#CryptoCorner #Podcast 873: #Stocks discussed: (NasdaqGS: $COIN) (NasdaqGS: $HUT) (NYSE: $BKKT)
Coinbase Publishes Shareholder Letter, Hut 8 and Bakkt Announced Q2 Updates
Vancouver, Kelowna, Delta, BC August 12, 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: (NasdaqGS:COIN) (NasdaqGS:HUT) (NYSE:BKKT)
Coinbase (NasdaqGS:COIN) has published its second quarter 2022 shareholder letter. As compared to Q2 2020, the company’s Monthly Transacting Users have grown from 1.5 million to 9 million, its Total quarterly Trading Volume from $28 billion to $217 billion, and its Assets on Platform increased from $26 billion to $96 billion. An excerpt reads:
Down markets are not as bad as they may seem. Yes, it can feel scary and near-term financials can be heavily impacted. That’s why we have worked hard to build a strong balance sheet to weather the storms. We began investing in less volatile revenues during the last crypto down market and are pleased to see the continued growth of our Subscription and services revenues. Down markets are builder’s markets, where many casual competitors step back. At Coinbase, we are optimists and are focused on building great products and services for our users. We are incredibly proud of the speed of product deployment and the recent feedback we have been receiving from our customers. We have conviction that if we continue to focus on building the right products and services, we will emerge stronger than before.
Hut 8 Mining Corp. (NasdaqGS:HUT) has announced its financial results for the quarter ended June 30, 2022. Highlights include a revenue of $43.8 million, the mining of 946 Bitcoin (BTC), and the installation of 7,199 new MicroBT M30S, M30S+, and M31S+ miners at the company’s Drumheller, Alberta, Medicine Hat, Alberta, and North Bay, Ontario facilities. Jaime Leverton, CEO of Hut 8, said:
"We have been anticipating market volatility for nearly a year and took proactive measures to successfully navigate the current downturn through the balance of the cycle. Our continued growth in digital asset mining operations and in our Bitcoin reserves, coupled with our first full quarter generating uncorrelated fiat revenue in our high performance computing business, has positioned us well to drive future success."
Bakkt Holdings Inc. (NYSE:BKKT) has announced its financial and operational results for the second quarter ended June 30, 2022. Highlights include a net revenue of $13.6 million, the continued signing up of new banks for crypto capabilities, and a strategic alliance with Visa to provide solutions to the latter’s “extensive network.” Gavin Michael, Bakkt’s President and CEO, said:
"We are proud of our second quarter performance where we delivered robust revenue growth, with 2Q net revenues up 60% year-over-year, and maintained a strong balance sheet, with over $315 million in available cash and other highly liquid assets. Our strong platform and compliance-first approach enable us to withstand challenging markets and continue to execute against our roadmap, working closely with our partners to fully integrate our capabilities and help bring them to market."
Sam Mowers, Investorideas
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