USA News Group Commentary
Issued on behalf of Spearmint Resources
Inc.
VANCOUVER, BC, Jan. 17,
2025 /PRNewswire/ -- Markets around the world are
already banking on a Trump-fueled crypto boom ahead of the US
President Re-Elect's upcoming inauguration. It's been just over a
year since the SEC legalized bitcoin spot ETFs, and the
impact continues to gain momentum on stocks involved with crypto.
In 2024, crypto was one of the two drivers that drove gains in the
year's top 5 tech stocks, especially after Donald Trump's election victory in
November. Now cryptocurrency-related stocks have become a
must-watch in today's market, with developments coming from
such as examples as Spearmint Resources Inc. (CSE: SPMT)
(OTCPK: SPMTF) (WKN: A2AHL5), KULR Technology Group,
Inc. (NYSE-American: KULR), MARA Holdings, Inc. (NASDAQ:
MARA), Coinbase Global, Inc. (NASDAQ: COIN), and
Robinhood Markets, Inc. (NASDAQ: HOOD).
The article continued: According to analysts at Research and
Markets, the Global Market for Cryptocurrency was estimated at
US$1.3 Billion in 2023 and is
projected to reach US$1.8 Billion by
2030, growing at a CAGR of 4.8% from 2023 to 2030. Meanwhile,
Spherical Insights published a report that the Global
Digital Asset Trading Platfom Market size is expected to grow
from US$2.49 in 2023 to US$10.99 billion by 2033, at a CAGR of
16.01%.
Spearmint More than Doubles its Crypto Exposure
Spearmint Resources Inc. (CSE: SPMT) (OTCPK: SPMTF) (WKN:
A2AHL5), recently announced that it more than doubled its crypto
holdings via additional purchases of Solana. Solana
is a crypto-computing platform that aims to achieve high
transaction speeds without sacrificing decentralization. It seeks
to improve scalability through a different approach in the
blockchain industry, combining a proof-of-history (PoH) consensus
with the blockchain's underlying proof-of-stake (PoS) consensus.
This approach has attracted interest from a diverse range of
traders, from small-scale individuals to institutional entities.
Solana claims it can process around 50,000 transactions per
second. Solana is both a cryptocurrency and a flexible
platform for developers building decentralized applications (dApps)
across various industries, including DeFi, gaming, non-fungible
tokens (NFTs) and financial derivatives.
"In an effort to be as proactive as possible towards building
shareholder value, management feels that diversifying into
Solana specifically holds the highest potential for growth
within the crypto space," said James
Nelson, President of Spearmint. "We are taking
advantage of the dip and have recently made additional Solana
purchases resulting in more than doubling our initial position. We
intend to continue this crypto diversification plan of action for
the foreseeable future and will update the market regarding this
strategy in the short and long term."
The move comes months after Spearmint announced its
intention to diversify into crypto, back in November 2024, using a port of its cash on hand
to dip into the crypto market.
"With the Republican Party winning the USA election, the sentiment towards crypto has
become much friendlier," said Nelson in the crypto diversification
announcement. "We plan to take a portion of the cash on hand and
move it into the highest quality portions of the crypto market.
Management feels that the longer term prospects of high quality
crypto may outperform the banking rates and it makes sense to
allocate a portion of our cash on hand to this area."
Outside of its crypto assets, Spearmint Resources is also
developing plans for its 4,722-acre George Lake South Antimony
Project in New Brunswick, Canada,
capitalizing on antimony's strong performance over the past year,
and anticipated new highs due to China's recent export ban for the metal.
Spearmint also highlights its lithium holdings in
Clayton Valley, Nevada, which show
potential for both lithium clay and lithium brine. With growing
interest in domestically sourced lithium projects, Spearmint
is optimistic about increased market attention in 2025. While
sentiment around lithium and electric vehicles (EVs) has been
negative in recent years, recent data shows global EV sales are on
the rise, with momentum strengthening rather than weakening.
Other recent industry developments and happenings in the
market include:
KULR Technology Group, Inc. (NYSE-American: KULR), a
leader in advanced energy management platforms, recently
announced a significant expansion of its Bitcoin Treasury. The
Company has increased its bitcoin purchases for its Bitcoin
Treasury by an additional $21 million
to reach a total of $42 million in
bitcoin acquisitions. The additional purchases were made at a
weighted average price of $98,393.58
per bitcoin, inclusive of fees and expenses.
