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The investment is expected to support Greenidge’s expansion into new low-cost power centers, enhance its bitcoin mining capabilities, further develop its engineering, procurement, and construction management (EPCM) business, as well as fund new AI infrastructure/data centers.Greenidge CEO Jordan Kovler stated that the capital infusion from Armistice Capital underscores the company’s ongoing transformation and growth efforts.According to the agreement, Armistice Capital will initially invest $6 million in exchange for 1,260,505 shares and pre-funded warrants, with each share priced at $4.76. Additionally, Armistice will receive warrants to purchase an extra 1,260,505 shares at an aggregate price of $6.62 million, or $5.25 per share.The investment follows Greenidge’s recent announcement of its first profitable quarter in two years. The company reported preliminary financial and operating results for the fourth quarter of 2023, with Net Income ranging from $1.4 million to $2.4 million, Adjusted EBITDA between $1.6 million and $2.6 million, and Earnings Per Share from $0.18 to $0.32. In 2023, Greenidge also reduced its debt by $85.3 million, which represented over 54% of its total debt.Greenidge Generation Holdings Inc. focuses on vertically integrated power generation, specializing in cryptocurrency mining and related infrastructure development.The details provided are based on a press release statement from Greenidge Generation Holdings Inc.As Greenidge Generation Holdings Inc. (NASDAQ:GREE) secures a $6 million investment from Armistice Capital to enhance its growth strategy, it’s important to consider the company’s financial health and market performance. According to InvestingPro data, Greenidge has a market capitalization of approximately $37.98 million. Despite a significant return over the last week of 43.81%, the company’s stock price has experienced substantial volatility, which is reflected in a high price volatility score from InvestingPro.InvestingPro Tips highlight the company’s challenges, such as its significant debt burden and a cash burn that is quickly depleting its reserves. Additionally, the company’s short-term obligations exceed its liquid assets, which may pose liquidity risks. Analysts on InvestingPro predict that the company will be profitable this year, which could be a pivotal point for Greenidge as it aims to leverage the fresh capital for expansion.Investors interested in a deeper dive into Greenidge’s financials and potential can access more InvestingPro Tips by visiting https://www.investing.com/pro/GREE. There are 12 additional tips available, offering insights that could help in making informed investment decisions. For those looking to subscribe to InvestingPro for year-round insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
Despite a significant upturn in 2023, with a 160% increase, and maintaining resilience in 2024, the current interest in Bitcoin still falls short of the peaks seen in 2017 and 2021.However, Bitcoin’s best days are yet to happen as the ETF-driven market fuels fears of missing out (FOMO), Bernstein analysts said in a note. In this context, they believe BTC is well-placed to soar to new record highs.The analysts observed that Bitcoin ETFs are becoming clear price catalysts for Bitcoin.They note a significant decrease in Grayscale Bitcoin Trust’s outflows, now down to approximately $50 million, while new ETFs have attracted close to $1 billion in the last two trading days.This shift has markedly improved market sentiment and while the market swiftly reacted to news of ETF approvals, it has yet to fully account for the inflows into funds and the impending scarcity of supply.“We believe, the money is still coming from the ‘believers’, who have discovered an easy way to get Bitcoin in their broker accounts via the ETFs,” the analysts said.Meanwhile, the disbelievers remain hesitant. It appears that the initial interest in Bitcoin is coming from new investors who, while not yet investing, are keen to learn more about it.Bernstein’s initial forecast anticipated a rally in Bitcoin’s value after its halving event. Yet, considering the extraordinary success of the ETF launch—the best in 30 years—and the continuous inflow into ETFs, they now expect a significant Bitcoin rally to occur before the halving.Therefore, those considering investment in Bitcoin mining companies, and awaiting to assess the risks post-halving, are advised to pick their preferred companies now and maintain their investments through the halving event in April 2024, analysts commented.Bernstein’s top picks in this category are Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK). More
LONDON (Reuters) -Bitcoin rose 5% on Friday to one-month highs, powered by what analysts said was a flurry of buying ahead of April’s halving event and as recent outflows from exchange-traded funds slowed.The price rose to a session peak of $47,705, the most since January, after the first U.S. listed spot bitcoin exchange traded products received regulatory approval. The world’s largest cryptocurrency was last up 3.5% at $46,946, set for a rise of 10% this week, its most in a week since October. Ether was up 2.5% at $2,486.Bitcoin hit a two-year high just above $49,000 in January, but has since trended lower, under pressure from a “sell the news” wave of profit-taking after the Securities and Exchange Commission finally approved the ETFs. The drop in bitcoin went against the grain of other financial markets in recent weeks, as stocks, bonds and gold all rallied on the back of an expectation for global central banks to switch to cutting interest rates this spring.Policymakers have since pushed back against this and economic data has not supported the view that rates should fall any time soon, but risk assets like stocks have risen, with bitcoin resuming its march higher.Friday’s jump in price was said to be a function of a slowing in recent ETF outflows and a burst of buying ahead of April’s halving, analysts said.”With bitcoin back up to $46,000 this morning, traders are clearly gearing up for the hotly anticipated halving event due in roughly two months,” Scope Markets’ chief markets analyst Joshua Mahony said.The next halving is expected in April, a process designed to slow the release of bitcoin, whose supply is capped at 21 million – of which 19 million have already been mined – by cutting the reward for producing the tokens in half.”Should historical trends continue to hold, traders will be