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Last week was one of the better weeks for cryptocurrencies. Bitcoin reclaimed the US$ 50,000-mark while other digital tokens and coins traded actively.
This has put the spotlight back on Toronto Stock Exchange Venture (TSXV)-listed crypto mining and blockchain stocks.
Investors across North America will closely be watching Joe Biden’s upcoming statement on US$ 1.9-trillion stimulus package, which was passed on Saturday by the Senate and is headed to the House for final stamp. Once signed by the US President, the stimulus is expected to uplift the sentiments of financial ecosystem, which will have a direct impact on the crypto industry.
Here are two crypto penny stocks to explore on the back of above developments:
Banxa Holdings Inc. (TSXV:BNXA)
The company debuted on the TSXV on January 6. It facilitates a digital service to convert fiat money to cryptocurrency and vice-versa.
The crypto asset platform’s stock is up over 1,424 per cent since its listing. It set a record high of C$ 4.35 per share a day after its public debut on January 7, 2021.
However, it has declined nearly 43 per cent from its all-time high price to the current price of C$ 2.49 per common share.
In the second quarter reported, its total transaction value soared by 780 per cent to AUD 195 million, up from AUD 25 million for the same period in 2019.
The revenue for the last six months of 2020 was AUD 7.4 million, up 124 per cent year-over-year.
Banxa held 136 bitcoins in its inventory as of December 31, 2020.
Image Source: Kalkine Group @2021
CryptoStar Corp. (TSXV:CSTR)
The crypto miner’s stock has been a step ahead of the bitcoin rally this year. It recorded a massive 137 per cent year-to-date (YTD) return, surpassing Bitcoin that has grown almost 70 per cent in 2021.
It yielded a one-year return of 338.46 per cent.
CryptoStar recorded a 52-week high of C$ 0.84 apiece on February 23, 2021. Its current price stands at C$ 0.285 per common share, 1325 per cent up from a 52-week low of C$ 0.02 per share during COVID-led slump of March 16, 2020).
On March 5, the company concluded its non-brokered private placement of 20 million units worth C$ 2 million. The stock rocketed almost 24 per cent on Friday, March 5, and over 22.68 million common shares changed hand.
