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Green Light for Crypto as Musk Reopens the Door? (ISWH, CAN, RIOT, COIN, MARA, HVBTF, MSTR, PYPL)

By: OTC

The biggest story in the cryptocurrency space has to do with Elon Musk. He started the decline last month by stating that Tesla Inc (NASDAQ: TSLA) would no longer accept Bitcoin as payment for its cars. And now, he may have ended its bear market by reversing that conclusion.

According to CNBC, the Tesla CEO said on Sunday that the firm will return to accepting bitcoin transactions once it confirms there is reasonable clean energy usage by miners. This opens the door to salvation for the climate change enthusiasts that make up such an important contingency in the Millennial and Zoomer-driven crypto marketplace.

It’s an on-again-off-again love affair. And, right now, it appears to be “on again”, so traders should adjust accordingly.

The key level to appreciate is a confirmation of clean energy usage by miners, which Musk appears to define as about 50% clean, accompanied by a positive future trend, whatever that means.

And what it means may not be as important as the notion that a door has been reopened. Clearly, this is important to the world’s #1 missionary for the crypto space. Musk appears to be generally well-disposed to the space. And this move confirms – as we see it – that he is going to keep a constructive approach alive. He wants crypto to be a sustainable practice. But he’s not going to slam the door shut on a whim.

That basic idea is helping the space as we enter the new week, including stocks like Coinbase Global Inc (NASDAQ: COIN), Riot Blockchain Inc (NASDAQ: RIOT), ISW Holdings (OTC US: ISWH), Marathon Patent Group Inc (NASDAQ: MARA), HIVE Blockchain Technologies Ltd (OTC US: HVBTF), MicroStrategy Incorporated (NASDAQ: MSTR), Canaan Inc – ADR (NASDAQ: CAN), and Paypal Holdings Inc (NASDAQ: PYPL).

We take a closer look at a few of the more interesting names on this list below.

 

MicroStrategy Incorporated (NASDAQ: MSTR) provides modern analytics on an open, comprehensive enterprise platform used by many of the world’s most admired brands in the Fortune Global 500.

Optimized for cloud and on-premises deployments, the platform features HyperIntelligence, a breakthrough technology that overlays actionable enterprise data on popular business applications to help users make smarter, faster decisions.

MicroStrategy Incorporated (NASDAQ: MSTR) recently announced the pricing of its offering of $500 million aggregate principal amount of senior secured notes due 2028, which will bear interest at an annual rate of 6.125%. The notes will be sold in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended and to persons outside of the United States in compliance with Regulation S under the Securities Act. The offering is expected to close on June 14, 2021, subject to satisfaction of customary closing conditions.

According to the release, the notes will be fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by MicroStrategy Services Corporation, a wholly-owned subsidiary of MicroStrategy, and certain subsidiaries of MicroStrategy that may be formed or acquired after the closing of the offering. The notes and the related guarantees will be secured, on a senior secured basis with MicroStrategy’s existing and future senior indebtedness, by security interests on substantially all of MicroStrategy’s and the guarantors’ assets, including any bitcoins or other digital assets acquired on or after the closing of the offering, but excluding MicroStrategy’s existing bitcoins as well as bitcoins and digital assets acquired with the proceeds from existing bitcoins. MicroStrategy’s existing approximately 92,079 bitcoins will be held by a newly formed subsidiary, MacroStrategy LLC.

And the stock has been acting well over recent days, up to something like 7% in that time.

MicroStrategy Incorporated (NASDAQ: MSTR) generated sales of $122.9M, according to information released in the company’s most recent quarterly financial report. That adds up to a sequential quarter-over-quarter growth rate of -6.4% on the top line. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($83.7M against $283.6M, respectively).

 

HIVE Blockchain Technologies Ltd (OTCMKTS: HVBTF) owns state-of-the-art green energy-powered data center facilities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud.

Its deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto coins.

HIVE Blockchain Technologies Ltd (OTCMKTS: HVBTF) recently announced that it has received confirmation from Bodens Energi Nät AB for an additional guaranteed 10 MW of green energy electricity for its GPU data centre in Sweden.

According to the company’s release, this increase is on top of the previously announced 2 MW expansion on January 28, 2021. These combined expansions increase the capacity of the facility by over 50% from 21 MW to 33 MW. Presently we are securing new state-of-the-art performing GPU cards for this expansion.

Even in light of this news, HVBTF has had a rough past week of trading action, with shares sinking something like -4% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way.

HIVE Blockchain Technologies Ltd (OTCMKTS: HVBTF) managed to rope in revenues totaling $17.9M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 170.4%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($20.8M against $15.4M).

 

ISW Holdings (OTCMKTS: ISWH) ramped up its crypto operations last summer through its official JV partnership with Bit5ive LLC – El Salvador just made BTC legal tender, and Bit5ive just became one of the most important licensed distributors of Bitmain equipment, the world’s leading producer of Bitcoin mining technology. That’s big.

