Monday morning briefing: Mining for profits in the 21st century
This is a wonderful few weeks for gamblers as March Madness, the NCAA’s biggest basketball tournament, has begun. According to the American Gaming Association, approximately US$8.5 billion has been wagered on the tournament this year. Not to mention the countless entrance fees as friends, family and co-workers fill out their brackets and put a few dollars on the line.
In a typical year, the NCAA holds its regional games in different locations around the U.S., which translates to millions of dollars for local economies. While the NCAA earns about US$1.5 billion from this tournament, there’s an indirect cost for companies that stems from the tournament. A major U.S. employment firm has estimated that employees taking the time to fill out their brackets costs businesses approximately US$13 billion every year.
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Chart of the week: Mining for profits in the 21st century
While investor attention is focused on Bitcoin, many companies are making inroads behind the scenes. One example is Marathon Digital Holdings Inc., which was one of the first digital coin miners listed on the NASDAQ Composite Index.
The company’s revenue rose in 2020, reaching US$4.4 million. The company has also been investing in additional miners, and plans to open another data centre. Bloomberg estimates that revenue could rise to US$286 million in 2021. So far in 2021, Marathon Digital’s share price has already increased 231%. Let us know what you think.
Used with permission of Bloomberg Finance L.P.
News and notes (U.S.)
Why hedge funds are a natural fit with ESG: Hedge funds are the ESG bellwethers – do they know it?
Having a home country bias when choosing PE funds is not such a bad thing: The ‘home bias’ in private equity pays off
BlackRock making changes to its lineup of iShares Morningstar U.S. Equity Style Box ETFs: BlackRock cuts fees on $7.6 billion style ETFs to near zero
Mutual fund sales and performance over the past two weeks: Mutual funds scorecard: March 24 edition
News and notes (Canada)
Venture capital investments were $4.4 billion across 509 deals in 2020: Canadian venture capital investments totalled $4.4 billion in 2020
Credentialing bodies will be under the microscope to uphold standards: Title reg puts credentialing bodies to the test
Total assets for mutual funds and ETFs increased in February: Canadian fund sales exceeded $23B in February
Strong demand for Bitcoin ETF: Purpose Investments Bitcoin ETF crosses $1 billion in assets