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Crypto Corner Podcast Episode 515: Stocks discussed: (NasdaqGS: $OSTK) (NasdaqGS: $NCTY) (CSE: $GBLC.C)

Overstock to Convert Blockchain Subsidiary Into Fund, The9 Signs MOUs to Purchase Bitcoin Mining Machines, and Graph Blockchain Enters Definitive Agreement with Babbage Mining Corp.

 

Point Roberts, WA and Delta, BC - January 26, 2021 (Investorideas.com Newswire) 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.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2021/012621-CryptoMarket.mp3

Crypto Corner Podcast Episode 515: Stocks discussed: (NasdaqGS: $OSTK) (NasdaqGS: $NCTY) (CSE: $GBLC.C)

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Stocks discussed: (NasdaqGS:OSTK) (NasdaqGS:NCTY) (CSE:GBLC)

The crypto market's minor rally, seen yesterday, did not last long, as this morning Bitcoin (BTC) and most of the top altcoins are all in the red, according to data from CoinMarketCap. At press time, Bitcoin is down to a trading price of about $31,800, whereas Ether (ETH), which at least matched its ATH yesterday with a peak of around $1,436, is now down to about $1,275.

During an appearance on CNBC's Squawk Box yesterday, former Goldman Sachs CEO Lloyd Blankfein spoke about Bitcoin, saying "If I were a regulator, I would be kind of hyperventilating at the success of it at the moment, and I'd be arming myself to deal with it." Blankfein's comments consisted of the familiar criticisms surrounding Bitcoin's volatility and its potential use in money laundering and terrorism financing.

"It's a store of value that can move 10 percent in a day; that, if you lose a code, or lose a slip of paper, it's lost forever; or, if somebody takes it from you, how will you know? So, the store of value element is a little bit tough."

Overstock.com, Inc. (NasdaqGS:OSTK) has announced that it will be converting its wholly owned blockchain subsidiary, Medici Ventures Inc., into a fund, with an entity from venture capital firm Pelion Venture Partners acting as the general partner. Overstock CEO, Jonathan Johnson, explained:

"We remain bullish on blockchain technology but are changing the way we interact with these assets. As we evaluated how to create the highest return for our shareholders, we determined it is time to partner with a seasoned venture capital firm to oversee the portfolio and make follow-on investment decisions. Pelion is the perfect firm to do this. It has blockchain and technology expertise with early stage companies and has helped guide many companies to economic success."

Internet company The9 Limited (NasdaqGS:NCTY) has signed five legally binding Memorandums of Understanding (MOUs) to purchase Bitcoin mining machines. Following the transactions, The9 is expected to own 26,007 Bitcoin mining machines, with a total hash rate of approximately 549PH/S, accounting for about 0.36% of the global hash rate of Bitcoin, according to the press release.

Graph Blockchain Inc. (CSE:GBLC) has entered into a definitive share exchange agreement with Babbage Mining Corp., and its shareholders, wherein Graph will acquire all of the issued and outstanding securities in the capital of Babbage. The press release also indicates that Graph "intends to raise gross proceeds of up to $2,000,000 through a non-brokered private placement of up to 25,000,000 units of the Corporation at a price of $0.08 per unit with 15% over allotment option." The company then plans to use the net proceeds for purchasing the crypto mining equipment and general working capital.

Sam Mowers, Investorideas

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