("Coincheck"), to complete the previously announced merger which will result in CCG becoming a publicly listed company on Nasdaq (the "CCG De-SPAC Transaction") pursuant to the Business Combination Agreement, dated March 22, 2022, among THCP and CCG and certain of its affiliates (as amended from time to time, the "Business Combination Agreement").
(headquarters: Tokyo, Japan Representative Executive Officer and CEO: Oki Matsumoto), which will be a holding company of Coincheck, Inc. ("CCG" or "Coincheck Group"), a consolidated subsidiary of Monex Group, Inc. ("THCP" or "Thunder Bridge"), a special purpose acquisition company ("SPAC") publicly listed on the Nasdaq Global Market ("Nasdaq"), is working closely with Coincheck Group B.V. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.GREAT FALLS, Va., May 31, 2023-( BUSINESS WIRE)-Thunder Bridge Capital Partners Ⅳ, Inc. On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. With these positives coupled with steady growth in mining capacity, BITF stock is a potential multibagger. Bitfarms is therefore positioned for significant EBITDA margin expansion and cash flow upside in the coming quarters. For Q1 2023, the company reported $12,500 as the direct cost of producing one Bitcoin. I also like the fact the Bitfarms is a low-cost Bitcoin miner. With the rally in Bitcoin, the company is poised for aggressive expansion of mining capacity. The company has reduced debt by $140 million in the last 10 months.
As of March, the company reported a liquidity buffer of $41 million and debt of $17 million.
If Bitcoin trades near previous highs in 2024, I believe that Bitfarms (NASDAQ: BITF) stock can deliver 10x returns from current levels.īeing a penny stock does not imply that Bitfarms has weak fundamentals. I am tempted to talk about a penny stock among the crypto stocks to buy. With premium services for institutional clients, I expect growth in this segment to sustain.
#Coincheck stock market drivers
The main growth drivers being interest income and blockchain rewards. The benefits will be seen when a full-fledged bull market is underway.Īnother positive to note is that the company’s subscription and services revenue has been increasing on a quarter-on-quarter basis. With robust financial flexibility, the company plans to make inroads in important markets across six continents. It’s worth noting that Coinbase is pursuing aggressive global expansion. However, if the Bitcoin rally sustains, altcoins will join the party and that will boost the outlook for Coinbase. Trading activity has therefore been subdued and Coinbase remains impacted. I must admit that the cryptocurrency market euphoria is nowhere close to 2021. I believe that if the trend for Bitcoin remains bullish, a massive short-squeeze rally is impending. However, the short interest in COIN stock remains high at 19% of free-float. If Bitcoin remains in an uptrend, this will translate into robust EBITDA and cash flow growth.Ĭoinbase (NASDAQ: COIN) stock has surged by 108% for the year on the back of Bitcoin trending higher. Therefore, there is visibility for more than 3x expansion in mining capacity in the next 12 to 24 months. The company has the option to buy 66,560 additional miners that would boost the capacity to 35.4EH/s.
#Coincheck stock market full
Upon full deployment in 2024, mining capacity will increase to 20.1EH/s. Recently, the company announced an agreement to purchase 33,280 miners. To put things into perspective, Riot reported capacity of 10.5EH/s as of March with plans to boost capacity to 12.5EH/s by the second half of 2023. Additionally, with a zero-debt balance sheet, the company is positioned to aggressive expansion in mining capacity. With Bitcoin trending higher, the value of digital assets will swell. As of Q1 2023, the company reported cash and digital assets of $390 million. The Bitcoin miner looks attractively valued even after a rally of 245% for year-to-date 2023.Ī big reason to be bullish on Riot is high financial flexibility. Riot Platforms (NASDAQ: RIOT) is among the crypto stocks to buy for multibagger returns potential.
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