It has been another mediocre week of trading for Hut 8 (HUT-TSXv). After reaching a high of $2.64 (CAD) last Monday, it slumped to $2.43 at close of trading Thursday. Trading on the Toronto Venture Exchange has been miniscule. Yesterday only 27,795 shares were traded. No day this week has seen more than 50,000 shares traded. Looking at these… Read More »
The New Currency Frontier newsletter exists solely for analyzing cryptocurrency ventures that have potential to generate outsized investments returns. This year, to the point of tedium, we have been banging the drum on bitcoin and bitcoin mining stocks. If 200% plus returns don’t excite you, then reading the newsletter has been a chore for my readers in 2019.… Read More »
Investing in public bitcoin mining stocks is like buying cigarette stocks during the 1990s. The Tobacco Master Settlement of 1998) imposed on tobacco companies a fine of $206 billion over the course of 25 years to offset health costs in the United States Guess happened next. The stocks soared over the next two decades. Altria Group (parent of company of Philip Morris and… Read More »
Cryptostar (CSTR-TSXv) released its first-quarter earnings yesterday and the stock closed at 0.09 cents (CAD), or up 50%. Today it closed down to 0.075 cents. Cryptostar traded as low as 0.015 cents earlier this year. In first quarter (ending March 31st, 2019), the company booked a loss of $2,051,193 USD. At first glance, it seems odd that the share… Read More »
The funding rate for the ETHUSD contract on Bitmex yesterday is 0.443% for one eight-hour period on May 16th, 2019. There is so much demand for Ethereum futures that traders willing to short the contract i.e. meet demand, will be compensated almost a half-percent for covering the longs for just eight hours. If you take that number and… Read More »
Hut 8 (HUT-TSXV) released it audited financial statements for 2018 and there was a ton of red ink. Net operating income for 2018 showed a loss of $49.1 million (CAD). Write-down on assets was a cool $85.4 million. Net income and comprehensive income showed a loss of $136.7 million for a loss per share of $2.43. Ouch. But then we… Read More »
