Bitcoin could be one of the most exciting opportunities of 2021. Since trading at $17,879 on Dec. 11, the cryptocurrency exploded to a current price of $35,024. All thanks to increased institutional and retail interest.
In fact, according to Skyridge Capital, we could see a “tidal wave of institutional capital,” as noted by Bitcoinist. In fact, the firm says the cryptocurrency could see maturation as an asset class, and attract hedge funds, public company treasurers, insurance companies, pension funds, RIAs, banks, brokerage houses, and even a potential Bitcoin ETF.
Better, Citibank for example says we could see $318,000 BTC in 2021. Guggenheim is calling for a valuation of $400,000. Now, even Goldman Sachs, JP Morgan, and Citi are all reportedly looking into crypto custody, as noted by CoinDesk. “Like JPMorgan, we have issued an RFI looking at digital custody. We are broadly exploring digital custody and deciding what the next step is,” said a Goldman source, as also quoted by CoinDesk.
With Bitcoin excitement likely to stay, some of the top companies to pay attention to include
CleanSpark, Inc. (NASDAQ:CLSK), Riot Blockchain Inc. (NASDAQ:RIOT), MicroStrategy Inc. (NASDAQ:MSTR), PayPal Holdings Inc. (NASDAQ:PYPL), and Square Inc. (NYSE:SQ).
CleanSpark, Inc. (NASDAQ:CLSK) BREAKING NEWS: CleanSpark, Inc., an advanced software and controls technology solutions company focused on solving modern energy challenges, today provided an update on the number of Bitcoins mined by its wholly-owned subsidiary, ATL Data Centers LLC. In the first 40 days since the acquisition of the mining operation, the Company has generated just over 56 Bitcoins as of end of business, January 19, 2021.
The Company had previously stated its plan to strategically manage the percentage of the coins it holds or sells according to market conditions and current Bitcoin prices. To date, CleanSpark continues to hold approximately 31 of the 56 Bitcoins it has mined. As the Company observes a 9/30 fiscal year end, the mining revenue thus far in FY 2021 has exceeded $1.6 Million based on the daily price of Bitcoin on the date they were mined.
The company expects its daily production numbers to continue to increase over the coming weeks as we further expand mining production capacity. CleanSpark intends to update its investors with additional information as both the energy and data operation’s upgrades progress.
Zach Bradford, CleanSpark’s President and Chief Executive Officer stated, “We committed to our investors that we would deliver regular updates on the status of our Bitcoin mining activities as we proceed with our growth strategy. After 40 days, we are pleased with the results generated to date and look forward to providing additional updates on the progress towards our stated objectives both in the energy space and in Bitcoin mining. Our team is dedicated to working diligently to maximize shareholder value and we will continue to update all interested parties as we achieve future milestones.”
CleanSpark’s Executive Chairman Matthew Schultz recently provided insights to investors about mining and other relevant topics at the RenMark Virtual Conference. A recording of the presentation can be viewed HERE.
Other related developments from around the markets include:
Riot Blockchain Inc. (NASDAQ:RIOT) announced that Mason Jappa, CEO of Blockware Solutions LLC is joining Riot’s Advisory Board. Mason joins Pierre Rochard, Yan Pritzker, and Cory Klippsten, the founding members of the Riot Advisory Board in 2019. Mr. Jappa brings to Riot’s Advisory Board a vast amount of experience in cryptocurrency mining. He is the co-founder of Blockware, which was created in 2017 and delivers Blockchain and bitcoin mining related services to its clients which includes some of the world’s most innovative mining farms and blockchain companies. Blockware has placed over 45MW for hosted clients, sold over 200,000 ASIC’s, operates validator nodes for Skale, Dfinity, Ethereum, and has created one of the largest U.S.-based bitcoin mining pools - Blockwarepool. Additionally, he is a managing partner of Blockware Mining, LLC, a colocation facility and a self-mining operation with over 300 Ph/s based in Kentucky, offering turnkey buy and host solutions to prospective clients.
MicroStrategy Inc. (NASDAQ:MSTR), the largest independent publicly-traded business intelligence company, announced that it had purchased an additional approximately 29,646 bitcoins for approximately $650.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $21,925 per bitcoin, inclusive of fees and expenses. As of December 21, 2020, the Company holds an aggregate of approximately 70,470 bitcoins, which were acquired at an aggregate purchase price of approximately $1.125 billion and an average purchase price of approximately $15,964 per bitcoin, inclusive of fees and expenses.
PayPal Holdings Inc. (NASDAQ:PYPL) announced that the company is now accepting applications for small business loans through the U.S. Small Business Administration (SBA) Paycheck Protection Program. Businesses can apply for Paycheck Protection Program loans. "2020 was a difficult year for small businesses, as they struggled to survive the deep impact of the COVID-19 Pandemic. As we work to recover as a nation, it is urgent to provide help to small businesses and the communities they support," said Dan Schulman, President and CEO of PayPal. "We will work together with the public sector to do whatever we can to support small businesses, including by providing access to the PPP loan program for PayPal customers and other small businesses."
Square Inc. (NYSE:SQ) launched Shift Scheduling, a new first-party scheduling feature that works seamlessly with Square’s Team Management and Payroll offerings to create a robust, consolidated labor management solution for employers. Now, business owners have an all-in-one solution for scheduling, managing, and paying their staff with Square. One of the most critical components of successfully managing a business is having visibility into daily team operations and labor costs. These insights give business owners a better understanding of the performance of their business and team members, enabling them to make more informed and cost-effective staffing decisions. Despite economic uncertainty, we saw the number of hours worked by Square sellers’ employees in November return to near-January levels, increasing the urgency to give employers a deeper level of visibility into the day-to-day operations of their teams.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for CleanSpark, Inc. by a third party. We own ZERO shares of CleanSpark, Inc. Please click here for full disclaimer.
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