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Bitcoin Stocks Offer More Beta for the Buck (HIVE, GYST, RIOT, MARA, BTBT, BITF, GBTC)

Bitcoin Stocks Are Back In Focus and taking centerstage on Wall Street.

The Bitcoin bull market is a long-term phenomenon fueled by increasing mainstream adoption and acceptance. The more useful it is, the more demand there will be for it. This is especially true as factors like corruption, inflation, printing, and political dysfunction undermine confidence in core fiat currencies like the euro, dollar, and yen.

With adoption by key players like Paypal Holdings Inc (NASDAQ:PYPL), Square Inc. (NYSE:SQ), and Mastercard Inc. (NYSE:MA), among others, it’s getting easier and easier to live day to day with Bitcoin as your only currency. And with Tom Brady telling you on primetime TV commercials to embrace the crypto revolution, the path to full mainstream recognition and adoption is relatively straightforward.

Given all of that, the recent dip in prices looks more and more like a possible gift fueled by margin calls in high beta momentum stocks, putting pressure on account equity levels, forcing cash raising from Bitcoin holdings.

But another question arises: is BTC the best way to capitalize?

We would point out that Bitcoin related stocks have tanked faster and further than BTC in the raw over recent weeks. And it may well be Bitcoin related stocks that spike harder and higher on the rebound when it appears.

With that in mind, we take a look at some of the most interesting stories in the space below.

Riot Blockchain Inc (NASDAQ:RIOT) focuses on mining Bitcoin, and through Whinstone, its subsidiary, hosting Bitcoin mining equipment for institutional clients. 

The Company is expanding and upgrading its mining operations through industrial-scale infrastructure development and latest-generation miner procurement. Riot is headquartered in Castle Rock, Colorado, and the Whinstone Facility operates out of Rockdale, Texas. The Company also has mining equipment operating in upstate New York under a co-location hosting agreement with Coinmint, LLC.

Riot Blockchain Inc. (Nasdaq:RIOT) recently announced monthly BTC production and operations updates for November 2021, including a further increase in estimated self-mining hash rate capacity for 2022, updates to the status of miner shipments and deployment, and updates on the 400 megawatts (“MW”) infrastructure expansion at the Company’s Whinstone US, Inc., facility in Rockdale, Texas.

In the update, the company noted that it produced 466 BTC in November, an increase of approximately 298% over its November 2020 production of 117 BTC. Year to date through November 2021, the Company produced 3,387 BTC, an increase of approximately 262% over its BTC production during the same 2020 period of 935 BTC. As of November 30, 2021, Riot held approximately 4,464 BTC, all produced by the Company’s self-mining operations.

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action RIOT shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -19% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. 

Riot Blockchain Inc. (Nasdaq:RIOT) managed to rope in revenues totaling $64.8M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 2532.3%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels exceeding current liabilities ($173.8M against $25.6M).

Graystone Company Inc (OTCMKTS:GYST) has two distinct lines of business: (1) Bitcoin Mining; and (2) sale and hosting of Bitcoin mining equipment. The Company launched its Bitcoin Mining operation in May 2021 and began selling mining equipment in October 2021.

GYST is significantly more speculative and earlier stage than other names on our list today. But it already has substantial traction and trades on a tiny market cap of under $7 million in total, suggesting that big things could be ahead for people positioned from the ground floor.

Graystone Company Inc (OTCMKTS:GYST) most recently provided preliminary unaudited financial results for the month ending November 30, 2021. Preliminary results for revenues came in at $105,000, consisting of (1) cryptocurrency mining, (2) sales of mining equipment and (3) realized gain on sales of digital currencies. This exceeds the company’s revenues for the month of October 2021 by 181%, which is huge sequential growth.

Preliminary results for total unaudited revenues, less general expenses, are expected to show gross operating profit of approximately $24,000 for November 2021. The company goes on to note that its increases in revenues and gross profits were primarily due to (1) the deployment of high performing mining equipment and (2) the launch of a new division focused on selling and hosting mining equipment. 

Considering that GYST transitioned to mining just a few months ago in May 2021 and commenced mining just two months ago on September 15, 2021, its November performance appears to be a relatively striking success. 

Graystone Company Inc (OTCMKTS:GYST) is also notable for its commitment to environmental sustainability. This was exemplified when the company announced last month that it had donated to plant 1,000 trees through its partnership with the National Forest Foundation. As noted there, a simple act of planting trees will sequester carbon to help mitigate climate change, storing millions of metric tons of carbon each year. GYST has already contributed to plant 2,100 trees, removing over 4.5 tons of air pollutants annually – one tree for each terrahash of mining.

Marathon Digital Holdings Inc (NASDAQ:MARA) bills itself as a digital asset technology player that engages in mining cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.

The company has established itself as one of the most recognizable names in the crypto mining space at this point.

Marathon Digital Holdings Inc. (Nasdaq:MARA) recently announced unaudited bitcoin production and miner installation updates for November 2021, including news that cash on hand was approximately $623.7 million and total liquidity, defined as cash and bitcoin holdings, was approximately $1.1 billion, received approximately 15,520 top-tier ASIC miners from Bitmain during the month of November and 56,826 miners year to date with an additional 8,477 miners currently in transit, and miner installations at the Company’s facility in Hardin, MT, were fully completed, as well as scheduled upgrades and maintenance to the power generating facility in Hardin.

“In November, we completed the buildout of our mining facility in Hardin, MT, we began deploying miners with Compute North, and we made substantial progress improving our ability to effectively scale our operations in the coming months,” said Fred Thiel, Marathon’s CEO. “After expanding our agreement with Compute North, we have secured reliable hosting with renewable power, at industry low rates for the remainder of our previously purchased miners. By continuing to charter planes, we have reduced the average time to ship miners from 21 days with commercial cargo to only five. We now have enough miners on the ground in the United States to utilize Compute North’s new capacity as it becomes available in the coming months. And after closing an oversubscribed convertible note offering, we increased our total liquidity to $1.1 billion, which provides us with optionality to improve our efficiency and further scale our operations.

Even in light of this news, MARA has had a rough past week of trading action, with shares sinking something like -15% in that time. That said, chart support is nearby, and we may be in the process of constructing a nice setup for some movement back the other way. 

Marathon Digital Holdings Inc. (Nasdaq:MARA) managed to rope in revenues totaling $51.7M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 6091.1%, as compared to year-ago data in comparable terms. In addition, the company has a strong balance sheet, with cash levels exceeding current liabilities ($315.6M against $3.9M).

Other prominent stocks in the Bitcoin space include Hive Blockchain Technologies Ltd. (Nasdaq:HIVE), Bit Digital Inc. (Nasdaq:BTBT), Bitfarms Ltd. (Nasdaq:BITF), and Grayscale Bitcoin Trust (OTC US:GBTC).

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