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The Bitcoin (CRYPTO: BTC) price is down 1.3% over the past 24 hours. One Bitcoin is currently worth US$54,203 (AU$70,400). At that price, the world’s largest crypto has a market cap of US$1.01 trillion, according to data from CoinDesk.

Bitcoin is now down 12% from its record US$61,557, which it reached less than 2 weeks ago on 14 March. However, the digital token is still up more than 85% in 2021. And it’s up more than 700% over the past 12 months.

That’s great news if you bought and held onto Bitcoin over the past months.

But according to Bank of America, it’s far from great news for mother earth.

Why Bank of America is sounding the alarm on a rising Bitcoin price

You may have heard that the currency uses a good bit of energy. That’s because the Bitcoin miners, those companies using vast arrays of computers to verify transactions and “mine” new Bitcoins, obviously need to plug into a power source.

But you may not be aware of just how much power Bitcoin really uses. Or that, as Bank of America Corp (NYSE: BAC) revealed in a report, as the Bitcoin price rises, the cryptocurrency uses more power.

Commentary

As Bloomberg reports, according to Bank of America:

The level of emissions, which have risen alongside a spike in Bitcoin’s price, have grown by more than 40 million tons in the past two years. And when the digital asset is trading around $50,000 – which it’s done for much of this year – it uses about 0.4% of global energy consumption.

And as the Bitcoin price rockets, so too does the incentive to mine more of it. Not to mention the US$61 billion worth of transactions that needed blockchain verification over the past 24 hours.

Francisco Blanch is the head of commodities and derivatives research at Bank of America. Blanch said:

What I’m concerned about is the pace of growth in the demand for energy. The rate of change is enormous — nothing is growing at this pace in the energy world… Right now, this thing is taking a lot of energy and it’s possible that if everyone comes in and prices go higher, then it’s going to be way more energy.

So how much energy does Bitcoin use at the current price?

According to the Bank of America report, Bitcoin now uses more energy than the Czech Republic, Chile, or Greece. And it’s within a whisker of overtaking the energy usage of the Netherlands. And with much of the global Bitcoin mining conducted in China, which relies heavily on coal-fired power plants, the crypto’s carbon footprint is reported to equal that of American Airlines Group Inc (NASDAQ: AAL).

While Bitcoin fans point out that other financial transaction (such as printing and moving around cash) also use energy, it will be interesting to see if the Bitcoin exchange-traded funds (ETFs) come under fire from the rising trend of environmental social governance (ESG) investors.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Element 25 Ltd (ASX: E25) share price is firmly in the red this morning, down 7.8% at $2.46 at the time of writing.

This comes after the ASX resource explorer emerges from a 2-day trading halt it requested pending today’s capital raising announcement.

Below, we take a look at the details of Element 25’s capital raising.

What did Element 25 report today?

The Element 25 share price is moving lower this morning after the company reported it had received commitments from investors for a $35.5 million capital raising.

The placement of 16,136,364 shares, which Element 25 said received strong support from “a leading Swiss ESG fund”, was made at $2.20 per share. While that’s 8% above Element 25’s 30-day weighted average share price before the placement, it’s 18% below yesterday’s closing price of $2.68 per share.

As the lead broker in the capital raising, Blackwood Capital will receive a fee of 5% of the raised funds.

How will the funds be used?

Element 25 said it intends to use the new capital to fund the stage 2 expansion of manganese concentrate production at its 100% owned Butcherbird Manganese Project in Western Australia.

The company also intends to speed up its plans to produce Lithium-Ion battery-grade manganese sulphate from the project. It stated that:

Manganese is emerging as an increasingly important ingredient for EV batteries, with potential supply constraints for nickel and cobalt forcing battery manufacturers to look to high manganese cathodes to produce the vast amount of cathode material required by the EV industry in coming years.

The recent announcement by Volkswagen reinforces this transition to high manganese content on these cathode materials.

The company said the placement shares would be issued without shareholder approval.

Element 25 share price snapshot

Despite this morning’s decline, Element 25 shares are up a jaw-dropping 2,360% over the past 12 months. To put that in some perspective, the All Ordinaries Index (ASX: XAO) is up 47% over that same time.

Year-to-date, the Element 25 share price is up 57%.