In addition, ISWH and Bit5ive partnered in designing and assembling the company’s POD5IVE mining pod, a fully self-contained high-PUE mining solution designed, assembled, and installed in partnership with Bit5ive at the Bit5ive 100 MW renewable energy cryptocurrency mining facility in Pennsylvania. It has since tripled its fleet of mining pods.

Each pod is powered by 280 mining rigs and is capable of driving roughly $2.9 million in annualized revenues (at current cryptocurrency price levels). ISW Holdings continues to build out its own mining capacity, with plans to bring multiple additional pods online this year. However, data from pod mining operations is also being collected for the purpose of marketing the POD5IVE datacenter to other businesses and individuals interested in a self-contained industry-leading cryptocurrency mining solution. The company also just noted that a new shipment of miners has been delivered.

ISW Holdings (OTCMKTS: ISWH) also just put out a corporate update this morning that demonstrates a strong commitment to eliminating toxic debt, ramping up its mining operations, and uplisting the stock. In short, the notes have been paid, the mining has started, officially, and the company is auditing its 2020 financial data in order to file its Form 10 and uplist, and then uplist again.

“We continue to work hard every day to drive shareholder value through a combination of growth and transparency,” commented Alonzo Pierce, President and Chairman of ISW Holdings. “We are eliminating structural financial risk and ramping tangible growth, all while taking active steps to open up access to our shares to a widening audience. Looking ahead, we have a number of exciting steps in front of us that stand to directly expand our operational potential. It’s going to be an exciting second half of the year.”

For a more thorough understanding of this name, we would point to a recent episode of the Waypoint Podcast, which featured Robert Callazo of Bit5ive and Mr. Pierce from ISW Holdings. The podcast can be found HERE.

ISW Holdings (OTCMKTS:ISWH) has reduced outstanding shares by nearly 25% and eliminated over $3.4 million (or 94%) of outstanding convertible debt in recent months. As noted in its recent corporate update, the Company anticipates at least threefold growth in topline performance in 2021 versus 2020 as its expanding crypto mining operations fully ramp up. It has also shown topline and bottom-line growth over recent quarters from its Telehealth and Home Healthcare division.

 

Canaan Inc – ADR (NASDAQ: CAN) provides high-performance computing solutions to efficiently solve complex problems. In 2016, Canaan successfully initiated the production of its first 16nm chip and passed the test to receive China’s national high-tech enterprise certification. In 2018, Canaan achieved major technological breakthroughs to launch the K210, the world’s first-ever RISC-V-based edge artificial intelligence (AI) chip, which is now widely used for access control in situations such as smart door locks and more.

Canaan Inc. is currently focused on the research and development of advanced technology, including such areas as AI chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. Using the AI chip as its base, Canaan Inc. has established an intellectual value chain. Canaan Inc. also provides a suite of AI service solutions and is able to tailor these solutions to the needs of its partners.

Canaan Inc – ADR (NASDAQ: CAN) most recently announced its unaudited financial results for the first quarter ended March 31, 2021, including total computing power sold at 2.0 million Thash/s, increasing by 122.2% from 0.9 million Thash/s in the same period of 2020 and by 900.0% from 0.2 million Thash/s in the fourth quarter of 2020. The sequential increase was mainly due to an increase in the number of Bitcoin mining machines being delivered in the first quarter of 2021. In addition, the company posted a larger volume of sales orders of Bitcoin mining machines, which also resulted in a large number of down payments, causing the Company to contract liabilities. Finally, total net revenues were RMB402.8 million (US$61.5 million), compared to RMB68.3 million in the same period of 2020 and RMB38.2 million in the fourth quarter of 2020.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “Our financial performance improved significantly in the quarter, driven by the Bitcoin price rally, higher customer demand for quality mining machines, and our ability to ramp up mining machine production and deliveries. During the period, we improved our mining machine production yields and secured sufficient capacity for future production by forging tighter partnerships with key foundry partners and other suppliers. We also maintained our strategic focus on enhancing our R&D capabilities to augment the quality and performance of our mining machines. By leveraging our technology leadership, we have obtained a large number of pre-orders from long-term clients both at home and abroad. These preorders and the net proceeds from our registered direct offering in May have significantly enhanced our cash position, providing us with more stability as we continue to refine our supply chain management, expand our overseas presence, and accelerate the development of our other business segments, such as AI and Artificial IoT, going forward.”

Even in light of this news, CAN has had a rough past week of trading action, with shares sinking something like -21% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way.

Canaan Inc – ADR (NASDAQ: CAN) pulled in sales of $62.2M in its last reported quarterly financials, representing top line growth of 535.4%. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($205.5M against $270.8M, respectively).

 

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