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Crypto Corner Podcast 592: Stocks discussed: (NasdaqGS: $MSTR) (NasdaqCM: $RIOT) (TSXV: $CSTR.V)

MicroStrategy Buys Dip, Riot Blockchain Shares Q1 Results, and CryptoStar Announces Beginning of Operations


Point Roberts, WA and Delta, BC - May 18, 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.

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Crypto Corner Podcast 592: Stocks discussed: (NasdaqGS: $MSTR) (NasdaqCM: $RIOT) (TSXV: $CSTR.V)


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Stocks discussed: (NasdaqGS:MSTR) (NasdaqCM:RIOT) (TSXV:CSTR)

According to data from CoinMarketCap, Bitcoin (BTC) is down slightly from yesterday, trading for about $42,850 at press time. As with so many previous crypto market dips in the recent past, business intelligence firm MicroStrategy Incorporated (NasdaqGS:MSTR) is once again buying Bitcoin, according to a tweet from CEO Michael Saylor. The tweet reads:

MicroStrategy has purchased an additional 229 bitcoins for $10.0 million in cash at an average price of ~$43,663 per #bitcoin. As of 5/18/2021, we #hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per bitcoin.

Riot Blockchain, Inc. (NasdaqCM:RIOT) has shared results from its first quarter 2021. Highlights include an increase in mining revenue by 881.1 percent to $23.2 million for the quarter, up significantly from the $2.4 million in the same three-month period of 2020. The company also reports a record $7.5 million in net income for the quarter, up from the $4.3 million net loss for the same three-month period in 2020. Riot's CEO, Jason Les, said:

"We are extremely pleased with Riot's record quarterly financial results, which builds upon a transformative 2020. The Company's improved financial results are a direct result of Riot's absolute focus on Bitcoin mining and growing its mining operations. With the signing of the definitive agreement to acquire Whinstone US, the Company's financial and operational prospects are very exciting. We plan to amplify our focus on initiatives that will drive continued growth for the Company, increasing the US-based share of the Bitcoin mining landscape."

CryptoStar Corp. (TSXV:CSTR) has announced that "operations have commenced in Alberta, Canada and the first containers housing GPU and ASIC miners have been gradually deployed over the past several weeks." According to the press release, the company currently boasts "an aggregate Hashrate of 58,230 MH/s from GPU miners and 13,890 TH/s from ASIC miners running at its data centres." CryptoStar's President and CEO, David Jellins, said:

"We are delighted to have relaunched our operations at amongst the lowest power rates available in North America, and we are looking forward to self-mining on a larger scale, taking full advantage of our first power supply agreement in Alberta providing for up to 30 MW of power."

Sam Mowers, Investorideas

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