Financial Services Giant Considers Providing Crypto Trading to Brokerage Clients

FN Media Group Presents Microsmallcap.com Market Commentary

NEW YORK, Sept. 29, 2022 /PRNewswire/ -- According to a Wall Street Journal report, the world's largest provider of financial services, Fidelity, is debating whether or not to permit individual brokerage customers to trade bitcoin (BTC). Fidelity announced plans to enable business clients to add bitcoin to the 401(k) accounts it administers for them earlier this year. However, the U.S. Labor Department and some U.S. senators have criticized the plan. Fidelity has more than 34.4 million individual brokerage accounts. This prospective action comes after BlackRock teamed up with Coinbase Global, Inc. (NASDAQ:COIN) to offer crypto trading to its institutional clients, a sign Wall Street is still drawn to cryptocurrency despite the disastrous year for markets in digital currencies. Investors still attracted to crypto is also good news for WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF), Bit Digital Inc. (NASDAQ:BTBT), Bitfarms (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 investing in hundreds of U.S. stocks, exchange-listed securities, and ETFs inside the framework of its current Bitbuy product.

Bitbuy will use Alpaca's Broker API to enable real-time fractional trading and quick settlement to its consumers. Bitbuy will offer stock trading in collaboration with Alpaca, a FINRA member broker-dealer, and a leading Canadian investment bank and an IIROC member. All customer accounts and trades will be routed, executed, cleared, and custodyed by a leading Canadian investment bank and IIROC member. The product is expected to go operational in the first quarter of 2023, with an official launch date to be announced prior.

WonderFi CEO Ben Samaroo commented: "Providing seamless access to stock trading makes Bitbuy the first in Canada to offer a full suite of crypto trading as well as fractional trading of equities with real-time settlement. This is in furtherance of our goal of making user's lives easier and bringing key asset classes within our easy to use, regulated platforms."

For more information about WonderFi Technologies Inc (TSX:WNDR) (OTCQB:WONDF), click here.

Crypto Asset Prices Decline Impacted Crypto Stocks

In August 2022, Bit Digital Inc. (NASDAQ:BTBT) earned 145.3 bitcoins, an increase of 2% from the previous month. The company earned 0 ETH in August 2022, compared to 0.5 in the month ending July 31, 2022. Cash holdings of BTC and ETH were 919.2 and 3,684.0 with a fair market value of approximately $18.4 million and $5.7 million, respectively, as of August 31, 2022. The company had 38,594 Bitcoin miners and 731 Ethereum miners as of August 31, 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 purchased 561 M30 miners and sold 103 M21 miners. Bitcoin mining revenue was $6.5 million for the second quarter of 2022, while Ethereum mining revenue was $0.3 million. Non-GAAP net income was $0.1 million, or $0.00 in earnings per share.

Bitfarms Ltd. (TSX:BITF) (NASDAQ:BITF) hashrate surpassed 4 exahash per second (EH/s) as production began at the first of two 50-megawatt (MW) warehouses under construction in Argentina. The initial start-up adds 10 MW to the entire corporate capacity of 176 MW. The Company intends to light up additional 10 MW increments throughout the remainder of Q3 2022 and during Q4 2022, with the goal of completing the complete 50 MW by December 31, 2022. Bitfarms mined 1,257 BTC in Q2 2021 and Q1 2022 at an average direct production cost of $9,000 and $9,900, respectively. 534 new Bitcoins were created in August 2022, an increase of 6.8% from July 2022 and 50% from August 2021. On average, 17.2 BTC were mined per day in August, which works out to about $349,160 per day and $10.84 million for the entire month, assuming a BTC price of $20,300 on August 31, 2022.

In August 2022, Hive Blockchain Technologies (NASDAQ:HIVE) (TSXV:HIVE) produced 290.4 BTC and 3,010 ETH. At the start of August, the company had 2.23 Exahash of Bitcoin mining capacity, with an average hashrate 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 Equivalent per day. On September 2, Hive announced that it has entered into a market offering agreement (the "ATM Agreement") with H.C. Wainwright & Co. (the "Agent"). Under the ATM Agreement, the Company and the Agent will operate an "in-the-market" share issue program, according to which the Agent may issue and sell from time to time such number of ordinary shares of the Company with an aggregate offering price of up to US$100 million. Hive intends to use the net proceeds of 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 a letter to shareholders that the decrease in cryptocurrency asset prices had a significant influence on its second quarter financial results, which were in accordance with the outlook given in May. Due to fewer transactions, net revenue was $803 million, down 31% from Q1's total. Operating costs were $1.9 billion, up 8% from the first quarter. Impairment costs on non-cash items significantly negatively impacted net loss, which was $1.1 billion. The net loss would have been $647 million absent non-cash impairment costs. The adjusted EBITDA was $151 million in the red. Coinbase served 9.0 million MTUs in the second quarter, a reduction of 0.2 million or 2% from Q1 despite the ongoing market deterioration. The total trading volume decreased to $217 billion from the first quarter, a 30% decrease.

WonderFi recently entered into a definitive agreement to acquire all the issued and outstanding shares of Blockchain Foundry Inc., a North American blockchain development company.

DISCLAIMER: Microsmallcap.com (MSC) is the source of the Article and content set forth above.  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of WonderFi Technologies Inc.

 FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.

Media Contact:
FN Media Group, LLC
[email protected]
+1(561)325-8757

SOURCE Microsmallcap.com