Crypto Corner Podcast 833: Stocks discussed: (NasdaqGS: HUT) (NYSE: BKKT) (NasdaqCM: MIGI)
Hut 8 and Bakkt Post Q1 Financials and Mawson Announces Update for April
Vancouver, Kelowna, Delta, BC - May 12, 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.
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Crypto Corner Podcast 833: Stocks discussed: (NasdaqGS: HUT) (NYSE: BKKT) (NasdaqCM: MIGI)
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Hut 8 and Bakkt Post Q1 Financials and Mawson Announces Update for April
Stocks discussed: (NasdaqGS:HUT) (NYSE:BKKT) (NasdaqCM:MIGI)
Hut 8 Mining Corp. (NasdaqGS:HUT) has posted its financial results for the quarter ended March 31, 2022. Highlights include a quarterly revenue of $53.3 million CAD, a net income of $55.7 million, and a 17 percent increase in the company's Bitcoin (BTC) holdings to 6,460. CEO Jaime Leverton said:
"We made measurable progress in the first quarter of 2022, significantly advancing our diversification strategy by completing the acquisition of five data centres and cementing our role as the only digital asset mining company that is delivering the high performance computing infrastructure to support companies in the blockchain and Web 3.0 spaces. Thanks to our leadership role in the digital asset mining industry backed by our HODL strategy, we are uniquely positioned to seize opportunities in this burgeoning industry as they arise."
Bakkt Holdings, Inc. (NYSE:BKKT) has announced its financial and operational results for the first quarter ended March 31, 2022. Highlights include a net revenue of $12.5 million USD - up 54 percent year-over-year, and digital asset conversion volume up 91 percent year-over-year - indicating strong customer activity. Gavin Michael, CEO of Bakkt, said:
"Momentum is building across our business and we're proud of our strong year-over-year net revenue growth for the quarter. We are making considerable progress with our growing list of platform partners, and they serve as an entryway to a vast universe of brands across market segments. As integration work continues, we're looking forward to being live soon and ramping up our partner activations through the course of this year. We're launching scalable products, like pay with points, which was recently activated with Wyndham Rewards, and making continued platform enhancements as we aggressively execute on the rest of our targeted roadmap."
Mawson Infrastructure Group, Inc. (NasdaqCM:MIGI) has announced its unaudited Bitcoin production and operational update for April 2022. Highlights include the production of 171 Bitcoin - up 384 percent year-over-year, and an average hashrate of approximately 1.3 Exahash for the month - up 583 percent year-over-year. The company's CEO James Manning said:
"April was operationally solid for the business, with a particularly pleasing result in our hosting co-location business ramp up, where we expanded from 16 megawatts online in March, to 28 megawatts online in April. We expect this to rise to 52 megawatts online by the end of May, as we progressively roll out and expand our second major Bitcoin mining facility in the town of Midland, Pennsylvania. The Mawson team continued to expand over the month with more high-quality individuals joining the Mawson family. We anticipate a meaningful step up in our Bitcoin Self-Mining operations in May, to 1.8 Exahash, and expect further solid growth on this front in May and June."
Sam Mowers, Investorideas
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