In yet another milestone, Bitcoin (USD) zoomed past US$ 23,000-mark for the first time in its history on Thursday, December 17. Calendar 2020 has been a gala year for this digital currency, which is up over 220 per cent year-to-date. Soon after the new bitcoin high, cryptocurrency exchange Coinbase announced that it is moving for an initial public offering (IPO).
Several crypto-related stocks started trending in Canadian markets following these developments. Some of these were HIVE Blockchain Technologies Ltd., DMG Blockchain Solutions Inc., Bitfarms Ltd. etc. Here’s a quick glance at these trending stocks:
HIVE Blockchain Technologies Ltd (TSXV: HIVE)
Stocks of HIVE Blockchain have skyrocketed by 2480+ this year amid a dizzy cryptocurrency rally. The tech firm provides blockchain infrastructure solutions and mines currencies. The stock has gained above 690 per cent in the last six months and 317 per cent in the last one month.
Its revenue from digital currency mining was US$ 13.0 million in the second financial quarter (ended September 30, 2020), up 8 per cent year-over-year (YoY). Gross mining margin shot up to US$ 9.2 million, up from a loss of US$ 560,000 last year. Net income per share grew to US$ 0.03, from a loss of $0.04 during the period ended September 30.
The stock is currently trading at C$ 2.59 apiece.
@Kalkine Image 2020
DMG Blockchain Solutions Inc. (TSXV: DMGI)
Mining pool company DMG develops solutions to monetize cryptocurrency and blockchain ecosystem. The stocks are up 758 per cent this year and over 370 per cent in the last one month. Riding the recent crypto rally, the stocks climbed nearly 118 per cent in the last 48 hours.
In its third quarter financials, DMG reported revenue of $ 1,363,233 and general expenses of $2,258,593. The stock is currently trading at C$ 0.63 apiece.
Bitfarms Ltd. (TSXV: BITF)
Bitfarms stock has advanced by over 175 per cent this year and by over 294 per cent in the last three months. In the last five trading sessions, the scrips yielded nearly 106 per cent returns, rising on the back of ongoing crypto rally.
The company’s current market capitalization is nearly US$ 117 million and the current price to book ratio is 2.654.
In its the third quarter financial results (ended September 30, 2020), revenue was US$ 6.8 million. Gross loss and net loss stood at US$ 1.0 million and US$ 4.8 million.
A total of 535 bitcoins were mined in the latest quarter, with an average break-even 2 Bitcoin price of approximately US$ 7,500.