Post-Merger Greenidge Generation Is Suffering From Bad Timing
Post-Merger Greenidge Generation Is Suffering From Bad Timing
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
InvestorPlace-股市新闻、股票咨询和交易提示
Greenidge Generation Holdings Inc. (NASDAQ:GREE) recently went public via a reverse merger on Sept. 15. Ever since then, GREE stock has lost more than 50% of its price. It currently trades around $25.
Greenidge Generation Holdings Inc.(纳斯达克股票代码：格力)最近于9月1日通过反向合并上市。15.从那时起，GREE的股价已经下跌了50%以上。目前它的交易价格约为25美元。
The reverse merger gave shareholders 115 shares of GREE stock for every 1,000 shares of Support.com stock they held. On the first day after the merger, its opening price was $57. It reached a high price of $60, then fell to $43.40 by the time the market closed.
反向合并使股东每持有1,000股Support.com股票，就会获得115股GREE股票。在合并后的第一天，其开盘价为57美元。它曾达到60美元的高价，然后在市场收盘时跌至43.40美元。
Closing lower on the first day of a trading debut is not usually considered a positive thing, as it creates selling pressure. In fact, only a few weeks later, GREE stock has dropped considerably.
上市首日收盘走低通常不被认为是一件积极的事情，因为这会造成抛售压力。事实上，仅仅几周后，GREE的股价就大幅下跌。
The Backdrop of GREE Stock
灰色股票的背景
In August, I wrote that the merger would be a key catalyst for SPRT stock. History proved me correct, as before the upcoming merger, the stock had a very strong selloff. I wrote that this deal made sense, but "all things considered, I find the stock too pricey despite Support.com's strong financial health. Its new Bitcoin exposure makes things far riskier for shareholders now."
8月份，我写道，合并将是SPRT股票的关键催化剂。历史证明我是正确的，因为在即将到来的合并之前，该股出现了非常强烈的抛售。我写道，这笔交易是有意义的，但“综合考虑，尽管Support.com的财务状况很好，但我觉得它的股价太贵了。它新的比特币敞口让现在的股东面临的风险要大得多。”
- 7 Financial Stocks to Buy to Get Ready for the Fed's Next Move
- 7只金融股将买入，为美联储的下一步行动做好准备
Earlier in the piece, I elaborated on my concerns:
在这篇文章的早些时候，我详细阐述了我的担忧：
"The major problem is that Support.com will now have exposure to the price of Bitcoin and thus become a crypto mining play. I am not certain if SPRT shareholders will agree that this shift is worth the risks. Currently, cryptocurrency is highly volatile and facing strict regulatory problems."
“主要的问题是，Support.com现在将暴露于比特币的价格，从而成为一家密码挖掘公司。我不确定SPRT股东是否会同意这种转变值得冒险。目前，加密货币波动性很大，面临着严格的监管问题。”
I felt some key financial metrics, such as weak revenue and net losses, were worrisome and made SPRT stock too pricey. I also noted that revenue decreased by 23% year-over-year, which was not good news for Suppport.com when the merger was close at hand.
我觉得一些关键的财务指标，如疲软的收入和净亏损，令人担忧，使SPRT的股票过于昂贵。我还指出，收入同比下降了23%，在合并在即的情况下，这对Suppport.com来说不是好消息。
Then, on Sept. 24, the crypto market was hit with the news that regulators in China decided to completely ban cryptocurrencies. The restriction covers all activities, from trading to mining.
然后，在9月1日。24日，中国监管机构决定全面禁止加密货币的消息打击了密码市场。这项限制涵盖所有活动，从贸易到采矿。
This was not unexpected news, as China has been not friendly to the cryptocurrency market for quite some time. But for Greenidge Generation, which owns and operates crypto mining facilities, this is a huge problem.
这并不是出人意料的消息，因为中国对加密货币市场已经不友好了很长一段时间。但对于拥有和运营密码挖掘设施的Greenidge Generation来说，这是一个巨大的问题。
Bitcoin's Future Depends on Short-Term Prices
比特币的未来取决于短期价格
Trying to predict the price of Bitcoin (CCC:BTC-USD) is a tough task. I have read predictions about Bitcoin hitting $100,000 by end of 2021, or $500,000 in five years. But the true question to me is whether Bitcoin will hold its well-tested $40,000 price level in the short term.
试图预测……的价格比特币(CCC：BTC-USD)是一项艰巨的任务。我读过一些预测，称比特币将在2021年底达到10万美元，或在五年内达到50万美元。但对我来说，真正的问题是比特币是否会在短期内维持久经考验的4万美元价格水平。
For quite some time now, Bitcoin's price has remained within a range of $40,000 to $50,000. This is ideal for traders and investors, as it makes trading in Bitcoin "predictable." When the boundaries of a range are tested and defined, investors can somewhat reliably buy near the bottom boundary and sell near the upper boundary. The true risk now is in how long this range will hold — at some point, a breakout will occur.
在相当长的一段时间里，比特币的价格一直保持在4万美元到5万美元的范围内。这是交易员和投资者的理想选择，因为它让比特币的交易变得“可预测”。当一个区间的边界被测试和定义时，投资者可以在一定程度上可靠地在底部边界附近买入，在上限边界附近卖出。现在真正的风险在于这个区间还能维持多久--在某个时候，突破将会发生。
The lower boundary is riskier to break, and if that happens, Bitcoin could move much lower than $40,000. Why is that? It has to do with supply and demand, plus the total ban on the cryptocurrency market in China.
