Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Thematic (Sector/Industry)

<ul>
<li>Bitcoin could find the bottom and strongly rebounded in 1Q23. We believe BTC mining companies could be sellers of crypto assets on strong bounce and limit room for further upside. </li>
<li>Our bear case scenario assumes an average BTC price of $25K in 2023 with an opportunity to reach as high as $30K. Leading crypto miners began to offload Bitcoin holdings. </li>
<li>Investors should be more selective on the crypto miner names during a prolonged bear market. Our top picks include Marathon Digital Holdings, Riot Blockchain, and Cipher Mining. </li>
</ul>


Bitcoin could find the bottom and strongly rebounded in 1Q23. We believe BTC mining companies could be sellers of crypto assets on strong bounce and limit room for further upside. 
Our bear case scenario assumes an average BTC price of $25K in 2023 with an opportunity to reach as high as $30K. Leading crypto miners began to offload Bitcoin holdings. 
Investors should be more selective on the crypto miner names during a prolonged bear market. Our top picks include Marathon Digital Holdings, Riot Blockchain, and Cipher Mining. 


Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

Concise Playbook for the Week, Global Markets Playbook

Kevin George

Concise Playbook for the Week

Global Markets Playbook

I am an active trader in stocks, FX and commodities with over 15 years' market experience. I hold a master's degree in finance and have developed a strong skill base in technical analysis. 

Alongside technical setups I will provide earnings analysis, company valuation analysis and macroeconomic studies for the key market releases.

Equity Bottom-Up

<ul>
<li>Bitcoin sold off in December and rallied in January for a reason.</li>
<li>Big banks are coming with a digital payments option. Big banks will have a digital payment option in the coming days.</li>
<li>Bitcoin sold off last month and rallied again in January, with a rise in popularity in the wake of contagion.</li>
</ul>


Bitcoin sold off in December and rallied in January for a reason.
Big banks are coming with a digital payments option. Big banks will have a digital payment option in the coming days.
Bitcoin sold off last month and rallied again in January, with a rise in popularity in the wake of contagion.


Bitcoin And The Tax-Loss Harvesting Rally

<ul>
<li>Bitcoin mining companies continue to suffer from crypto winter’s market conditions: substantial drop in mining rig prices, low cryptocurrency prices, heightened volatility, and unprofitable mining operations.</li>
<li>We are looking for bright spots and believe Marathon Digital Holdings and Riot Blockchain will survive the crypto winter with the opportunity to win market share in the coming years.</li>
<li>Our analysis suggests all-in-breakeven costs (miner costs+power costs+OpEx) of the most efficient BTC mining companies to mine a BTC close to the current BTC price of ~$20,000. </li>
</ul>


Bitcoin mining companies continue to suffer from crypto winter’s market conditions: substantial drop in mining rig prices, low cryptocurrency prices, heightened volatility, and unprofitable mining operations.
We are looking for bright spots and believe Marathon Digital Holdings and Riot Blockchain will survive the crypto winter with the opportunity to win market share in the coming years.
Our analysis suggests all-in-breakeven costs (miner costs+power costs+OpEx) of the most efficient BTC mining companies to mine a BTC close to the current BTC price of ~$20,000. 


Crypto Mining Industry Series: Looking For Bright Spots As The Darkest Months Ahead

<ul>
<li>During the last three months, the crypto market has lost ~$2 trillion in value and slightly recovered in July when BTC bulls could hold a $20K price level. </li>
<li>Bitcoin mining economics changed dramatically, and depressed BTC prices forced inefficient miners out of the market. Some BTC mining companies started to sell Bitcoins to cover OpEx and CapEx. </li>
<li>We remain bullish on <a href="https://www.smartkarma.com/entities/marathon-digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:33244:1" rel="noopener">Marathon Digital Holdings (MARA US)</a> and upgrade <a href="https://www.smartkarma.com/entities/riot-blockchain-inc" target="_blank" data-smartkarma-citation="entities:35453:1" rel="noopener">Riot Blockchain (RIOT US)</a> and <a href="https://www.smartkarma.com/entities/cipher-mining" target="_blank" data-smartkarma-citation="entities:33309:1" rel="noopener">Cipher Mining (CIFR US)</a>  to Overweight on favorable risk-reward post-recent sell-off.</li>
</ul>


During the last three months, the crypto market has lost ~$2 trillion in value and slightly recovered in July when BTC bulls could hold a $20K price level. 
Bitcoin mining economics changed dramatically, and depressed BTC prices forced inefficient miners out of the market. Some BTC mining companies started to sell Bitcoins to cover OpEx and CapEx. 
We remain bullish on Marathon Digital Holdings (MARA US) and upgrade Riot Blockchain (RIOT US) and Cipher Mining (CIFR US)  to Overweight on favorable risk-reward post-recent sell-off.


Crypto Mining Industry Series: Time To Focus On Efficient Crypto Miners

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hut-8-mining-corp" target="_blank" data-smartkarma-citation="entities:35864:1" rel="noopener">Hut 8 Mining (HUT US)</a>  is a cryptocurrency mining company headquartered in Toronto, Canada. Crypto miner has two facilities in operation: Drumheller and Medicine Hat in Alberta.</li>
<li>In 2017, Hut 8 Mining established a partnership with Bitfury Group to acquire, install, maintain and operate Bitcoin mining data centers in North America. </li>
<li>We like the company’s solid balance sheet with 6,769 BTC held as of Apr-22, the opportunity to add an extra 100MW capacity in North Bay and the acquisition of TeraGo. </li>
</ul>



Hut 8 Mining (HUT US)  is a cryptocurrency mining company headquartered in Toronto, Canada. Crypto miner has two facilities in operation: Drumheller and Medicine Hat in Alberta.
In 2017, Hut 8 Mining established a partnership with Bitfury Group to acquire, install, maintain and operate Bitcoin mining data centers in North America. 
We like the company’s solid balance sheet with 6,769 BTC held as of Apr-22, the opportunity to add an extra 100MW capacity in North Bay and the acquisition of TeraGo. 


Hut 8 Mining: North Bay Mining Site Will Add 100MW Capacity in Ontario

Canada

Hut 8 Mining Corp. operates as a cryptocurrency mining company. The Company offers blockchain infrastructure and technology solutions. Hut 8 Mining serves customers in North America.

Hut 8 Mining (HUT US)

Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

We believe the crypto contagion is finally over, and a rally in Bitcoin may restore investor confidence after 12 months of a bear market

Andrei Zakharov

Bitcoin And The Tax-Loss Harvesting Rally

Bitcoin sold off in December and rallied in January for a reason. Big banks are coming with a digital payments option. Big banks will have a...

Kevin George

Crypto Mining Industry Series: Looking For Bright Spots As The Darkest Months Ahead

Crypto mining industry suffers from low BTC prices, high energy costs, and increased mining difficulty, putting some BTC miners on the verge of the...

Andrei Zakharov

Crypto Mining Industry Series: Time To Focus On Efficient Crypto Miners

We remain bullish on Marathon Digital Holdings and upgrade Riot Blockchain and Cipher Mining to Overweight on favorable risk-reward post-recent...

Andrei Zakharov

Hut 8 Mining: North Bay Mining Site Will Add 100MW Capacity in Ontario

We initiate Hut 8 Mining (HUT) with Overweight and see near-term growth of hash rate after construction of the North Bay Facility is completed in...

Andrei Zakharov