Bitcoin's Repayment Problem

Plus, SolarEdge's bad double filing.

June 25, 2024

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Today is Tuesday, June 25, 2024.

The Early Bird Index today is 73.80.

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Bitcoin's Repayment Problem

Bitcoin dropped about 5% on Monday to $60,000, the first time it fell to that price since May.

Details: Mt. Gox, a failed Bitcoin exchange, announced Monday that it will finally return Bitcoin and Bitcoin cash to customers.

  • After a hack, Mt. Gox declared bankruptcy in 2014 (yes, 10 years ago).

  • About 140,000 Bitcoins will be returned to customers.

So What: Experts fear returning that much supply to customers could result in mass liquidations (aka people selling Bitcoin). This increase in supply could create pressure on Bitcoin and cause it to fall.

Price: Bitcoin is up 97% this year but down 13% in the last 30 days.

Background: Bitcoin got off to a strong start this year due to the approval of spot Bitcoin ETFs and the 2024 halving event. Since then, Bitcoin has stagnated.

Early Bird’s Nest Egg Gains: Bitcoin’s current headwinds include reduced ETF demand, persistent inflation, higher-than-expected interest rates, and geopolitical issues that make risk assets less appealing. 

Final Thoughts: Since Mt. Gox closed in 2014, Bitcoin is up over 18,000%. Wow!

Notables

Notable Earnings Today: FedEx (NYSE: FDX), TD Synnex (NYSE: SNX), Progress Software (Nasdaq: PRGS), Airship AI Holdings (Nasdaq: AISP), Carnival (NYSE: CCL), Worthington Enterprises (NYSE: WOR).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: EV Solar Kits (StartEngine), Ponderosa Beer + Books (SMBX), Boulettes Larder (SMBX), IdentifySensors Biologics (PicMii).

Notable Economic Events Today: S&P/CS HPI Composite (9:00 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

SolarEdge's Bad Double Filing

Clean energy company SolarEdge Technologies (Nasdaq: SEDG) plunged by 13.65% in after-hours trading on Monday after disclosing two items in a new filing.

Details: The company announced a private offering of $300 million in convertible senior notes.

Also: It revealed that PM&M Electric, Inc., which owes SolarEdge money, has filed for bankruptcy.

Final Thoughts: SolarEdge is down 63% this year, including a 30% decline in the last 30 days, due to the tough 2024 solar energy market. The CFO is stepping down, and it’s not a good time to be an investor in this company.

Pool’s Weak Demand

Swimming pool company Pool (Nasdaq: Pool) fell 10.89% in after-hours trading on Monday after revising its financial guidance.

Financials: The company expects net sales to be down 6.5%.

Powering the Story: Pool blamed weak demand for pool construction. New pool construction could be down 15% to 20%.

Final Thoughts: Pool’s stock is down 12% this year as consumers pull back from new pool construction.

Discontinuing: Tether halts USDT minting on Eos and Algorand (Cointelegraph)

Weighing in on the U.S. Market: Novo Nordisk invests $4bn to expand weight loss drug production in US (Financial Times)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.