突破下限的风险更大，如果发生这种情况，比特币可能会远远低于4万美元。为什么会这样呢？这与供求有关，加上中国全面禁止加密货币市场。
Regulators in China have made it clear that all activities related to cryptocurrency are illegal. If those who hold crypto in the country get the chance to sell, they will likely take it. The outcome would be an increased supply of Bitcoins, which would drive its price lower. As a result, a rapid breakdown of the $40,000 level would lead to a selloff thanks to the FOMO (fear of missing out) effect.
中国监管机构明确表示，所有与加密货币相关的活动都是非法的。如果那些在该国持有密码的人有机会出售，他们很可能会抓住机会。其结果将是比特币供应的增加，这将压低比特币的价格。因此，由于FOMO(害怕错过)效应，4万美元水平的快速崩溃将导致抛售。
Global Regulation of the Crypto Market Is Coming
全球密码市场监管即将到来
What if other countries follow in China's footsteps and start regulating the crypto market? For example, the U.S. appears to be close to a decision on how it will approach cryptocurrency.
如果其他国家追随中国的脚步，开始监管密码市场，那该怎么办？例如，美国似乎即将就如何处理加密货币做出决定。
According to CNBC, after senators called for crypto regulation, the Securities and Exchange Commission (SEC) Chair Gary Gensler "assured the Senate that the regulator is working overtime to create a set of rules to oversee the volatile cryptocurrency markets."
根据CNBC在参议员呼吁对密码进行监管后，美国证券交易委员会(SEC)主席加里·詹斯勒(Gary Gensler)“向参议院保证，该监管机构正在加班加点地工作，以制定一套规则来监管动荡的加密货币市场。”
Additionally, the site noted that "Gensler told reporters after the Senate Banking hearing that the SEC is weighing different options for how to tackle problems with payment for order flow."
此外，该网站指出，“詹斯勒在参议院银行业听证会后告诉记者，SEC正在权衡如何解决订单流支付问题的不同选择。”
The SEC's crypto plan is on a train that is quickly arriving at its destination. It not a matter of whether or not crypto regulation will occur, but rather when it will occur.
美国证券交易委员会的加密计划正在一列火车上，这列火车很快就会到达目的地。这不是密码监管是否会发生的问题，而是何时会发生的问题。
Europe and countries all over the world may follow this lead. In this scenario, cryptos will lose their biggest advantage — being part of an unregulated market.
欧洲和世界各国可能会效仿这一做法。在这种情况下，密码将失去其最大的优势-成为一个不受监管的市场的一部分。
GREE Stock Is Risky in the Wake of These Catalysts
格力股票在这些催化剂的尾流中存在风险
The GREE stock reverse split was a catalyst, but this move is usually not a positive sign for a stock. Although reverse stock splits have no fundamental impact on a company, what matters is the financial health of a stock and its valuation.
GREE股票的反向拆分是一个催化剂，但对一只股票来说，这一举动通常不是一个积极的迹象。尽管股票反向拆分对一家公司没有根本影响，但重要的是一只股票的财务健康状况及其估值。
I felt strongly about the elevated price of Support.com stock while it was still trading. But now that the merger is a done deal, former shareholders in the customer support company are invested in something completely different. The main crypto business is a far cry from Suppport.com's focus on customer service and security software.
当Support.com的股票还在交易时，我对它的高价感到强烈。但现在合并已成定局，这家客户支持公司的前股东投入了完全不同的东西。主要的加密业务与Suppport.com专注于客户服务和安全软件相去甚远。
The business model has changed completely, and thus GREE stock requires a completely different assessment than the previous company. For a bitcoin mining company, the price of Bitcoin is of paramount importance. And with the latest crypto market news and selling pressure on Bitcoin, things do not look good for GREE stock at this time.
业务模式已经完全改变，因此GREE股票需要与前一家公司完全不同的评估。对于一家比特币矿业公司来说，比特币的价格至关重要。随着最新的密码市场消息和比特币的抛售压力，目前看起来GREE股票的情况并不乐观。
Investors should wait to see the next few quarters of financial results and evaluate the market conditions before taking a position. Until then, GREE stock is too risky.
投资者应该等待未来几个季度的财报，并评估市场状况，然后再建立头寸。在此之前，GREE股票风险太大。
On the date of publication, Stavros Georgiadis, CFA did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
在文章发表之日，CFA没有(直接或间接)持有本文提到的证券的任何头寸。本文表达的观点是作者的观点，以InvestorPlace.com为准出版指南.
Stavros Georgiadis is a CFA charter holder, an Equity Research Analyst, and an Economist. He focuses on U.S. stocks and has his own stock market blog at thestockmarketontheinternet.com/. He has written in the past various articles for other publications and can be reached on Twitter and on LinkedIn.
斯塔夫罗斯·乔治亚迪斯(Stavros Georgiadis)是CFA执照持有人、股票研究分析师和经济学家。他专注于美国股票，并有自己的股市博客，网址为Thestock market ontheinteret.com/。他过去曾为其他出版物撰写过各种文章，可以在Twitter和其他网站上联系到LinkedIn.
The post Post-Merger Greenidge Generation Is Suffering From Bad Timing appeared first on InvestorPlace.
合并后的Greenidge一代人正遭受着糟糕的时机，首次出现在InvestorPlace上。