amount of money available for investment," Skurka added.
Also in play are Trump's plans to increase deportations and implement widespread tariffs, circumstances that could worsen existing worries like rising consumer debt and job market instability.
Further compounding these concerns is August's "un-inversion" of the yield curve, a historical precursor to recessions, as highlighted in an October report from Picton Mahoney Asset Management.
The report also points to rising Chapter 11 bankruptcy filings and a decline in manufacturing as warning signs for a potential economic downturn and a possible decline in equity prices.
Given these potential headwinds for the manufacturing sector and the broader economy, investors are increasingly exploring alternative assets that might offer protection. As Dean explained, “Many investors also view crypto as a hedge against inflation, similar to gold. If inflation does creep up, investors may decide to increase the proportion of their portfolio in crypto, to mitigate the risk of their savings decreasing in value over time."
In his view, institutional investors may particularly appreciate that crypto assets are more resistant to inflation.
Trump admin to improve regulatory environment
The regulatory landscape is expected to see major shifts after Trump’s inauguration on January 20.
Gary Gensler has already said he will step down from his post as chair of the US Securities and Exchange Commission (SEC) that day, potentially bringing an end to a years-long contentious relationship between the industry and regulators. Former commissioner Paul Atkins has been nominated as his replacement.
Crypto advocates are also optimistic about a united front between the SEC and the Commodity Futures Trading Commission (CFTC) when Trump takes the helm in the US.
“For a long time, the SEC and the CFTC have had something of a turf war over crypto and who is going to regulate and how,” Adam Garetson, partner at multinational law firm Gowling WLG, told INN in an interview.
"I think that the SEC is more resourced than the CFTC from an investigation and enforcement perspective, but I think the underlying asset class does lend itself well to consideration by commodities regulators, particularly Bitcoin and Ether," he continued. He expects to see the CFTC receive more resources dedicated to crypto regulation.
Fox Business has reported that Trump’s team is considering shifting digital asset regulation to the CFTC.
Will the US create a strategic Bitcoin reserve?
As cryptocurrencies become more mainstream, large entities are seeking exposure.
Senator Cynthia Lummis' (R-Wy) national Bitcoin reserve proposal could increase Bitcoin's price and position it as a digital gold-like asset if Trump were to implement it, which he has indicated he would do.
At the New Orleans Investment Conference, James Lavish, managing partner at the Bitcoin Opportunity Fund, discussed Bitcoin's shift from a speculative to a strategic asset. He emphasized its decentralized, secure nature and limited supply, highlighting its potential to outperform traditional assets like gold and bonds. Lavish also talked about the positive impact of Bitcoin exchange-traded funds (ETFs) and new accounting rules on institutional adoption.
“This is game theory at play. Other countries will see (the strategic Bitcoin reserve), and if we actually do this, it'll force them to strongly consider to get a little bit of Bitcoin on their balance sheets too as a store of value," he said.
"I'm not talking about replacing gold. But 5 percent of total Bitcoin supply would roughly mirror the size and scope of the US gold reserves right now," Lavish told the audience at the event.
For his part, Garetson said talk of a strategic Bitcoin reserve is indicative of a bigger trend.
“I think the commentary around strategic reserves really does indicate sort of a broader trend of investment portfolios being managed to include exposure to digital assets, and certainly Bitcoin, being the most heavily weighted asset in the sector, is driving the most attention,” he explained to INN.
Garetson's observation is reflected in companies like Micro Strategy (NASDAQ:MSTR). The analytics company has been steadily accumulating Bitcoin, scooping up US$1.5 billion worth of the currency between November 25 and December 2. CEO Michael Saylor presented a "Bitcoin strategy" to Microsoft’s (NASDAQ:MSFT) board of directors on December 1, and members will vote on December 10 on whether to add Bitcoin to the company’s balance sheet.
Crypto investment options to diversify and grow
Looser regulations could pave the way for a broader range of investment vehicles within the crypto space, including a wider selection of ETFs offering investors exposure to a diversified mix of digital assets.
“With 14 altcoin ETFs currently waiting for approval — and more joining the list all the time — it appears the market will be very receptive to these products,” noted Dean. “As these funds launch, the overall market benefits from diversification options, improved liquidity and easier access for a wider investor base will be apparent."
He added that internal WonderFi data shows that usage and adoption of Solana has seen a "meteoric rise" in the last 2024 months. At the time of this writing, there were four active applications for spot ETFs tracking Solana.
Heightened liquidity due to an increase in ETFs could spill over into the crypto derivatives market. Furthermore, a less restrictive regulatory environment could stimulate more growth.
“ETFs are a significant touch point between the traditional financial world and the emerging digital asset world,” said Garetson. “I think those touch points are going to continue to grow as the crypto environment matures and greater regulatory clarity comes for the industry, and I think derivatives are another domino in that line. I think we've seen futures products on crypto exist now for a while, so I think we're going to see more traditional financial products that are based on or reference crypto emerging, and certainly the derivative vehicle is a place where there's room to grow.”
DeFi set to attract increased attention
Looking at the technology side of crypto, Garetson said he's watching staking, especially liquid staking.
“Liquid staking allows for investors to maintain liquidity so that their assets can be used for lending, borrowing and trading while rewards are being generated,” he explained to INN.
“So I think this advancement is going to have a net positive implication, in particular for the ETF space as well, where assets such as Ether that are held in an ETF can still generate these staking passive returns.”
This rise of liquid staking has fueled increased activity in decentralized finance (DeFi), with several knock-on effects. As more users participate in liquid staking and DeFi protocols, demand for Ether rises — this has potentially contributed to its recent price surge. Additionally, liquid staking tokens can be used as collateral for borrowing, effectively increasing overall collateralization in DeFi and potentially leading to higher borrowing volumes.
Another key trend accompanying this growth is the rising prominence of stablecoins, particularly USDT (Tether) and USDC (Circle). These stablecoins play a crucial role in facilitating DeFi activity, enabling seamless transactions and providing stability within the volatile cryptocurrency market.
As CryptoQuant CEO Ki Young Ju observed recently in a post on X, formerly Twitter, "The surge in altcoin trading volume isn't driven by $BTC pairs but by stablecoin and fiat pairs, reflecting real market growth rather than asset rotation. Stablecoin liquidity better explains the altcoin market."
“In 2025 we're certainly seeing a push from a global regulatory perspective to take a closer look at DeFi and DeFi arrangements. So I expect this will be an area of regulatory focus in 2025,” said Garetson.
Crypto challenges and opportunities in 2025
The crypto market presents a landscape of both challenges and opportunities in 2025.
“To be sure, I think that the greatest advances that will help the crypto and digital asset sector will be greater regulatory clarity, and with that, greater institutional and retail adoption,” said Garetson.
Trump’s recent proposal to eliminate capital gains taxes on cryptocurrencies issued by American companies, such as Cardano and XRP, will likely attract more investors to the space and promote innovation in the industry.
As the market expands and diversifies, Bitcoin's position as the top cryptocurrency is likely to remain strong.
“It is hard to make (price) predictions, but the industry has never been better positioned," Dean told INN. “The pro-crypto US administration, the promise of a US strategic reserve of Bitcoin, the rising corporate, institutional and global jurisdictional adoption, coupled with the launch of the new Bitcoin ETFs, will all contribute to this baseline target."
Investor behavior is set to influenced by macroeconomic and geopolitical factors, similar to trends observed in traditional markets. Dean remarked, "There's no denying that macro conditions will contribute significantly to the supply and price of Bitcoin, so it will be worth watching as all these stories play out in 2025.”
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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