Investor Ideas, Trading Ideas and Stocks to Watch : #CryptoCorner #Podcast 834: #Stocks discussed: (TSX: $GLXY.TO) (NasdaqGS: $CORZ) (NasdaqCM: $CLSK)

Friday, May 13, 2022

#CryptoCorner #Podcast 834: #Stocks discussed: (TSX: $GLXY.TO) (NasdaqGS: $CORZ) (NasdaqCM: $CLSK)

#CryptoCorner #Podcast 834: #Stocks discussed: (TSX: $GLXY.TO) (NasdaqGS: $CORZ) (NasdaqCM: $CLSK)

Galaxy Digital Holdings Ltd. Provides Capital and Liquidity Update, Core Scientific and CleanSpark Report Quarterly Results

Vancouver, Kelowna, Delta, BC May 13, 2022 - 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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Stocks discussed: (TSX:GLXY) (NasdaqGS:CORZ) (NasdaqCM:CLSK)

Galaxy Digital Holdings Ltd. (TSX:GLXY) has provided an update on its capital and liquidity position, and its operating resilience “in light of recent market conditions.” The company has a liquidity position of approximately $1.6 billion, with $800 million in cash and over $800 million in net digital assets. A net loss of roughly $300 million in comprehensive income is expected quarter-to-date. This, however, is contrasted with the fact that the total crypto market cap has decreased about 40 percent since March 31, 2022. The company, according to the press release, plans to continue to invest in its long-term growth strategy “while considering the current macroeconomic backdrop.”

Core Scientific, Inc. (NasdaqGS:CORZ) has reported its financial results for the first quarter ended March 31, 2022. Highlights include a total revenue increase of 255 percent over Q1 2021 to $192.5 million, the production of 3,202 Bitcoin (BTC), and a total hashrate of 16.2 EH/s. The company’s CEO, Mike Levitt, said:

"By continuing to focus on execution, we delivered first quarter revenue of $193 million, an increase of more than 250 percent over the prior year period. In the quarter we expanded our total hashrate to 16.2 exahash, self-mined 3,202 bitcoins and maintained our leadership position in the North American blockchain data center and digital asset mining category. Driven primarily by two non-cash, mark-to-market adjustments and stock-based compensation expense totaling $466 million, first quarter net loss was $466 million, while adjusted EBITDA of $93.0 million grew by more than 600 percent."

CleanSpark, Inc. (NasdaqCM:CLSK) has posted its financial results for the three and six months ended March 31, 2022. Highlights include revenues of $41.6 million – an increase of $33.5 million from Q2 2021, and total assets worth $424.8 million. CleanSpark’s CEO Zach Bradford said:

"The theme for this quarter has been operational and financial execution. While the whole industry faced macro headwinds, primarily driven by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy. We have line-of-sight on 600MW of power, driven in large part by the recent agreement we signed with Lancium at the end of the quarter. We continue to make strides in our commitment to ESG principles, most notably by working on attracting and retaining a diverse and highly qualified workforce. As for our capital strategy, our growth capex was funded 100% from the conversion of bitcoin. We have not utilized the shelf offering since November and we continue to right size our capital structure through means of non-dilutive capital."

Sam Mowers, Investorideas

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