Financial Institutions Ramp Up Activity in the Auspicious Cryptocurrency Sector

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Jun 30, 2021, 09:00 ET

NEW YORK, June 30, 2021 /PRNewswire/ -- The cryptocurrency market constantly evolves as new technologies utilizing blockchain are introduced. As a result, major corporations and financial institutions are now more open minded about the potential of such currencies. For example, Morgan Stanley has purchased recently 28,289 shares of Grayscale Bitcoin Trust through its Europe Opportunity Fund, according to a U.S. Securities and Exchange Commission filing. Furthermore, a report by Coindesk indicates that Morgan Stanley has been increasingly active in the cryptocurrency space in recent months to meet growing demand from its clients. Overall, the banking and financial services application area is expected to hold the largest market size in the blockchain market. And, according to data provided by Markets and Markets, the global blockchain market size is expected to grow from USD 3.0 Billion in 2020 to USD 39.7 Billion by 2025, at an impressive CAGR of 67.3% during the forecast period of 2020–2025. ISW Holdings Inc. (OTC: ISWH), BIT Mining Limited (NYSE: BTCM), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Majic Wheels Corp. (OTC: MJWL), HIVE Blockchain Technologies Ltd. (OTC: HVBTF)

Among the plethora of possibilities blockchain and cryptocurrency technology can offer, companies like Coinbase strive to prove the feasibility of investing in this market for the long run. Coindesk reported that Coinbase is rolling out a crypto savings account that lets you earn 4% annual percentage yield (APY). This is a significantly higher yield than what traditional savings accounts offer.

ISW Holdings Inc. (OTC: ISWH) along with Bit5ive, LLC provided earlier last week, "an in-depth update on the Company's progress as it continues to expand and optimize its cryptocurrency mining operations.

'ISW Holdings operates as a diversified holdings company with a current market cap of approximately $25 million, driven largely by the Company's growing expertise in acquiring, launching, hosting and operating assets in the cryptocurrency and telehealth sectors,' noted ISW Holdings President and Chairman Alonzo Pierce. 'Our partnership with Bit5ive has provided us with a state-of-the-art POD5 infrastructure and the ability to develop efficient and expandable mining operations. We look forward to further expansion and optimization in this domain over the coming months.'

The Company currently operates its mining equipment adjacent to powerful and efficient energy resources in Kennerdell, Pennsylvania.

Pierce added, 'We continue to make huge progress, recently increasing our hashrate to 72,000 Th/s, driving an expected $484,000 in monthly revenue – or over $5.8 million annually – through the Bitmain Antminer s17 fleet we already have online and working. As we continue to maximize our hashrate, we should see a reduction in proportional direct costs associated with mining operations. Naturally, we continue to lean on Robert and Bit5ive for expertise and support in translating our investment in this process into growing value.'

Bit5ive is North America's largest provider of collective management services and mining equipment, along with ISWH, offering a turnkey solution for delivering cost-efficient and reliable hosting, distribution of mining equipment, complete facility management and mining pool operations in projects to be announced…"

BIT Mining Limited (NYSE: BTCM) reported last month that it has entered into a binding investment term sheet (the "Term Sheet") with Dory Creek, LLC ("Dory Creek"), a wholly-owned subsidiary of Bitdeer, Inc. to invest in a cryptocurrency mining data center in Texas (the "Texas Mining Center"). Pursuant to the Term Sheet, the Company will invest a total amount of US$25.74 million and jointly construct and operate the Texas Mining Center with Dory Creek. The total power capacity of the Texas Mining Center is 57.2MW, with more than 85% of its power generated by clean and low-carbon energy. As the electricity supply is further optimized in Texas, the Texas Mining Center will use higher proportions of electricity generated by clean energy.

Marathon Digital Holdings, Inc. (NASDAQ: MARA) announced earlier this month that it is set to join the Russell 2000® Index at the conclusion of the 2021 Russell indices' annual reconstitution, effective after the U.S. stock markets open on June 28, 2021. The stock will also be automatically added to the appropriate growth and value indexes. Membership in the Russell 2000 Index, which remains in place for one year, is based on membership in the broad-market Russell 3000® Index. Approximately $10.6 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. "Being added to the Russell 2000® Index demonstrates the immense progress we have made transforming Marathon over the past year," said Fred Thiel, Marathon's CEO. "We expect our inclusion in the index to increase our visibility within the greater investment community, which will benefit both new and existing shareholders as we continue to build Marathon into one of the largest and most environmentally conscious Bitcoin miners in North America."

Majic Wheels Corp. (OTC: MJWL) reported back in May that it has executed a binding letter of intent to acquire a USD 150M revenue producing cryptocurrency exchange and custody services platform: CGCX Ltd. "This is a unique assortment of value propositions that we are able to bring into the company. With the pending acquisition of CGCX, our company will bring a Digital Asset Platform that brings value from the diversified business model and security to the clients through insurance and infrastructure offering services such as Crypto Exchange, Digital Custody Services and Token Listing Platform under one-fold. CGCX has been operating successfully since 2018 and we could not be more excited with this pending merger," said David Chong, CEO and Director of Majic Wheels Corp.

HIVE Blockchain Technologies Ltd. (OTCQX: HVBTF) reported yesterday that trading of the Company's common shares on the Nasdaq's Capital Markets Exchange ("Nasdaq") will begin on Thursday July 1, 2021, under the trading symbol " HVBT". HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. We are listed on the TSX.V exchange and our shares will soon trade on the Nasdaq's Capital Markets Exchange.

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