It’s been a fantastic weekend for crypto investors, as Bitcoin has continued to head higher, breaking the $ 120,000 mark for the first time. We have also started to see green shoots from Alt-Coins, it really feels like a full-on cryptocurrency bull run is about to hit us like a steam train. As you would expect, the vast majority of treasury and cryptocurrency stocks are down today. Why? well, just because. This market is not supposed to make any sense, if there was any kind of rationality going on, I am sure we would have all run for the exits many years ago! Yet here we are, optimistic as ever, ready for the next piece of insane price action. As i’ve always said, this is not the market place for those with a feint heart.
So, first up today’s big mover – Satsuma Technology PLC #SATS – ripping up on the back of news and finishing the day with a Mcap of just north of £47m, not bad for a company with 28 BTC on its balance sheet – thats just over £1.6m per token, for those that are interested, or have bothered to do the maths, quite the feat, considering the current all time high of the asset is around £90k, although i suspect this valuation is forward looking, very, very far into the future. The news that created the huge surge in share price was none other than Henry Elder, formerly of UTXO management, being appointed CEO. For those that follow BTC treasury companies, you will be aware that UTXO management advised SWC’s 10-year plan. This has caused some friction among SWC investors who see any involvement of UTXO in SATS as a conflict of interest and may somewhat weaken the grip SWC has over the treasury space. Some people just don’t like sharing their toys i guess?
Another one on the up today was KR1, a favourite stock of mine and one that is truly undervalued. See my blog post from last night for further details on the stock. Good to see some wind finally entering the ship’s sails.
Sadly for investors, most of the rest see red. Hopefully, this will change as the week progresses, as what is being labelled as “crypto week” in the USA gets underway.
The biggest loser of the day was Coinsillium – it’s worth mentioning that no news was released to bring the stock down; maybe it was the lack of news that caused the sea of red today? After oll most of these stocks are momentum plays, and what goes up, can come down just as fast. COIN finishing just over 19% down on the day.
Following closely behind was Valereum PLC, which continues to dump on almost a daily basis after funding fell through in May. It’s not looking good for long-term holders, who have really been through the mill over the past few years. This is one stock that just cant seem to catch a break. After the disappointment of losing out on the deal to take over the Gibraltor stock exchange some years back, things looked on the up after a shareholder rebellion lead to a new management team taking over. But the honeymoon was short lived when the £19m deal with DMC collapsed. Until further money is raised, i cannot see a way out for this besieged company right now.
Other big losers were Smarter Web Company, possibly due to the SATS news or the broader sentiment changing. Down 13% on the day. Vaultz Capital PLC has also decreased by a similar amount – placing to raise circa £1m. PR1 dropped around 10% today – News out that Primorus Investments PLC dumped their holdings in the stock, despite a 12 month lock in period from PR1’s initial listing on AIM, back in December last year.
All in all, a rough day for investors today, despite Bitcoin hitting an all-time high over the weekend. It is still early, however, and the stocks have all week to bring home the bacon. On my watch list for tomorrow is one of my higher-risk investments, Vault Ventures PLC. The long-awaited AMA is scheduled for tomorrow morning; tune in – I’m hoping for some bullish news personally.
Disclaimer: Nothing in this article is intended as investment advice, and readers should always do their own research. The cryptocurrency sector is highly volatile and can move rapidly in both directions. I may be invested in some of the stocks I mention in these articles, so please note that my comments may be biased. Everything is my opinion, so please fact-check.
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