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Crypto Corner Episode 556: Stocks discussed: (OTC: $RDNAF) (TSXV: $HIVE.V) (TSX: $HUT.TO) (TSXV: $BITF)

 

Point Roberts, WA and Delta, BC - March 25, 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.

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https://www.investorideas.com/Audio/Podcasts/2021/032521-CryptoMarket.mp3

Crypto Corner Episode 556: Stocks discussed: (OTC: $RDNAF) (TSXV: $HIVE.V) (TSX: $HUT.TO) (TSXV: $BITF)

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Stocks discussed: (OTC:RDNAF) (TSXV:HIVE) (TSX:HUT) (TSXV:BITF)

DeFi Technologies Inc. (OTC:RDNAF) has entered into a letter of intent with HIVE Blockchain Technologies Ltd. (TSXV:HIVE) for a share swap arrangement, wherein HIVE will receive 10 million DeFi Technologies common shares - 6.5 percent of the existing outstanding common shares of the company - in exchange for 4 million HIVE common shares, - 1.1 percent of Hive's issued and outstanding common shares. The two firms also plan to create a partnership surrounding the decentralized finance (DeFi) ecosystem with specific applications around Ethereum (ETH) and Miner Extractable Value (MEV), giving DeFi "a strategic stake in HIVE and a broader partnership surrounding the DeFi ecosystem with a specific focus on the Ethereum based MEV space and developments surrounding it." Frank Holmes, Chairman and CEO of HIVE, said:

"We are excited about this strategic partnership with DeFi Technologies and see strong synergies between the two companies. As HIVE is the only publicly traded company mining Ethereum on an industrial scale, we see opportunities in the work that DeFi Technologies is doing around Miner Extractable Value and the potential ensuing benefits to HIVE."

Hut 8 Mining Corp. (TSX:HUT) has reported its financial results for the year ended December 31, 2020. Highlights include a total revenue of $40.7 million, down from $82 million in 2019, but a working capital amount of $75.7 million, which represents an increase of 246 percent over the prior year. The company also reports a bitcoin (BTC) balance of 3,233 at present, which is a 17 percent increase from the balance on December 31, 2020. Hut 8 CEO Jaime Leverton said:

"The global strength of our Company and mining operations has enabled us to hold the highest amount of self-mined bitcoin on balance sheet of any publicly traded company in the world despite a difficult year for bitcoin miners across the industry. Now, with a new leadership team, increased revenue diversification and one of the largest amounts of installed capacity actively mining during this current period of highly profitable mining economics, I am incredibly optimistic about Hut 8's prospects for the future."

Bitfarms Ltd. (TSXV:BITF) has also reported its financial results for both the fourth quarter and year ended 2020. Highlights include $34.7 million in revenue for the year, gross mining profit of $13.8 million for the year, and the mining of 3,014 Bitcoin for the year. Bitfarms CEO Emiliano Grodzki said:

"With the addition of 218PH/s to our mining pool and the increase in Bitcoin price in the fourth quarter of 2020, we ended the year on a very positive note, providing us great momentum going forward. Thus far in 2021, we have raised CAD$80 million in equity, repaid our term debt in full, added miners to our pool to reach 1.2PH/s in computing power and placed orders for 48,000 miners for delivery in 2022, with our supplier of choice, MicroBT, all in line with our growth plans for 2021 and beyond. With Bitcoin prices recently surpassing $60,000 and with over 500 Bitcoin in inventory by the end of the quarter, our financial position has never been stronger, and we are very excited about our prospects for the future."

Sam Mowers, Investorideas

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