NEW YORK, November 10, 2017 /PRNewswire/ --
The total cryptocurrency market capitalization has increased to $200 billion in November from the $40 billion at the beginning of 2017. The rapid growth in the cryptocurrency market value is due to the surges in the price of digital currencies, such as Bitcoin, Ethereum, Bitcoin Cash and Ripple. According to data from CoinMarketCap, Bitcoin, the world's largest cryptocurrency by market cap, is up over 600 percent this year. It is now trading at $7186.98. Another digital currency, Ethereum rose 3.83 percent to $325.53 on Thursday, bringing its year-to-date increases to nearly 4000 percent. Global Blockchain Technologies Corp. (OTC: BLKCF), Bitcoin Investment Trust (OTC: GBTC), Overstock.com, Inc. (NASDAQ: OSTK), Riot Blockchain Inc (NASDAQ: RIOT), HIVE Blockchain Technologies Ltd. (OTC: PRELF).
Increasing interests in the digital currencies for both individual and institution investors have also boosted the market. In October, CME announced that it will launch bitcoin future products. Recently, New York-based VanEck announced to partner with U.K. firm Cryptocompare to offer cryptocurrency indices. According to CoinDesk, Thomas Kettner, managing director for MVIS, said in a statement: "Digital assets are a dynamic area that merits attention, especially by professional investor. Although not without risks, digital assets have the potential to integrate into the broad economy and become an investable asset class in their own right."
Global Blockchain Technologies Corp. (OTC: BLKCF) also listed on the TSX Venture Exchange under the ticker symbol 'BLOC'. Yesterday the company announced that, "it has entered into an agreement with Canaccord Genuity Corp., acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase 11,800,000 units of the Company (the "Units"), on a "bought deal" private placement basis, at a price per Unit of $2.55 (the "Offering Price"), for total gross proceeds of $30,090,000 (the "Offering").
Each Unit shall consist of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one Common Share at a price of $3.50 for a period of 24 months following the Closing Date.
The Company has also granted the Underwriters an option to purchase up to an additional 1,770,000 Units at the Offering Price, for aggregate gross proceeds of up to an additional $4,513,500, exercisable in whole or in part, at any time prior to the closing of the Offering at the Underwriter's sole discretion.
The net proceeds of the Offering are expected to be used for general corporate purposes.
The closing date of the Offering is scheduled to be on or about November 30, 2017 (the "Closing Date"). The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange.
The Common Shares and Warrants issuable pursuant to the Offering will be subject to a statutory hold period lasting four months and one day following the Closing Date."
Bitcoin Investment Trust (OTCQX: GBTC) announced the launch of its third investment vehicle, the Zcash Investment Trust. A trusted authority on digital currency investing, Grayscale Investments, LLC has assets under management of $1.3 billion. The Trust's shares are the first securities solely invested in Zcash ("ZEC"), the digital asset that powers the Zcash Network. The investment objective of the Trust is for the shares to reflect the value of the ZEC held by the Trust, determined by reference to the TradeBlock ZEC Composite Reference Rate at 4:00 p.m. New York time, less the Trust's expenses and other liabilities. The Trust is a passive investment vehicle that is not actively managed. The Sponsor believes that, for many investors, the shares will represent a cost-effective and convenient investment relative to a direct investment in ZEC.
Overstock.com, Inc. (NASDAQ: OSTK) has reported quarterly earnings earlier this week. The company reported income, net totaled of $5.9 million and $1.3 million for Q3 2017 and 2016, respectively. The increase is primarily due to an increase in realized gains on sales of cryptocurrencies and precious metals of $5.5 million, and a decrease in impairment charges of $2.8 million, partially offset by a decrease in Club O Rewards breakage of $3.5 million due to discontinuing our Club O Silver rewards program in Q4 2016.
Riot Blockchain Inc (NASDAQ: RIOT) announced that it has closed on its acquisition of cryptocurrency mining equipment consisting of 700 AntMiner S9s and 500 AntMiner L3s, all manufactured by industry leader Bitmain. The total hashing power of the equipment is expected to be 9.8 petahash of SHA 256 Bitcoin mining computing power and 250,000 megahash of X11 Litecoin mining. "The closing of this acquisition has positioned us to launch our cryptocurrency mining operation," said John O'Rourke, Chairman and CEO of Riot Blockchain. "Cryptocurrency mining will be a focal point moving forward, gaining us leveraged exposure to bitcoin and other digital currencies while we help secure blockchains."
HIVE Blockchain Technologies Ltd. (OTC: PRELF) is building a bridge from the blockchain sector to traditional capital markets. HIVE is strategically partnered with Genesis Mining Ltd. to build the next generation of blockchain infrastructure. HIVE owns state-of-the-art GPU-based digital currency mining facilities in Iceland, which produce mined digital currency like Ethereum around the clock. Harry Pokrandt, CEO and President of HIVE stated "With the help of Genesis, Sweden represents the next stage of growth for HIVE as we continue to build our portfolio of mining facilities. HIVE is acquiring a facility in a politically stable country with access to excellent infrastructure and complements our existing facilities in Iceland. We will continue to evaluate other opportunities to ensure we provide our shareholders the best exposure to the blockchain and cryptocurrency."
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