Crypto Corner Podcast - eToro Going Public With SPAC Merger, Marathon Reports Q4 2020 Financials, NetCents Launching NFT Division
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#CryptoCorner #Podcast 549: #Stocks discussed: (NasdaqCM: $FTCV) (NasdaqCM: $MARA) (CSE: $NC.C)
eToro Going Public with SPAC Merger, Marathon Reports Q4 2020 Financials, and NetCents Launching NFT Division
Point Roberts, WA, Delta BC March 16, 2021 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of theCrypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Stocks discussed: (NasdaqCM:FTCV) (NasdaqCM:MARA) (CSE:NC)
Multi-asset investment platform eToro Group Ltd. has entered into a definitive business combination agreement with special purpose acquisition company (SPAC) Fintech Acquisition Corp. V (NasdaqCM:FTCV). The combined companies will operate as eToro Group Ltd., which is expected to be listed on NASDAQ. According to the press release, eToro “is expected to have an estimated implied equity value of approximately $10.4 billion at closing, reflecting an implied enterprise value for eToro of approximately $9.6 billion.” Betsy Cohen, Chairman of the Board of Directors of FinTech V, said:
“In the last few years, eToro has solidified its position as the leading online social trading platform outside the U.S., outlined its plans for the U.S. market, and diversified its income streams. It is now at an inflection point of growth, and we believe eToro is exceptionally positioned to capitalize on this opportunity.”
Marathon Digital Holdings, Inc. (NasdaqCM:MARA) has reported its financial results for the fourth quarter and fiscal year ended December 31, 2020. Some Q4 highlights include the purchase of “90,000 of the industry’s most efficient Bitcoin miners,” bringing the company’s mining fleet “to approximately 103,120 miners capable of producing 10.37 EX/s (exahash per second) by the first quarter of 2022.” Marathon’s CFO, Sim Salzman, said:
“Financially, 2020 was highlighted by a 268% increase in revenue year-over-year and a substantial improvement to our balance sheet. We ended the year with $216.1 million cash and cash equivalents, which compares to less than $1.0 million cash at the end of 2019. While the price of Bitcoin and the network difficulty rate are subject to change, our mining operations are expected to produce at approximately 90% gross margins, which gives us confidence that we will see improvements in our financial metrics over the coming quarters as we continue to build out our mining operations.”
Crypto payments firm NetCents Technology Inc. (CSE:NC), along with its partner, The Human Interest Group, is creating a specific internal division around Non-Fungible tokens (NFTs). Clayton Moore, Founder and CEO of NetCents, explained:
"The growth of the NFT is as important as the creation of the Smart Contract as an enhancement of the traditional Bitcoin technologist. We are putting massive resources behind this as part of our transaction ecosystem strategy. New use cases for NFTs are being created daily - and because of their very nature, there will be more NFTs than altcoins within months. NFT's are a Trillion-dollar opportunity and will become a Trillion Dollar Asset class pretty quickly. We have already seen a single NFT trade for millions - so a trillion is easy to imagine - likely eclipsing Cryptocurrency in the near term. Hold on to your shorts."
Sam Mowers, Investorideas
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