hoping to see a bumper 2024 given the previous pattern of post-halving outperformance,” Mahony said.Bitcoin prices have typically rallied following halvings. Six months after the first halving in 2012, the price jumped to $126 from $12. After the second halving in 2016, it went to $1,000 from $654 within seven months and in 2020 it shot up to $18,040 from $8,570 in the same time period.Furthermore, according to Markus Thielen, founder of digital asset research firm 10x Research, bitcoin also tends to perform during U.S. election years, coinciding with halving cycles in 2012, 2016 and 2020.QCP Capital said in a note on Thursday that some ETF outflows had eased, in particular from the Grayscale Bitcoin ETF, the largest by assets, which supports spot crypto prices.”Total inflows across all BTC ETFs are now positive,” QCP said.When the SEC approved the listing of ETFs in January, Grayscale, whose existing bitcoin trust was converted to an ETF at the time, bled $2.7 billion in outflows the first week after, as early investors rushed to book profits, according to LSEG Lipper data.The outflows slowed in the subsequent week to $1.5 billion, and had slowed to $701 million in the week ended Feb. 7.Scope Markets’ Mahony noted the recent rise in the dollar has acted as a drag on crypto of late, but the effect was likely to wane. More
The leading cryptocurrency rose 4.5% in the past 24 hours, sitting at around $47,300 at the time of writing.As for the cryptocurrency stocks, CleanSpark (NASDAQ:CLSK) led the gains, soaring more than 22% in premarket trading. The jump came after the Bitcoin miner closed 12.8% higher on Thursday, boosted by a strong FQ1 earnings report.Other crypto mining companies Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) also took off, surging around 9.2% and 10.7% respectively.Meanwhile, crypto exchange Coinbase (NASDAQ:COIN) advanced more than 6%, while Michael Saylor’s MicroStrategy (MSTR) rose 6.6%. More
(Reuters) – Cryptocurrency platform TradeStation Crypto will pay $3 million to settle charges from the U.S. securities regulator and multiple states that it offered and sold unregistered securities through an interest-earning program. TradeStation failed to register its crypto lending product that allowed U.S. investors to deposit or purchase assets on TradeStation’s platform in exchange for yield, the Securities and Exchange Commission said. The product was offered to customers beginning in 2020 and was shut down in 2022. More
(Reuters) -Payments from crypto-related ransom attacks nearly doubled to a record $1 billion in 2023, blockchain analytics firm Chainalysis said on Wednesday.Scammers targeting institutions such as hospitals, schools and government offices for ransom pocketed $1.1 billion last year, compared with $567 million in 2022.However, losses stemming from other crypto-related crimes such as scamming and hacking fell in 2023, Chainalysis said.Bitcoin, the largest cryptocurrency, has jumped 60% since the end of September to $43,134 on enthusiasm about a new U.S. bitcoin ETF and on signs central banks around the world will begin trimming interest rates.”An increasing number of new players were attracted by the potential for high profits and lower barriers to entry,” Chainalysis said.”Big game hunting” has become the dominant strategy over the last few years, with a dominant share of all ransom revenue volume made up of payments of $1 million or more, Chainalysis added.A group of digital extortionists named “cl0p”, which subverted a file sharing software MOVEit, made nearly $100 million in ransom payments, the analytics company said.Hundred of organizations, including government departments, UK’s telecom regulator and energy giant Shell (LON:SHEL), have reported cybersecurity breaches involving the MOVEit software tool, which is typically used to transfer large amounts of often sensitive data, including pension information and social security numbers.A report in November showed that cybercrime group “Black Basta” had extorted at least $107 million in bitcoin, with much of the laundered ransom payments making their way to the sanctioned Russian cryptocurrency exchange Garantex.Cryptocurrency theft via cyberheists and ransomware attacks is also a significant source of funding for North Korea, according to UN reports.Chainalysis’ figures undervalue crypto’s role in all crime as it only tracks cryptocurrency sent to wallet addresses identified as illicit. It does not include payments for non-crypto-related crime such as crypto used in drug trafficking deals. More
By Sam TobinLONDON (Reuters) -An Australian computer scientist who says he invented bitcoin told a London court on Tuesday he had never forged documents to try to prove his hotly-disputed claim, as he began his evidence in a legal battle over ownership of the cryptocurrency.Craig Wright says he is the author of a 2008 white paper, the foundational text of bitcoin, published in the name “Satoshi Nakamoto”.But the Crypto Open Patent Alliance (COPA) has taken Wright to court, it says to stop him suing bitcoin developers and to preserve the open-source nature of the world’s best-known and most popular cryptocurrency.COPA is asking London’s High Court to rule that Wright is not Satoshi. It says he has repeatedly forged documents to substantiate his claim, before changing his story when the alleged fabrications are spotted.Wright, however, denies relying on fake records and has blamed others, including former lawyers and associates, for any inauthentic documents.The 54-year-old began the first of six days of evidence on Tuesday at a high-stakes hearing which is the culmination of years of speculation about the true identity of Satoshi Nakamoto.COPA’s lawyer, Jonathan Hough, asked Wright: “Have you ever forged or falsified a document in support of your claim to be Satoshi Nakamoto?” Wright replied: “No.””Have you ever knowingly presented a forged or falsified document in support of your claim to be Satoshi Nakamoto,” Hough asked. Wright replied: “I have not.”Hough put numerous alleged forgeries to Wright, including an academic paper with handwritten notes which Wright has claimed prompted his decision to use the name Satoshi Nakamoto.COPA says the document contains a forged timestamp with numbers in visibly different fonts to make it look as if it pre-dates the bitcoin white paper.Hough said to Wright: “This is a document forged by you as part of the origin myth.” Wright said he did not forge the document, adding: “If I forged that document, it would be perfect.” More
