Bitcoin trackers do not universally track bitcoins

The rise of bitcoin is back in focus now that the digital asset has briefly risen above $ 18,000. Less than a month ago, it was under $ 12,000. A 50% gain in less than a month will raise some eyebrows, regardless of what the asset is and regardless of the logic behind the asset. In macro investing with all asset classes and geographies on the table, the longstanding rule is that capital seeks opportunities and generally ends up where it is best treated.

It remains to be seen whether bitcoin has entered another speculative bubble or become a permanent asset class destination. It can be argued either way, and it’s no secret that bitcoin and other cryptocurrencies and crypto assets have seen their share of ups and downs.

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The question now is whether the secondary assets behind bitcoin and major cryptocurrencies have more room to run or have they already run into a wall.

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24/7 Wall St. has been monitoring the movements of bitcoin and many of its successors, exchange-traded funds, crypto-rivals and so on over the years. The problem is that some of these have continued to bloom while many others have experienced the equivalent of a high-altitude shutdown.

Riot Blockchain Inc. (NASDAQ: RIOT) was barely at $ 4.00 a few days ago, but on Wednesday its stock hit a 52-week high of $ 6.44. What if it was last seen falling more than 7% to $ 5.62 on Wednesday? His focus is on the ecosystem of blockchain technologies and he is involved in digital currency mining. In early November, Riot Blockchain said the first nine-month period of 2020 saw 21% revenue to $ 6.7 million and its mining revenue margin jumped to 38% from 18% over the same period. of 2019. The company had also claimed to do so. increased liquidity to $ 39.1 million in cash and cryptocurrencies from just $ 11.3 million at the end of 2019. Riot Blockchain’s market cap was around $ 285 million at the last glance.

Marathon Patent Group Inc. (NASDAQ: MARA) has been positive about its ability to mine bitcoin and generate revenue. Its goal is to have more than 23,500 cryptocurrency miners deployed in 2021 with the goal of mining 15 to 20 bitcoins per day. He is reportedly expecting an average mining cost of around $ 3,863 per bitcoin, which could generate around $ 6.7 million in gross monthly profit. The stock of Marathon Patent was last seen rising 4.2% to $ 3.23, but its 52-week range is between $ 0.35 and $ 5.25.

Square Inc. (NYSE: SQ) has been considered a cryptocurrency in the past. The third quarter earnings report was above expectations. The Cash App of the payment processing service is used for peer-to-peer payments and for trading stocks and bitcoins. Square fell nearly 1% mid Wednesday to $ 186.10 and has a trading range of $ 170 to $ 200 since early November. This stock was roughly the same price as it was now a month ago.

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Overstock.com Inc. (NASDAQ: OSTK) was seen down 1% to $ 57.69, but its 52-week range from $ 2.53 to $ 128.50 should say a lot. With primary operations as an online retailer, it was a winner of the COVID-19 blockade. Side efforts include bitt and tZero investments in cryptocurrencies.

Ebang International Inc. (NASDAQ: EBON) is a Chinese manufacturer of Bitcoin mining machines. was made public this summer with a $ 100 million to $ 5.23 IPO for ADS. It was last seen falling 3% to $ 7.29, but its post-IPO trading range was between $ 3.80 and $ 14.95.

The Grayscale Bitcoin Trust (GBTC) was last seen up around 1% to $ 20.35, but its 52-week high of $ 20.73 was this morning, and that rose from a 52-week low of $ 5.01. This is still over the counter (OTC), but its grayscale investments are considered to be one of the best digital currency asset managers. The company’s most recent press release indicated that Grayscale Investments had more than $ 7.3 billion in assets under management. There are also other resources listed in Grayscale:

Grayscale Digital Large Cap Fund LLC (GDLC), −3.3% to $ 16.13 Grayscale Ethereum Trust (ETHE), -0.4% to $ 70.04 Grayscale Ethereum Classic Trust (ETC) (ETCG) rose by 6% to $ 7.67 Grayscale Litecoin Trust (LTCN), −12% to $ 240.00

The Bitcoin Fund is Canadian and operates under the QBTC ticker in Toronto. The company recently successfully completed an overnight cash offering of 2.85 million Class A units with gross revenue of approximately C $ 75.6 million. Toronto trading showed a 0.5% rise to C $ 28.17 mid Wednesday, from C $ 22 to C $ 23 a month ago.

HIVE Blockchain Technologies Ltd. (HVBTF) is now back as an OTC stock, but is up more than 5% to $ 0.498 at noon Wednesday. Its range over the past year is between $ 0.06 and $ 0.54. Shares were exponentially higher in 2017.

Hut 8 Mining Corp. (HUTMF) is also a Canadian cryptocurrency miner. It is OTC, or it is trading in Canada, but the US price was last seen falling 7% to $ 0.97.

Finally, Nvidia Corp, (NASDAQ: NVDA) has been interesting for its processors and cards used in crypto-mining efforts. That said, Nvidia is much broader than just crypto and is also reporting earnings on Wednesday. Its stock was last seen 0.7% at $ 540.90.

The reality is that bitcoin and other cryptocurrencies can have an influence on companies, funds and entities that heavily depend on blockchain and crypto efforts. That said, two and three years ago there are a lot of companies that were doing great press releases about this effort and many of them have failed.

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