#CryptoCorner #Podcast 874: #Stocks discussed: (TSX: $GLXY.TO) (NasdaqGM: $BITF) (NasdaqCM: $EQOS)
Galaxy Digital Terminates BitGo Acquisition, Bitfarms Posts Q2 Results, and Eqonex to Streamline Operations
Vancouver, Kelowna, Delta, BC August 15, 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) (NasdaqGM:BITF) (NasdaqCM:EQOS)
Galaxy Digital Holdings Ltd. (TSX:GLXY) has announced the termination of its previously announced acquisition agreement with digital asset firm BitGo following the latter's “failure to deliver, by July 31, 2022, audited financial statements for 2021.” Mike Novogratz, CEO and Founder of Galaxy, commented:
“Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner. We are committed to continuing our process to list in the U.S. and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions.”
Bitfarms Ltd. (NasdaqGM:BITF) has reported its financial results for the second quarter ended June 30, 2022. Highlights include the mining of 1,257 Bitcoin (BTC), an increase in revenue to $42 million, and a gross mining profit of $27 million. Jeff Lucas, the company’s CFO, explained:
“By deleveraging our balance sheet and increasing financial flexibility, we are better positioned to execute our growth initiatives to drive market share gains and increased production. As careful stewards of capital, to better align with our capacity expansion, we amended our miner delivery schedule to match our deployment plan. Thus, we optimized resources, deferring $39 million in capex spending from the fourth quarter of 2022 into 2023.”
Eqonex Limited (NasdaqCM:EQOS) has announced that it is taking actions to streamline its operations and focus resources on the businesses that offer the most potential for revenue growth and long-term financial sustainability, namely Asset Management and Custody. Notably, this will include the company exiting from the crypto exchange space. The company’s CEO, Jonathan Farnell, said:
"The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators. We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term. We don't see value in continuing to bear the costs of operating an exchange during what may be a prolonged market downturn. We have conviction that proactively exiting the crowded exchange space is the right decision to deliver shareholder value."
Sam Mowers, Investorideas
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