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• Element 25 (ASX:E25) share price takes a hit despite maiden production news

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The REA Group Limited (ASX: REA) share price is one of the best performers on the S&P/ASX 200 Index (ASX: XJO) on Wednesday.

In afternoon trade, the property listings company’s shares are up 5% to $140.36.

Today’s gain means the REA Group share price is now up a sizeable 28% over the last six months.

Why is the REA Group share price outperforming today?

Investors have been buying the company’s shares this morning after it was the subject of a bullish broker note out of Macquarie Group Ltd (ASX: MQG).

According to the note, the broker has upgraded its shares to an outperform rating from neutral and increased the price target on them to $171.70.

Based on the current REA Group share price, this price target implies potential upside of 22% over the next 12 months. That’s even after factoring in today’s strong gain.

What did Macquarie say?

The note reveals that Macquarie made the move after its industry research pointed to a preference among real estate agents for REA Group’s platform ahead of rival Domain Holdings Australia Ltd (ASX: DHG).

It feels this bodes well for the company and suspects it will be in a position to increase listing prices due to its superior audience size. In respect to this point, when the company released its half year results last month, it revealed that it was commanding over 3 times more traffic to its site than its nearest rival.

Macquarie isn’t the only bullish broker. A note out of Morgan Stanley last month reveals that its analysts have an overweight rating and $175.00 price target.

Whereas a note out of Goldman Sachs in February shows that its analysts have a buy rating and $159.00 price target on its shares.

In light of the above, despite being up 28% over the last six months, the REA Group share price appears to have the potential to keep on climbing.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Invictus Energy Ltd (ASX: IVZ) share price is climbing in late morning trade. This comes as the company announced that it has completed a share placement. At the time of writing, the energy producer’s shares are up 7.1% to 15 cents.

Let’s take a closer look and see what Invictus Energy updated the ASX market with.

Completed placement

The Invictus Energy share price is racing higher following a successful capital raise.

According to its release, Invictus Energy advised it has received firm commitments to raise $8 million through a private placement. The offer was presented to new and existing institutional and sophisticated investors.

Under the placement, Invictus Energy will issue 25,058,198 fully-paid ordinary shares under listing rule 7.1. This allows up to 15% of its shares to be issued without shareholder approval.

Furthermore, another 47,669,075 new shares will be allocated to eligible investors under an additional listing rule 7.1A placement capacity.

In total, 72,727,273 ordinary shares will be allotted at an issue price of 11 cents per new share. Thus, this offer represents a discount of 10% on the 15-day volume-weighted average price (VWAP).

Attached to the shares will be an unlisted option of a 1-for-2 basis, with an exercise price of 17 cents. The options will have a 3-year expiry date. A maximum of 36,363,636 new options is to be issued.

Furthermore, proceeds of the placement will be used towards a number of strategic initiatives. This includes commencing the company’s 2D seismic campaign in the Mzarabani Prospect, as well as general working capital.

Management commentary

Invictus Energy managing director Scott Macmillan commented:

We are extremely pleased with the excellent support received from new and existing shareholders and it is a strong endorsement of our Cabora Bassa project and the exciting and world class Mzarabani-1 Prospect which the Company is preparing to drill.

The Company will also use part of the proceeds from the placement to order long lead drilling equipment and undertake a rig tender exercise. In addition, the placement will provide ongoing working capital to support the development of the project as it continues to prepare for a high impact basin opening drilling campaign, anticipated in late CY21/early CY22.

About the Invictus Energy share price

The Invictus Energy share price has gained an astonishing 1,350% in the past year. It has also gained over 160% year-to-date. The company’s shares are within sights of reaching its multi-year high of 15.7 cents achieved late last week.

Invictus Energy has a market capitalisation of roughly $69 million, with around 477.4 million shares on issue.

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• Why the Invictus Energy (ASX:IVZ) share price is up 100% this year

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Pfizer Inc (NYSE: PFE)‘s success in developing an effective COVID-19 vaccine in record time has given the pharmaceutical giant the confidence to invest heavily in the technology that underpins that vaccine. In an interview with The Wall Street Journal on Tuesday, CEO Albert Bourla revealed that Pfizer plans to become a leader in the development of new vaccines that rely on messenger RNA (mRNA).