The strategic move aligns with the company's Bitcoin Treasury
Strategy announced on December 4,
2024, wherein KULR committed up to 90% of its surplus
cash reserves to be held in bitcoin. KULR recently
introduced "BTC Yield" as a key performance indicator (KPI) to
measure the percentage change in bitcoin holdings per share,
providing a transparent view of the accretive impact of its Bitcoin
Treasury strategy. From its initial bitcoin purchase in
December 2024 to January 4, 2025, KULR achieved a BTC Yield
of 93.7%, funded through surplus cash and its At-The-Market equity
program, while emphasizing that BTC Yield is a supplementary metric
and not a measure of MARA Holdings, Inc. (NASDAQ: MARA)
kicked off 2025 by announcing it had surpassed its hash rate
target after reporting a solid month of Bitcoin production, marking
a significant milestone in its mining operations in December.
"In December, we surpassed our year-end hash rate target of 50
EH/s while improving our fleet efficiency to 20 J/TH," said
Fred Thiel, Chairman and CEO of
MARA. "We mined 249 blocks, the second most blocks in a
month on record. Our energized hash rate increased to 53.2 EH/s, a
15% improvement over November, while BTC production declined 2% to
890 BTC, primarily due to a slight decrease in luck. While some of
our bitcoin and hash rate was acquired outside of our own pool,
MARAPool achieved an impressive annual hash rate growth of 168% in
2024, exceeding bitcoin's network growth rate of 49%. These results
underscore the substantial progress we've achieved in expanding our
operations and enhancing performance, further solidifying our
leadership within the industry."
In 2024, MARA acquired 22,065 BTC at an average price of
$87,205 and mined an additional 9,457
BTC, bringing its total holdings to 44,893 BTC, valued at
$4.2 billion based on a spot price of
$93,354 per BTC. The company's
year-end BTC yield per diluted share reached 62.7%, with 7,377 BTC
loaned to third parties to generate additional returns. By
combining mining operations with strategic bitcoin purchases during
price declines, MARA leverages a hybrid approach to optimize
acquisition costs and maintain a competitive edge. This strategy
strengthens its position and aligns with its commitment to
delivering long-term shareholder value.
Coinbase Global, Inc. (NASDAQ: COIN), recently scored a
big win against the SEC as a judge agreed to escalate a
dispute over definitions of crypto securities. Coinbase won
its latest legal battle against the SEC, when U.S District
Judge Katherine Failla ruled the
company can take a closely watched case—which turns on which
cryptocurrencies are securities—directly to the U.S. Court of
Appeals for the Second Circuit.
Although the ruling doesn't guarantee Coinbase will win
on the core securities issue, it does speed up the timeline for a
definitive decision. Judge Failla's 23-page ruling highlights the
disagreement among judges on enforcing securities laws in the
crypto sector, aiming to resolve the issue as it progresses through
higher courts. However, the appeals court must first agree to hear
the case.
"Over the strenuous objection of @SECGov, Judge Failla has
GRANTED our motion for leave to pursue an interlocutory appeal and
STAYED the district court litigation," said Paul Grewal,
Chief Legal Officer of Coinbase in a post on X. "We
appreciate the Court's careful consideration. On to the Second
Circuit we go."
Robinhood Markets, Inc. (NASDAQ: HOOD), recently
settled its own SEC charges for $45 million, just one day after its head of
crypto went on Fox Business to give his 2025
outlook under the incoming Trump administration.
Robinhood's CEO Vlad Tenev
went on with the BBC back in December to express his
concerns that cryptocurrencies and the crypto industry were under a
'relentless assault' by the outgoing Biden administration, opining
that the next administration will be very good for business.
Looking ahead, Robinhood is set to release its Q4
and FY 2024 financial results on February
12, 2025 after market close. Robinhood Markets
provides a platform for trading cryptocurrencies, allowing users to
buy, sell, and hold popular digital assets like Bitcoin and
Ethereum alongside traditional investments. As of recent reports,
cryptocurrencies account for a significant portion of
Robinhood's transaction-based revenue, exposing the company
to the volatility and regulatory risks of the crypto
market.
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