The financial services giant is considering offering crypto trading to brokerage clients
FN Media Group presents market commentary from Microsmallcap.com
NEW YORK, 29 September 2022 /PRNewswire/ — According to a report from the Wall Street Journal, the world’s largest provider of financial services, rendering, is debating whether to allow individual brokerage clients to trade bitcoin (BTC). Fidelity announced plans to enable business clients to add bitcoin to the 401(k) accounts it manages for them earlier this year. However, the US Department of Labor and some US senators have criticized the plan. Fidelity has more than 34.4 million individual brokerage accounts. This potential action comes after BlackRock merged with Coinbase Global, Inc. (NASDAQ:COIN) to offer crypto trading to its institutional clients is a sign that Wall Street remains attracted to cryptocurrency despite the disastrous year for digital currency markets. Investors who are still attracted to crypto are also good news for WonderFi technologies (TSX:WNDR) ( OTCQB:WONDF ), Bit Digital Inc. (NASDAQ:BTBT), Bit farms (TSX:BITF) (NASDAQ:BITF) and Hive Blockchain Technologies (NASDAQ:HIVE) (TSXV:HIVE).
On September 27, WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF) subsidiary Bitbuy Technologies Inc. announced its partnership with a leading Canadian investment bank and IIROC member and Alpaca Securities LLC, which will enable Bitbuy to offer fractional trading and investment in hundreds of US stocks, listed securities and ETFs within the framework of its current Bitbuy -product.
Bitbuy will use Alpacas Broker API to enable real-time fractional trading and fast settlement to its consumers. Bitbuy will offer share trading in partnership with Alpaca, a FINRA member broker-dealer, and a leading Canadian investment bank and an IIROC member. All client accounts and trades will be routed, executed, cleared and custodial by a leading Canadian investment bank and IIROC member. The product is expected to go live in the first quarter of 2023, with an official launch date to be announced before then.
WonderFi CEO Ben Samaroo commented: “Providing seamless access to stock trading makes Bitbuy the first in Canada to offer a complete package of crypto trading as well as fractional trading of shares with real-time settlement. This is in furtherance of our goal of making users’ lives easier and bringing key asset classes within our user-friendly, regulated platforms.”
For more information on WonderFi Technologies Inc (TSX:WNDR) ( OTCQB:WONDF ), Click here.
Decline in crypto asset prices affected crypto stocks
IN August 2022, Bit Digital Inc. (NASDAQ:BTBT) served 145.3 bitcoins, an increase of 2% from last month. The company earned 0 ETH August 2022compared to 0.5 at the end of the month 31 July 2022. The cash balance of BTC and ETH was 919.2 and 3,684.0 with a fair market value of approx. 18.4 million dollars and 5.7 million dollarsrespectively per 31 August 2022. The company had 38,594 Bitcoin miners and 731 Ethereum miners as of 31 August 2022, with an estimated maximum total hash rate of 2.7 Exahash (EH/s) and 0.3 Terahash (TH/s) respectively. During the month, Bit Digital bought 561 M30 miners and sold 103 M21 miners. Bitcoin mining revenue was 6.5 million dollars for second quarter by 2022, while Ethereum mining revenue was 0.3 million dollars. Non-GAAP net income was 0.1 million dollarsor $0.00 in earnings per share.
Bitfarms Ltd. (TSX:BITF) (NASDAQ:BITF) hashrate passed 4 exahashes per second (EH/s) as production began at the first of two 50 megawatt (MW) warehouses under construction in Argentina. The first start-up adds 10 MW to the company’s total capacity of 176 MW. The company intends to light up a further 10 MW of increments through the remainder of Q3 2022 and during Q4 2022, aiming to complete a full 50 MW by 31 December 2022. Bit farms mined 1257 BTC in Q2 2021 and Q1 2022 at an average direct production cost of $9000 and $9,900, respectively. 534 new Bitcoins were created in August 2022an increase of 6.8% from July 2022 and 50% off August 2021. On average, 17.2 BTC were mined per day in August, which equates to approx $349,160 per day and 10.84 million dollars for the entire month, assuming a BTC price of $20,300 on 31 August 2022.
IN August 2022, Hive Blockchain Technologies (NASDAQ:HIVE) (TSXV:HIVE) produced 290.4 BTC and 3,010 ETH. At the beginning of August, the company had 2.23 Exahash of Bitcoin mining capacity, with an average hash rate of 2.07 Exahash of Bitcoin mining capacity during August. It had 6.49 Terahash of Ethereum mining capacity at the end of August, with an average hashrate of 6.19 Terahash of Ethereum mining capacity during August. In August, Hive produced an average of 16.7 Bitcoin equivalents per day. On 2nd of September, Hive announced that it has entered into a market offer agreement (the “ATM Agreement”) with HC Wainwright & Co. (the “Agent”). Pursuant to the ATM Agreement, the Company and the Agent will operate an “in-market” share issue program, pursuant to which the Agent may from time to time issue and sell such number of ordinary shares in the Company at an aggregate offering price of up to 100 million dollars. Hive intends to use the net proceeds from the ATM Share Program, if any, primarily to support the growth and development of the Company’s existing mining operations and for working capital and general corporate purposes.
Coinbase Global, Inc. (NASDAQ:COIN) said in one letter to shareholders that the decline in cryptocurrency asset prices had a significant influence on the financial results for the second quarter, which was in line with the outlook given in May. Due to fewer transactions, the net turnover was 803 million dollars, down 31% from Q1’s total. Operating costs were 1.9 billion dollars, up 8% from the first quarter. Impairment costs on non-cash items had a significant negative impact on the net loss, which was 1.1 billion dollars. The net loss would be 647 million dollars absent non-cash impairment charges. Adjusted EBITDA was 151 million dollars in the red. Coin base earned 9.0 million MTUs in the second quarter, a decrease of 0.2 million or 2% from Q1 despite the ongoing market deterioration. The total trading volume fell to 217 billion dollars from the first quarter, a decrease of 30%.
WonderFi recently in entered into a definitive agreement to purchase all of the issued and outstanding shares of Blockchain Foundry Inc., a North American blockchain development company.
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