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Crypto Corner Podcast 535: Stocks discussed: (NYSE: $SQ) (NasdaqGS: $MSTR) (LSE: ARB) (OTCQX: $ARBKF)

Bitcoin Bounces Back from Another Dip, Square Purchases Another $170M in BTC, MicroStrategy Buys Over $1B in BTC, and Argo Blockchain Starts Trading on OTCQX


Point Roberts, WA and Delta, BC - February 24, 2021 ( Newswire), 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:

Crypto Corner Podcast 535: Stocks discussed: (NYSE: $SQ) (NasdaqGS: $MSTR) (LSE: ARB) (OTCQX: $ARBKF)


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Bitcoin (BTC), at press time, is trading for about $49,600, roughly the same as was reported on yesterday's Crypto Corner, according to data from CoinMarketCap. In the past 24 hours, however, it got as low as $45,586, and as high as $51,290. An excerpt from an article on CoinDesk, by writer Omkar Godbole, reads:

Bitcoin's plunge to $45,000 this week triggered long liquidations worth over $2 billion, according to data source Coinalyze.

Long liquidation refers to a forced unwinding (selling) of bullish trades by exchanges, which often leads to an exaggerated price drop. Forced closure happens when the price drops beneath a predetermined limit (the liquidation price), creating a margin shortage on leveraged positions.

Essentially, over-leveraged traders have exited the market over the past two days. Hence, the chances of a deeper pullback previously anticipated by some analysts look to have dropped.

Bloomberg reports that Square, Inc. (NYSE:SQ) has purchased another $170 million in Bitcoin, bringing its holdings to about 5 percent of the company's cash and equivalents. Square's Chief Financial Officer, Amrita Ahuja, said the investment ""really comes down to the alignment with our purpose, and aligning our incentives with cryptocurrency and more broadly expanding the economic empowerment opportunities and making them acceptable more broadly in a fair way around the world." She went on to say:

"Bitcoin has the potential to be a native currency of the internet and we want to continue to participate and learn in a disciplined way."

Square also filed an earnings report with the SEC, which indicated, according to CoinDesk, that it made "$4.57 billion in bitcoin revenue in 2020, with $97 million of that going to the company in gross profit." Furthermore, selling bitcoin on the company's Cash App contributed to "48% of total consolidated revenue in 2020, and 85% of the total increase in consolidated net revenues in 2020."

MicroStrategy (NasdaqGS:MSTR) announced today that it had purchased an additional 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses. According to the press release, the company "holds an aggregate of approximately 90,531 bitcoins, which were acquired at an aggregate purchase price of approximately $2.171 billion." MicroStrategy CEO, Michael Saylor, said:

"The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin. The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world's most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin."

Argo Blockchain (LSE:ARB) has qualified to trade on the OTCQX Best Market, upgrading it to the OTCQX from the OTCQB Venture Market. The company starts trading today on OTCQX under the symbol "ARBKF."

Sam Mowers, Investorideas

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