Stock Markets
Bit Origin partners with Aethir for GPU cloud solutions
NEW YORK – Bit Origin Ltd (NASDAQ: BTOG), a company specializing in cryptocurrency mining, has announced a strategic partnership with Aethir, a leading provider of enterprise-focused distributed GPU cloud services. The collaboration aims to enhance Bit Origin’s service offerings and promote growth for both entities.
Aethir has recently secured nearly USD 150 million in funding and is recognized for its decentralized GPU computing infrastructure, which supports various data-intensive applications including artificial intelligence (AI), gaming, and cloud gaming clients. Leveraging Nvidia (NASDAQ:) H100 GPUs, Aethir has established contracts with major gaming and telecom companies.
On June 12, 2024, Aethir initiated a token generation event for its $ATH token, reaching a fully diluted valuation of $2.6 billion by June 24, 2024. This valuation reflects the potential of Aethir’s growing decentralized GPU cloud infrastructure ecosystem to reshape the cloud computing landscape.
The partnership is also marked by strategic industry collaborations with TensorOpera, which focuses on optimizing and scaling AI model training, and Sophon, a decentralized computing services platform with over 3 million registered users. These collaborations are designed to strengthen Aethir’s capabilities in the AI and crypto sectors.
Bit Origin, serving as Aethir’s sales representative, plans to expand Aethir’s market reach and intends to acquire and deploy Aethir devices in Singapore and/or Malaysia. Jinghai Jiang, Chairman of the Board, CEO, and COO of Bit Origin Ltd, expressed enthusiasm for the partnership, noting the transformative nature of Aethir’s technology and the anticipated substantial growth and value for both companies.
The strategic agreement highlights Bit Origin’s commitment to embracing cutting-edge technologies and leading industry advancements. As Aethir continues to redefine global GPU computing, Bit Origin is set to play a significant role in facilitating access to these vital resources.
Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., operates in the United States and is actively deploying blockchain technologies alongside diversified expansion strategies. This announcement is based on a press release statement and includes forward-looking statements that involve risks and uncertainties. Investors are cautioned that actual results may differ materially from anticipated results.
In other recent news, Bit Origin Ltd has made significant strides in its operations. The company recently announced a strategic partnership with Aethir, an enterprise-focused GPU cloud provider. This agreement positions Bit Origin as a sales representative for Aethir’s GPU-as-a-service offerings. Bit Origin is also planning to acquire and deploy Aethir devices in either Singapore or Malaysia, with further details to be revealed as plans progress.
Another recent development involves Bit Origin’s exploration of Artificial Intelligence (AI) applications within its cryptocurrency mining operations. The integration of AI is expected to enhance the efficiency and profitability of its mining activities. This includes the potential for AI to optimize energy consumption, support predictive maintenance, and provide insights into market trends.
These recent developments illustrate Bit Origin’s commitment to innovation in technology and blockchain. As always, investors are advised to note that these announcements contain forward-looking statements subject to risks, uncertainties, and other factors that could affect the company’s future results or performance.
InvestingPro Insights
In light of Bit Origin Ltd’s strategic partnership with Aethir, recent data from InvestingPro provides a nuanced view of the company’s financial health and market performance. With a market capitalization of 32.29 million USD, Bit Origin is positioned as a smaller player in the cryptocurrency mining sector. Despite its modest size, the company has shown impressive revenue growth over the last twelve months as of Q2 2024, with an increase of 214.61%. This suggests that Bit Origin is expanding its revenue streams, which could be further bolstered by its new partnership.
However, an InvestingPro Tip indicates that Bit Origin is quickly burning through cash, which raises concerns about its long-term financial sustainability. Additionally, the company’s gross profit margin stands at -47.04%, highlighting challenges in maintaining profitability amidst its expansion efforts. This is further evidenced by a negative P/E Ratio of -0.56, suggesting that investors are cautious about the company’s earnings potential.
On a positive note, another InvestingPro Tip reveals that Bit Origin has a strong return over the last year, with a 157.27% price total return, reflecting investor optimism in certain aspects of the company’s operations or potential. Moreover, the recent strategic partnership and industry collaborations may serve to enhance Bit Origin’s market position and improve its financial outlook.
