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Crypto Corner Podcast 577: Stocks discussed: (NYSE: $JPM) (NasdaqGS: $OSTK) (TSXV: $BITF.V) (TSXV: $DMGI.V)

Bitcoin Rebounds After Weekend Slump, JPMorgan to Open Bitcoin Fund, Overstock Closes Blockchain Fund Transaction with Pelion, Bitfarms Gives Quebec Expansion Update, and DMG Buys Another 1,800 Miners

 

Point Roberts, WA and Delta, BC - April 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/2021/042621-CryptoMarket.mp3

Crypto Corner Podcast 577: Stocks discussed: (NYSE: $JPM) (NasdaqGS: $OSTK) (TSXV: $BITF.V) (TSXV: $DMGI.V)

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Stocks discussed: (NYSE:JPM) (NasdaqGS:OSTK) (TSXV:BITF) (TSXV:DMGI)

After reaching a low of roughly $47,150 on Sunday, Bitcoin (BTC) has rallied nearly 8 percent in the past 24 hours and is now trading for about $53,600, according to data from CoinMarketCap. The crypto market is looking quite green today more broadly, with major altcoins Ether (ETH) and XRP up about 7.5 percent and 14.75 percent, respectively.

CoinDesk reports that JPMorgan Chase (NYSE:JPM) "is preparing to offer an actively managed bitcoin fund to certain clients," "as soon as this summer." Sources familiar with the matter told CoinDesk that institutional bitcoin shop NYDIG will act as JPMorgan's custody provider, and that fund will be actively managed.

Overstock.com (NasdaqGS:OSTK) has closed its blockchain fund transaction with third-party venture capital firm Pelion Venture Partners. This has converted Medici Ventures, Overstock's wholly owned blockchain-focused subsidiary, into a limited partnership to be managed by Pelion. Overstock CEO Jonathan Johnson commented:

"We remain bullish on blockchain technology and are excited for Medici Ventures to enter this new post-closing phase. Pelion has spent the last three months getting to know these portfolio companies better. I expect Pelion, which will oversee the portfolio and make follow-on investment decisions, will take these companies to the next level and help guide them to economic success."

Bitfarms Ltd. (TSXV:BITF) has provided an update regarding its expansion plans in the Canadian province of Quebec. This consists of the renovation of the company's Cowansville site, which will involve upping the installed power at the site from 4 MW to 17 MW. Bitfarms also "recently ordered materials, transformers, and electrical equipment to develop a further 66 MW of power capacity in Quebec during the remainder of 2021 for a new mining site in Sherbrooke." According to the press release, "the new infrastructure will be able to support approximately 21,000 new generation miners capable of adding approximately 2.1 EH/s of new production."

DMG Blockchain Solutions Inc. (TSXV:DMGI) has purchased an additional 1,800 bitcoin ASIC miners, adding about 180 PH/s, and thereby increasing the company's total hashrate to more than 680 PH/s. Sheldon Bennett, DMG's CEO, said:

"As described during the Company's April 22, 2021 conference call, DMG continues to focus its Core+ strategy by increasing the procurement of newest generation equipment. Along with its Core strategy, DMG will work to transition these miners to immersion cooling to gain further efficiencies in power consumption and increased overall hashrate. With the addition of these miners, along with our commitment to our Core+ strategy of investing and growing the Blockseer platforms, DMG continues to execute on its vertical integration."

Sam Mowers, Investorideas

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