Vygr/straws in the wind Vygr is up 505 in the last couple of weeks ,this pretty much mirrors the rise in the Crypto market and my crypto portfolio.Vygr has just purchased a crypto payments provider which as far as I am aware is a similar business to what BNXA is in .This will mean Vygr is expanding its offering .
Since this is a BNXA BB the question is why has BNXA not gone up 50% in conjunction with the Crypto market Like Vygr .
I think the answer is pretty clear ,the Friday announcement that they have registered to have the ability to sell a significant number of shares to raise money .
The inevitable conclusion is that they are still burning cash though as far as I am aware there has been no recent announcement of thier cash balance ,it was 25 million as a result of the share offering several months ago when all the pumpers were active .I did notice that they had paid someone's bill with shares rather than cash so they are in a cash conserve mode.
Sadly for BNXA they underwent a 2-3 times increase in staff just when the Crypto market corrected 50% plus impacting thier TTV by a similar degree .
I suspect that much on BNXA revenue comes from Asia and not NorthAmerica and trading volume in Asia will likely be down even more due to Chinese crackdowns on Crypto.
So it will be interesting to see what the Transaction volume for July was and whether it continues to fall or is beginning to stabilize.
All this is the explanation of why BNXA share price is performing so badly with very little buying in contrast to other Cypto stocks.