For those considering an investment in Bit Origin, InvestingPro offers additional insights and tips to help make informed decisions. Currently, there are 13 more InvestingPro Tips available, which can be accessed with the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
SCWO Stock Hits 52-Week Low at $0.71 Amid Market Challenges
In a challenging market environment, shares of 374Water (SCWO) have touched a 52-week low, dipping to $0.71. The company, with a market capitalization of $104 million, maintains a strong liquidity position with a current ratio of 3.81 and more cash than debt on its balance sheet, according to InvestingPro data. The company, which specializes in water treatment solutions, has seen its stock price struggle significantly over the past year, reflecting a broader trend in the sector. Investors have been cautious, as evidenced by the stock’s 1-year change, which shows a substantial decline of 52.96%. InvestingPro analysis indicates the stock is currently in oversold territory, with 18 additional investment insights available to subscribers. This downturn highlights the volatility faced by environmental technology companies and raises concerns about future performance amidst uncertain market conditions. With a beta of -0.51, the stock typically moves opposite to market direction, potentially offering diversification benefits.
In other recent news, 374Water Inc. has secured approximately $12.2 million through a registered direct offering, involving the sale of common stock and warrants. The cleantech company expects the gross proceeds before fees and expenses to be around the $12.2 million mark, with D. Boral (OTC:) Capital LLC serving as the exclusive placement agent for the offering. The capital infusion is scheduled to be finalized by November 18, 2024, pending customary closing conditions.
In further developments, 374Water has initiated operations of its AirSCWO technology at the Iron Bridge Regional Water Reclamation Facility in Orlando. This marks a significant step in commercial biosolids processing, with the technology designed to efficiently process biosolids and PFAS contaminated wastes. The successful integration of the AirSCWO system into the Iron Bridge facility demonstrates the company’s capacity to destroy persistent organic pollutants, including PFAS.
The Florida Department of Environmental Protection supported the installation with a grant under the Bilateral Infrastructure Law emerging contaminant funding. Notably, CEO Chris Gannon highlighted the operational success in Orlando as crucial for showcasing the technology’s capacity to manage municipal, federal, and industrial organic waste streams at scale. The company anticipates additional commitments across the United States, including a deployment to Orange County Sanitation (CA) in 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
Global shares and dollar firm in muted pre-Christmas trade
By Alden Bentley, Samuel Indyk and Rae Wee
NEW YORK/LONDON (Reuters) -Wall Street topped off a global share rally in thin trade on Thursday as markets prepared for early Christmas Eve closes, while the dollar was buoyed by firmer Treasury yields and speculation that the Federal Reserve would slow its easing in 2025.
The was 0.47% higher in late morning trade, the rose 0.73% and the rose 0.99%.
U.S. stock trading wraps up at 1:00 p.m. EDT/1800 GMT, and the bond market closes at 2:00 p.m. Most financial centers around the world are closed on Wednesday for Christmas. The U.S. reopens on Thursday, while many financial centers have a second day off.
“Meagre news and data flow should keep the focus on a more hawkish Fed,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
MSCI’s gauge of stocks across the globe went up more than half a percent. The pan-European index rose 0.18%. 100 rose 0.19% and 40 rose 0.14%. German stocks were closed for the Christmas holiday.
In Asia, Chinese stocks rose after sources told Reuters that Beijing planned to issue a record amount of special treasury bonds next year as it ramps up fiscal stimulus to revive a faltering economy.
The blue-chip index and both ended 1.3% higher. Hong Kong’s advanced 1.1%.
The news came shortly after China’s finance ministry said authorities would ramp up fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents, as well as expanding consumer goods trade-ins.
Still, investors remain cautious on the outlook for the world’s second-largest economy, particularly as it faces the threat of hefty tariffs from U.S. President-elect Donald Trump.
Elsewhere, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.37%.
FED FOCUS
Investors are taking direction from last week’s 25 basis point Fed interest rate cut, its signals on the strength of the economy and its slow progress bringing inflation down to its 2% target. Markets are now pricing in about 35 basis points of easing for 2025, implying one quarter-point rate cut and around a 40% chance of a second.
U.S. Treasury yields pared gains after the Treasury saw solid demand for a $70 billion sale of five-year notes, but remained higher on the day. The two-year Treasury yield, which is sensitive to changes in Fed rate expectations, was up 0.9 bp at 4.359%, while the benchmark 10-year yield rose 2.6 bp to 4.625%, reaching a seven-month high at 4.629%. [US/]
“Like markets, the Fed will need to consider U.S. policies on tariffs and immigration in its inflation and growth outlook. We believe the subtle slowing in the U.S. labor market will still be the Fed’s paramount concern,” said analysts at Citi Wealth.
