- Bitdeer (BTDR*) $6.45
- Chainlink (LINK) $17.68
- Galaxy Digital (BRPHF*) $10.81
Posted June 4, 2024: Lots of action happening in the market. I have been traveling with family events and am back to work. Quick thoughts we move into the day.
Bitdeer (BTDR*) $6.45 –
I’m looking at Bitdeer as a one to four-year opportunity. First price goal is $15.00 plus or minus a dollar or two. Potential is for a double short-term capital gain. More potential after that but let’s get the double first.
They just raised $150 million dollars, so they are cashed up. This following Q1 2024 where their EBITDA was around $100 million positive from operations. Most bitcoin miners had a great quarter due to tax law changes that allowed them to treat crypto appreciation from crypto held, as earnings gains. Bitdeer sells their bitcoin mined on the day they receive it. This is a big operational difference in ability to create income and asset appreciation. Bitdeer is the global leader in this area. Bitdeer also designed its own crypto computer chip. And machine. They have partnered with Nvidia (NVDA) $1150 to produce and sell this chip. They are also working with Nvidia to provide cloud based AI services to SE Asia. If all goes well, it will be available in Q4 of 2024. This is a difference maker in the crypto mining world.
There is more but let’s get to the stock. Technically they look like they are ready for a move higher following the $150 million cash raise and press on the Nvidia partnership.
Believe Bitdeer is entering a stage two chart pattern. Price is above both 50-day and 150-day MAs
Stats from Finviz.com – Chart from Stockcharts.com (above) Analyst projections from TipRanks.com (below)
Wall street likes the BTDR story, but the story isn’t out in the retail world. This could develop as Bitdeer uses and sells this chip with the industry leader NVDA.
Company description:
Sector: Technology
Industry: Financial Technology (Fintech) & Infrastructure
Bitdeer Technologies Group is a technology company. The Company is engaged in providing cryptocurrency mining solutions. It primarily operates three business lines: proprietary mining, hash rate sharing, and hosting. Its Proprietary mining refers to cryptocurrency mining for its own account, which allows it to directly capture the high appreciation potential of cryptocurrency. It offers two types of hash rate sharing solutions, namely Cloud Hash Rate and Hash Rate Marketplace. Through Cloud Hash Rate, the Company sells its hash rate to customers. It offers hash rate subscription plans at fixed price and share mining income with them under certain arrangements. The Company’s hosting services offer customers mining machine hosting solutions encompassing deployment, maintenance, and management services for cryptocurrency mining. Headquarters Singapore. Website link.
ChainLink (LINK) $17.64 – to follow
“Entire Financial System Headed for Massive Transition: ‘BlackRock’s Larry Fink Is Right’ – Nazarov”
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Sergey Nazarov, Co-Founder of Chainlink, who says that all transactions will eventually be on the blockchain. Nazarov points out that being on blockchain will be as important as being on the Internet, adding that the market for on-chain assets is in the hundreds of trillions of dollars. Nazarov discusses tokenization’s future, smart contracts, and the potential for decentralized finance (DeFi) to transform traditional financial systems. Nazarov also comments on Ether spot ETFs and predicts where the cryptocurrency space will be in the next three years.
Sergey explains in plain English the crypto blockchain technology that is totally changing finance around the globe. This is not in the future – it is happening now. SWIFT, the International Banking Transfer system, is implementing Chainlink (LINK), Smart Contracts, Tokenization and Blockchain now. You can choose to ignore, not-believe or dismiss this technology but is your lost opportunity and falling behind reality. This interview is the best description in simple easy and to understand language as I have heard. Fintech is the industry of companies involved in the application of crypto through blockchain and smart contract and is one way to participate. Galaxy Digital participates in all aspects of crypto, blockchain, tokenization, Venture capital and crypto mining. Galaxy is considered the most diversified way to participle in this massive technology trend change. Chainlink (LINK), Ethereum (ETH*) and Bitcoin (BTC*) is a more targeted and direct way to participate. Chainlink is a layer two altcoin that is built upon layer one alt-coin, Ethereum (ETH*). Ethereum is the leader in smart contracts built on Blockchains. The size of this new market is estimated to be in the multiple trillions of dollars. It is a new industry of massive size so cannot be dismissed as not material. Can anyone afford not to be investing in this new technology that is being rapidly implemented at this time.
- Size of Tokenization market by 2030 is projected to be in the multiple Trillion dollar sized market. link
- How SWIFT and Chainlink are working together link.
- BlackRock’s tokenized fund ‘brings legitimacy’ to public blockchains like Ethereum, Bernstein says – Link
- 300-year-old Stradivarius violin tokenized by Novogratz’s Galaxy Digital – June 3, 2024 Link.
It does not matter if you or I believe in Tokenization or not. Tokenization is real and rapidly changing the financial landscape. Chainlink (LINK) will be a heavily used technology.
Chainlink Chart from Coinbase.com:
Galaxy Digital (BRPHF) $10.95
We are seeing more analysts issue new buy recommendations on Galaxy. They are obviously late in that the share price is up from the $2.50 area. This is not a negative but typical of Wall Street where they want assurance of success more than they want to make money for clients. I do believe Galaxy stock can double from the current price, but it will likely unfold over another year’s period of time. Galaxy is however, “the” best diversified play covering Crypto, Crypto Mining, Asset management of Crypto assets, Venture capital in new companies developing applications using crypto and tokenization. The price will be volatile no matter what. In related accounts we have sold a modest amount of our position to spread to opportunities. The exact downsize is 23% of the position size. For the most part we sold the highest cost shares and thus lower our cost basis, so we now are at better than double our overall cost basis.
Galaxy is in Stage 2 Chart Pattern
Galaxy Digital appears to be rising towards the $12.50 – $13.00 price as a target. $15 is a strong resistance area that will likely take a period of backing and filling similar to what has just happened in the $8 to $10 area. So much of this depends on the price of Bitcoin and other alt-coins. No surprise in that. The majority of pro-crypto analysts who have followed crypto for a decade or longer, are projecting a strong crypto market into Q1 2025.
A positive surprise would be a Galaxy listing on a United States Stock Exchange. More possible now that the current administration as shifted to a pro-crypto attitude vs the past Senator Elizabeth Warren who led an attack on the Crypto Industry
From TipRanks.com
LOTM Research & Consulting Service
* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
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