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Crypto Corner Podcast 832: Stocks discussed: (NasdaqGS: COIN) (NasdaqCM: RIOT) (NasdaqCM: NCTY)

Coinbase Publishes Shareholder Letter for Q1, Riot Reports Record First Quarter Results, and The9 Subsidiary NBTC Signs Agreement for Computing Center

 

Vancouver, Kelowna, Delta, BC - May 11, 2022 (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/2022/051122-CryptoMarket.mp3

Crypto Corner Podcast 832: Stocks discussed: (NasdaqGS: COIN) (NasdaqCM: RIOT) (NasdaqCM: NCTY)

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Coinbase Publishes Shareholder Letter for Q1, Riot Reports Record First Quarter Results, and The9 Subsidiary NBTC Signs Agreement for Computing Center

Stocks discussed: (NasdaqGS:COIN) (NasdaqCM:RIOT) (NasdaqCM:NCTY)

Coinbase (NasdaqGS:COIN) published a shareholder letter reporting its first quarter 2022 results. Notably, the crypto exchange giant posted a net loss of $430 million USD, as well as a drop in revenue from about $2.49 billion in Q4 2021 to $1.17 billion in Q1 2022. According to a report from Cointelegraph, Coinbase's CEO Brian Armstrong remains optimistic, saying in an earnings call:

"There are so many customers beating a path to our door that we have to have all hands on deck just to keep everything running, so the down periods are often sometimes kind of a welcome change from that in the sense that we get to focus on building the next layer of innovation that will benefit us in the next cycle."

Armstrong went on to say:

"The broader markets are down. We're seeing a downmarket for growth tech stocks and risk assets, Coinbase and crypto is no exception to that. The good news is as a crypto company we've lived through many different cycles in crypto, including major draw downs, which I think make us well suited to operate through these environments."

Riot Blockchain, Inc. (NasdaqCM:RIOT) has reported its financial results for the quarter ended March 31, 2022. Highlights include a 244 percent increase in revenue to $79.8 million, and the production of 1,405 Bitcoin (BTC), up 186 percent over the previous quarter. Jason Les, CEO of Riot, said:

"We are extremely proud of the progress that Riot continues to make, having achieved record levels of net income, revenue, hash rate and Bitcoin mined in the first quarter. Our vertically integrated business strategy of owning, operating and manufacturing has accelerated our growth while helping insulate us from continuing global supply chain issues. Over the remainder of 2022 and beyond, Riot plans to build upon the solid foundation set to date. We look forward to demonstrating continued operational excellence, execution in increasing our hash rate, and leading our industry in increasing the Company's developed capacity."

NBTC Limited, the wholly-owned subsidiary of The9 Limited (NasdaqCM:NCTY), has signed a Purchase Agreement with Kyrgyzstan-based crypto mining firm SolarCoin LLC for a blockchain computing center in Kyrgyzstan, wherein the former "will obtain 31.5MW electricity capacity for the deployment of its 7,500 Antminer S19J Bitcoin mining machines contributing approximately 675PH/s hash power."

Sam Mowers, Investorideas

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