“While always uncertain, our base case expectation for a 3.75% policy rate is unchanged. It’s a far cry from the 1.7% U.S. policy rate average of the past 20 years.”
The Fed’s cut was the third one this cycle, taking the Fed funds rate to 4.25%-4.5%.
Ahead of Trump’s return to the White House in January, global central banks have urged caution over their rate paths due to uncertainty on how his planned tariffs, lower taxes and immigration curbs might affect policy.
Data on Monday showed U.S. consumer confidence unexpectedly weakened in December as the post-election euphoria fizzled and concerns about future business conditions emerged.
In currencies, the rose 0.14% hovering near a two-year high hit Monday, having climbed more than 2% in December so far.
The euro eased 0.15% to $1.0389, while the yen languished near last week’s five-month low, trading at 157.35 per dollar.
Japan’s Finance Minister Katsunobu Kato on Tuesday reiterated Tokyo’s discomfort with excessive foreign exchange moves and put speculators on notice that authorities are ready to act to stabilise a faltering yen.
rose 0.13% to $2,616.26 an ounce, having risen about 27% this year, heading for its biggest yearly gain since 2010.
rose 1.56% to $70.32 a barrel and rose to $73.73 per barrel, up 1.51% on the day. [O/R]
Stock Markets
Wall Street advances in short Christmas Eve session on megacap gains
By David French
(Reuters) -Wall Street’s main indexes all ended higher on Tuesday, with gains in megacap and growth stocks bolstering benchmarks in a truncated Christmas Eve session.
Both the and the scored four straight sessions of gains. For the Dow, the run follows its 10-session skid earlier this month, its longest losing streak since 1974.
The benchmarks closed higher on the first day of a historically strong period called the “Santa Claus rally.” The on average has gained 1.3% in the last five days of December and first two days of January, according to data from the Stock Trader’s Almanac going back to 1969.
With megacap stocks having outsized influence on markets, their performance is often a key driver of indexes. When coupled with reduced trading volumes and few other catalysts, as many investors take time off for the holidays, this is even more pronounced.
All the so-called Magnificent Seven megacap technology stocks climbed on Tuesday, led by Tesla (NASDAQ:).
The automaker’s rise helped push consumer discretionary shares higher, making them the top gaining sector in the S&P.
Elsewhere, chip manufacturers were also buoyant. Broadcom (NASDAQ:) and Nvidia (NASDAQ:) were up, while Arm Holdings (NASDAQ:) climbed a day after losses from losing a court case.
Growth names rose despite U.S. Treasury interest rates remaining elevated – the benchmark 10-year note yielded around 4.61% on Tuesday. Traditionally, higher debt costs crimp growth stocks.
However, the long-term themes around technology development, including advancements in artificial intelligence, overshadow any near-term moves in Treasuries, said Charlie Ripley, senior investment strategist for Allianz (ETR:) Investment Management.
“This reinforces that view that the sector is going to remain strong, and should be well into the new year,” he said.
According to preliminary data, the S&P 500 gained 64.93 points, or 1.09%, to end at 6,039.00 points, while the Nasdaq Composite gained 264.31 points, or 1.34%, to 20,029.19. The Dow Jones Industrial Average rose 366.75 points, or 0.85%, to 43,273.70.
Stock markets shut at 1:00 p.m. ET on Tuesday and will be closed for Christmas on Wednesday.
After a stellar run to record highs following the November election, which sparked hopes of pro-business policies under U.S. President-elect Donald Trump, Wall Street’s rally hit a bump this month as investors grappled with the prospect of higher interest rates in 2025.
The U.S. Federal Reserve eased borrowing costs for the third time this year last Wednesday, but signaled only two more 25-basis-point reductions next year, down from its September projection of four cuts, as policymakers weigh the possibility of Trump’s policies stoking inflation.
Allianz’s Ripley said the themes which had driven the market higher in the past two months remained intact, and actions by the Fed had not killed the rally.
“Heading into 2025, things are set up with good positioning,” he said, noting factors including economic outlook, consumption in the U.S. and the labor market.
Crypto-related stocks traded higher on Tuesday, including Microstrategy (NASDAQ:), Riot Platforms (NASDAQ:), and MARA Holdings, as the price of bitcoin advanced.
NeueHealth soared after the healthcare provider said New Enterprise Associates, its largest shareholder, and a group of existing investors will take the company private in a $1.3 billion deal.
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