The excitement in the cryptocurrency realm is palpable, largely fueled by the potential U.S. debut of BlackRock’s spot Bitcoin ETF. This excitement mirrors Bitcoin’s recent price uptick. The U.S. Securities and Exchange Commission (SEC) has been wary of Bitcoin.
However, a favorable U.S. federal court ruling for Grayscale Investments’ spot Bitcoin ETF signals a regulatory shift. If BlackRock gains approval for its iShares Bitcoin Trust ETF, it may unlock a new epoch of Bitcoin investment avenues.
Bitcoin recently leapfrogged $35,000, for the first time since May 2022. The move was driven by investor positivity towards potential ETF listings on regulated exchanges. BlackRock’s Bitcoin ETF, though pending approval, listed by Nasdaq-managed Depository Trust and Clearing Corp., has stirred the market.
Despite regulatory challenges, this move, along with investors eyeing diversification amid market volatility, has nudged Bitcoin’s value higher.
Grayscale’s Legal Battle with the SEC
In a notable legal spat, Grayscale Investments wrestled with the SEC over converting its Bitcoin trust into a spot ETF. This tussle underscored Grayscale’s aim to offer a more regulated, mainstream investment avenue for Bitcoin aficionados and institutional investors.
Initially, the SEC dismissed Grayscale’s bid, mirroring its cautious outlook towards the swiftly evolving crypto scene. However, Grayscale pursued legal recourse, culminating in a U.S. Court of Appeals face-off.
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The U.S. Court of Appeals sided with Grayscale, urging the SEC to re-evaluate its initial denial. This verdict not only hints at a potential regulatory pivot but also rejuvenates many in the crypto sphere longing for a more regulated Bitcoin ETF arena.
Bitcoin Penny Stocks To Watch
This week, traders are keeping an eye on Bitcoin prices as well as Bitcoin stocks. In this article, we look at a handful of popular cryptocurrency-related companies to watch. It will continue the list of cheap Bitcoin stocks from the article Bitcoin Surges Past $35,000, Here’s Why & 3 Penny Stocks To Watch. Whether they are the best penny stocks to buy is up to you.
Bit Digital Inc. (NASDAQ: BTBT)
Bit Digital recently unveiled the launch of Bit Digital AI, a business line supporting generative AI workstreams. This venture kicked off with a binding term sheet signed with a customer for GPU-accelerated workload support, offering rental services for a minimum of 1,024 and a maximum of 4,096 GPUs.
The final contract details, including the total number of GPUs, contract length, and unit pricing, will be finalized upon signing the master service agreement. Concurrently, Bit Digital secured the purchase of 1,056 NVIDIA HGX H100 GPUs and 132 FusionOne HPC from xFusion Digital Technologies Co., Ltd., amounting to approximately $35 million. The GPUs are expected to be delivered by the end of 2023 and will be hosted at a Tier-3 datacenter. This diversification, as mentioned by CEO Sam Tabar, aims to shield the company from potential downturns in its core businesses, possibly making Bit Digital more resilient to market fluctuations.
The news comes after the company revealed its monthly production update for September 2023. It highlighted a blended annual percentage yield (APY) of about 4.1% on its staked Ethereum (ETH) position, earning approximately 44.9 ETH during the month.
Hut 8 Mining (NASDAQ: HUT)
Hut 8 Mining Corp, a leading North American digital asset mining pioneer, delivered its operational update for September 2023. With a total Bitcoin reserve of 9,366 BTC, it maintains one of the largest self-mined Bitcoin reserves among publicly traded companies. In September alone, Hut 8 mined 111 Bitcoin, averaging about 3.7 Bitcoin-per-day.
Notably, no Bitcoin were sold during this month, which possibly underscores the firm’s confidence in Bitcoin’s future value. The total Bitcoin balance, as of September 30, included 7,269 unencumbered Bitcoin, providing a solid asset base for the company. These figures exemplify Hut 8’s strong position in the digital asset mining industry, showcasing effective operational strategies that have led to substantial Bitcoin reserves.
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The company has also been making strides towards a significant business combination with USBTC. It is another player in the digital asset mining and high-performance computing arena. In February 2023, they announced an all-stock merger of equals. It was then approved by the Competition Bureau of Canada in March 2023. This merger aims to create a premier digital asset mining, hosting, managed infrastructure operations, and high-performance computing organization.
The merger between Hut 8 and USBTC could be perceived as a strategic move to consolidate resources, expertise, and market position, which has attracted more attention recently.
Cipher Mining Technologies Inc. (NASDAQ: CIFR)
Cipher Mining Technologies Inc. is a Bitcoin mining company that aims to become a leading Bitcoin mining operation in the United States. It focuses on building and operating data centers to mine Bitcoin efficiently.
The company released a September 2023 operational update showcasing its mining performance. During September, Cipher Mining mined 354.5 Bitcoin, taking its total holdings to 5,096.5 Bitcoin. The company also reported a total mining capacity of 745 PH/s, an increase from the previous month’s capacity, indicating continuous growth in its mining operations.
As Bitcoin’s price can significantly impact the value of Cipher Mining’s holdings, the company’s stock price might also be influenced by Bitcoin’s market performance. So if CIFR stock is on your radar, it’s important to keep BTC prices in mind.
List Of Penny Stocks
- Bit Digital Inc. (NASDAQ: BTBT)
- Hut 8 Mining (NASDAQ: HUT)
- Cipher Mining Technologies Inc. (NASDAQ: CIFR)
- Cleanspark Inc. (NASDAQ: CLSK)
- TeraWulf Inc. (NASDAQ: WULF)
- Iris Energy (NASDAQ: IREN)
