Cryptocurrencies Continues to be an Attractive Investment

PR Newswire

NEW YORK, November 27, 2017 /PRNewswire/ --

The price of bitcoin rose pass $9,000 for the first time, according to data from Coindesk. The world's largest cryptocurrency by market cap was up more than 700 percent since the beginning of this year. Investors continued to show interests in digital currencies. According to Bloomberg, the Old Mutual Gold and Silver Fund manager Ned Naylor-Leyland started buying cryptocurrencies in April and explaining that, "Bitcoin was explicitly designed to be digital gold. So if you're going to have a small proportion of a fund in bitcoin, it should be in a gold fund, because that's exactly the point. It's about bringing the ownership of disciplined money into the modern world. Bitcoin is paving the way for the reintroduction of gold as global money." Mogo Finance Technology Inc (OTC: MOGOF), Bitcoin Investment Trust (OTC: GBTC), Riot Blockchain, Inc. (NASDAQ: RIOT), Overstock.com, Inc. (NASDAQ: OSTK), HIVE Blockchain Technologies Ltd. (OTC: PRELF)

Other cryptocurrencies also experienced a surge in price this year. Ethereum, the second largest cryptocurrency, jumped 12.76 percent to 463.94 during Saturday's trading session. According to Cointelegraph, Billionaire Mike Novogratz believes bitcoin and ethereum will continue their rallies. Mike Novogratz said in Bloomberg TV, "I think literally we end the year at $10,000 in Bitcoin. I think that is a decent move from here. I think we end the year at close to $500 in Ethereum... Just in the last few days, Ethereum has started to move. I actually think it's gonna put a new high soon. There are a lot of positive things happening in the Ethereum ecosystem."

Mogo Finance Technology Inc (OTCQX: MOGOF) also listed on the TSX Exchange under the ticker symbol "MOGO". On October 30th the company announced breaking news that, "it has added dedicated blockchain capabilities to accelerate its plans to integrate Bitcoin and other cryptocurrencies into Mogo's digital account as well as future new products and features based on blockchain technology.

"It's hard to overstate how disruptive and transformative blockchain technology can be for banking, as it enables a faster, more secure and trusted way to transfer data. In fact, many believe that blockchain will be as disruptive to the financial system as the internet was to the media industry," said David Feller, Founder and CEO of Mogo. "Developing new products and features based on blockchain technology and cryptocurrencies is a natural extension for Mogo as we continue to build a digital banking experience for the next generation of consumers."

"Canadians, especially tech savvy millennials, want a safe, trusted and easy way to own and ultimately use Bitcoin and other cryptocurrencies," said Greg Feller, President and CFO of Mogo. "Mogo's app was built to provide consumers with an easy way to manage their financial health. Adding these capabilities to our existing multi-product mobile account will provide a compelling value proposition that is unique in Canada. Perhaps most importantly, we plan to leverage the power of our technology platform to reduce transaction costs and make these products accessible to more Canadians."

"We've invested more than $150 million building what we believe is the leading mobile-first digital account and banking experience in Canada. We have close to half a million members and one of the country's largest dedicated and experienced fintech teams of over 250 people, including a technology and product development team of almost 100 people," continued Greg Feller. "As a result, we believe Mogo is uniquely positioned to offer consumers the ability to own and use cryptocurrencies in a simple, transparent and trusted way."

Today's announcement includes the recent addition to the Mogo team of Wayne Chen, who joins as a Senior Product Manager to lead the development of Mogo's blockchain initiatives. Chen has significant blockchain and cryptocurrency experience, having previously held the position of Senior Director, Head of Product at nTrust, where he designed and developed a Bitcoin wallet and Exchange.

"We are pleased to welcome Wayne to the team as we continue to expand our capabilities in this area," continued David Feller. "Blockchain technology will clearly have a profound impact on the next generation banking experience and we are excited to begin adding this into our product and platform roadmap. We've also formed a strong legal and compliance team to support our evolution as a digital platform, and we will continue to build out this competency as the regulation of blockchain further evolves."

Bitcoin Investment Trust (OTCQX: GBTC) announced recently that it has declared a distribution and established a record date for the distribution of a portion of the rights to Bitcoin Gold tokens currently held by the Trust as a result of the fork in the Bitcoin blockchain on October 24, 2017 to shareholders of record as of the close of business on December 4, 2017. On the Record Date, pursuant to the terms of the Trust Agreement governing the Trust, the Trust will appoint Grayscale Investments, LLC as agent (the "Agent") on behalf of the Record Date Shareholders and transfer the rights to Bitcoin Gold tokens held by the Trust to the Agent on behalf of the Record Date Shareholders. The Agent will thereafter exercise the rights to acquire the Bitcoin Gold tokens as soon as practicable and sell the Bitcoin Gold tokens over a period of time, currently not expected to exceed 90 days, unless the market for Bitcoin Gold tokens subsequently disappears or the costs incurred by the Agent in connection with selling the Bitcoin Gold tokens would exceed the value of such sales, in which case the Agent will abandon the Bitcoin Gold tokens and make a public announcement to that effect.

Riot Blockchain, Inc. (NASDAQ: RIOT) announced it has made a strategic investment in Verady, LLC ("Verady"). Verady combines blockchain technology and industry thought leadership to bring accounting standards and audit services to the cryptocurrency market. Verady provides accounting, audit, and verification for blockchain based assets such as cryptocurrencies. The Company's investment in Verady will be used to further advance its technology and increase the size of its team. "This investment continues our commitment to building blockchain technologies," said John O'Rourke, Chairman and Chief Executive Officer of Riot Blockchain. "With recent highs in Bitcoin and other cryptocurrency valuations, there is significant market potential for blockchain and digital asset technologies. We will continue to increase our involvement and support of the blockchain ecosystem, as we ramp up our Bitcoin mining operations."

Overstock.com, Inc. (NASDAQ: OSTK) reported earlier this month, financial results for the quarter ended September 30, 2017. Other income, net - Other income, net totaled $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.

HIVE Blockchain Technologies Ltd. (OTC: PRELF) reported this month that it has closed its previously announced bought deal private placement, including the exercise in full of the Underwriters' (as hereinafter defined) option. A total of 12,322,250 units were sold at a price of C$2.80 per Unit for aggregate gross proceeds of $34,502,300 (the "Offering"). The Offering was underwritten by a syndicate of underwriters led by GMP Securities L.P. and included Haywood Securities Inc., Eventus Capital Corp., and PI Financial Corp. Each Unit consists of one common share (a "Share") and one Share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $3.90 until November 14, 2019. The Shares and the Warrants issued under the Offering are subject to a hold period expiring March 15, 2018. In connection with the Offering, the Underwriters received a cash commission equal to 6% of the gross proceeds raised in the Offering, excluding any proceeds raised from Genesis Mining Ltd.

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