Investor Ideas, Trading Ideas and Stocks to Watch : #CryptoCorner #Podcast: #Cryptocurrency #Stocks in the News: (NasdaqGM: $BITF) (TSX: $WNDR.TO) (TSXV: $NDA.V)

Tuesday, August 01, 2023

#CryptoCorner #Podcast: #Cryptocurrency #Stocks in the News: (NasdaqGM: $BITF) (TSX: $WNDR.TO) (TSXV: $NDA.V)

#CryptoCorner #Podcast: #Cryptocurrency #Stocks in the News: (NasdaqGM: $BITF) (TSX: $WNDR.TO) (TSXV: $NDA.V)

Bitfarms Posts July Results, WonderFi Announces Corporate Update, and Neptune Digital Shares Financial Update

Vancouver, Kelowna, Delta, BC August 1, 2023 - 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: (NasdaqGM:BITF) (TSX:WNDR) (TSXV:NDA)

Bitfarms Ltd. (NasdaqGM:BITF) has posted its Bitcoin (BTC) production and mining operations update for July 2023. Highlights for the month include the mining of 378 BTC, the sale of 333 BTC, and an operating hashrate of 5.3 exahash/second at the month’s end. Geoff Morphy, the company’s CEO, explained:

“We follow a disciplined and accretive growth strategy of securing low-cost power and investing capital wisely in highly efficient operations with compelling projected returns. To this end, in July we initiated an expansion plan to nearly double our hydropower capacity to 350 MW by acquiring 150 MW of under-utilized hydropower in Paraguay. As an industry veteran of over five years with operations in four countries, Bitfarms has a proven track record of expeditiously establishing operations in new jurisdictions. Through expansion in Paraguay, the Company seeks to leverage its industry knowledge and economies of scale to drive greater production efficiency. We plan to commence construction on the first 50 MW facility here in Q3 2023.”

WonderFi Technologies Inc. (TSX:WNDR) has announced a corporate update following the completion of its acquisition of Coinsquare Ltd. and CoinSmart Financial Inc. on July 7, 2023. Highlights include cash and cash equivalents totalling more than $35 million across WonderFi and its wholly owned subsidiaries as of July 7, and over 15,000 registrations in the last 30 days across the WonderFi platforms. Dean Skurka, President and CEO of WonderFi, said:

"Following our acquisition of Coinsquare and CoinSmart, we are pleased with the initial progress toward realizing synergies and identifying a clear strategic roadmap to achieve profitability in the near term. As one of the largest regulated digital asset ecosystems in Canada, we are continuing to find ways to improve our product offerings, including our trading platforms and crypto-payment solutions.”

Neptune Digital Assets Corp. (TSXV:NDA) has released its May 31, 2023 quarterly condensed consolidated interim financial statements and management discussion and analysis for the nine months ended May 31, 2023. Highlights include $38.5 million in assets and zero debt as of May 31, as well as total revenues and other income of $2.9 million through BTC mining, staking, DeFi and other income-generating activities during the nine-month period. CEO Cale Moodie commented:

"Neptune believes we are now emerging from a bear market and as such has started to position monetary assets to gain additional exposure in the projected recovery over the coming years. That said, we have taken measures to protect against substantial pullbacks or black swan type events while our crypto and monetary holdings continue to generate revenues through various avenues, including delegation, staking, nodes, high-interest term deposits, and option trade premiums. Costs remain low and capital needs are covered for many years to come. This quarter was fairly flat due to downside swing of the Canadian dollar and a muted rally over last quarter, that said we continue to grow our balance sheet and acquire what we deem to be potentially high value assets in the medium term.”

Sam Mowers, Investorideas

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