The theme of this month, if it had one, would certainly be cryptocurrency — every contestant in the Top 10 right now has at least one cryptocurrency-related stock in their portfolio! ‘Memary041’ is currently leading in first place with a return of 263.48%, having doubled down on cryptocurrency companies. For context, Memary041’s closest competitor is second place member ‘minerjoe’ (139.86% return). While commendable, minerjoe’s return is almost half that of Memary041, meaning that Stock Challengers will have to catch up a lot if they plan on usurping Memary041!
Hut 8 Mining Purchase Warrants Soar While Labrador Iron Mines Falls
Hut 8 Mining purchase warrants hit a new 52-week high this Friday, rising 79.49% from C$3.51 to C$6.30. On January 6, 2021, Hut 8 Mining announced that it had opened a Bitcoin Yield Account with Genesis Global Capital.
“The BTC Yield account will enable Hut 8 to earn at a 4 per cent rate of return on its BTC Holdings. With an initial investment of 1000 bitcoin, the Genesis Yield Account will allow Hut 8 to increase or decrease holdings with one days’ notice, offering both the returns and the flexibility essential for continued and strategic growth.”
Labrador Iron Mines, on the other hand, fell 30.96% from US$0.45 to US$0.31 on Friday. The company last announced on October 29, 2020 that a Preliminary Economic Assessment (PEA) was underway for its Houston Project.
“Development of the Houston Project will require development financing, and to assist in securing such financing and as the appropriate next step to advance the project, LIM has engaged Roscoe Postle Associates Inc. (RPA), now part of SLR Consulting Ltd (SLR), to complete an independent Preliminary Economic Assessment (PEA) and a current NI 43-101 Technical Report on the Houston Project to be used for consideration of possible financing options to advance the Houston Project.”
Momentum Builds for TSX Venture and Cryptocurrency Companies
This month’s Stock Challenge, which features a staggering 596 contestants, is sure to be one of our most competitive contests yet — especially if momentum for the TSX Venture and cryptocurrency companies continues…