- NASDAQ:GREE fell a further 2.08% during Tuesday’s session.
- Greenidge Generation and Support.com’s merger has an identity crisis.
- GREE is trying to cash in with retail investors on being a carbon neutral Bitcoin miner.
NASDAQ:GREE had yet another tumultuous day on the markets as the newly merged company fell a further 2.08% during Tuesday’s session. The stock was down much more during the morning, but a surge into the closing bell saw GREE finish above the $30.00 price barrier. Meme stocks didn’t fare too well once again on Tuesday, although losses were not as bad as the global sell off that came during Monday’s session. AMC (NYSE:AMC), GameStop (NYSE:GME), SmileDirectClub (NASDAQ:SDC), ContextLogic (NASDAQ:WISH), and Vinco Ventures (NASDAQ:BBIG) were all trading lower on Tuesday, even as the broader markets managed to stabilize.
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Greenidge Generation and Support.com’s merger brings into question the fluidity of some of these smaller companies. This is not the first meme stock that has completely flipped its business in order to capitalize on the latest trends. The newly formed entity morphed from IT support and cloud-based solutions for at-home workers, to a subsidiary of a carbon-neutral cryptocurrency miner. Two industries that have defined the last two years during the COVID-19 pandemic. But how much can investors truly rely on a company that is able to change its business operations at the drop of a hat? There is probably a reason why GREE may remain a meme stock, rather than an investment that has legitimate future growth potential.
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Greenidge Generation is banking on the words of Tesla (NASDAQ:TSLA) CEO Elon Musk who said that Bitcoin mining needs to be environmentally friendly. Well, Greenidge Generation is the only Bitcoin miner in the United States who operates using a natural-gas powered electric facility. Is this enough to set Greenidge apart? Capitalizing on the words of Musk and the latest craze over cryptocurrencies may work now, but in the long-run, Greenidge will need to prove it can operate a sustainable and profitable business.
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