Unfortunately for BioNTech (NASDAQ: BNTX), those plans don’t rely on a continuation of the collaboration agreement that brought the world its first authorized mRNA-based vaccine. According to Bourla, Pfizer doesn’t need to work with BioNTech anymore because it has the expertise to develop those new vaccines on its own.

Pfizer still has options to license two more BioNTech vaccines, one directed against cytomegalovirus (CMV) and another meant to prevent respiratory syncytial virus (RSV). Despite a great deal of effort over the past 50 years, there still aren’t any effective vaccines approved to protect against those viruses. 

If Pfizer can rapidly develop new mRNA vaccines as Bourla suggests, it’s easy to see why the company would rather strike out on its own. Pfizer and BioNTech are splitting the profits on BNT162b2 evenly at the moment. It’s hard to say how much will hit their bottom lines, but the partners expect sales of the COVID-19 vaccine to reach around $15 billion this year.

If it turns out that annual booster shots are not needed, coronavirus vaccine sales could taper off significantly before the end of 2022, then dwindle to nearly nothing by 2024. BioNTech will have plenty of cash to fund the development of new mRNA drugs on its own, but competing with Pfizer will be a challenge. Bourla also said Pfizer intends to apply recently learned lessons to develop new mRNA vaccines at a blistering pace in the future.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Cory Renauer has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Macquarie Group Ltd (ASX: MQG) has come out with bleak commentary for the buy now, pay later industry. Its analysts have mapped a 10-year flightpath for the sector, highlighting leading indicators, inflection points and key triggers.  

It believes that Afterpay Ltd (ASX: APT) will face industry consolidation headwinds in the near-term, before a better long-term outlook. The broker has retained a neutral rating with a $120 target for the Afterpay share price. 

At the time of writing, Afterpay shares are up 0.3%, trading at $107.46.

“Pain before gain” 

Macquarie expects the near-term to be a “pain before gain” scenario for the Afterpay share price. Its report studies other industries that have experienced a boom-bust cycle that resulted in the industry emerging healthier in the long-term. 

The report observes trends such as China’s autos share price index that increased rapidly from 2016-2018 due to growing wealth levels and government stimulus. 2018 was also when the index logged its first year of negative growth since 1990, with factors such as emerging electric vehicles creating a significant oversupply.

After a two-year consolidation period between 2018 to 2020, the market experienced a significant rebound to return to levels prior to oversupply. Similar trends are observed in China’s cement share price index and the more recent resurgence of lithium prices. 

Looking at the BNPL industry, the Macquarie report said: 

The BNPL industry has seen explosive growth in the past few years and quickly gained popularity as a payment alternative, but as with many other such trends experienced in the past (China Commodities in 2015, China Autos in 2018), we think an excessive number of participants has entered the industry in the near term resulting in industry overcapacity.

We expect this to be followed by a few years of industry consolidation (i.e. pain for all players) before industry normalisation at a healthier supply/demand equilibrium.

What does the long-run look like for the Afterpay share price? 

Macquarie has described the “pain before gain” scenario as a period that typically lasts for 1-2 years, followed by a year or so of recovery before prices eventually return to levels prior to oversupply.  

As for the Afterpay share price, the broker is positive on its long-term outlook and bullish on its recent expansion into Europe. However, acknowledges the near-term pressure the industry is likely to experience.

Over time, the broker believes that “the strong become stronger and the weak get weaker”. The consolidation period could see weaker companies either fading out or being acquired by larger BNPL companies. 

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Kalium Lakes Ltd (ASX: KLL) share price is charging higher today, up 10% in morning trade and still almost 7% higher at the time of writing.

The ASX resource share is focused on sulphate of potash (SOP) production. SOP is a high yielding fertiliser used in Australia and internationally. According to the company, there is currently no SOP produced domestically.

Below we take a look at the company’s latest announcement regarding its Western Australia Beyondie SOP project.

What did the company announce?

The Kalium Lakes share price is soaring after the company reported a major capacity upgrade at its Beyondie SOP Purification Plant.

According to the release, the final plant design indicates SOP production of at least 100 kilotonnes per annum (ktpa) is achievable. The company added that the additional short-term and “low capital intensity production” opportunities are under review to reach a potential of 120 ktpa of SOP.

Further down the track, Kalium Lakes reported it is assessing other options to get the most value from the project, which includes expanding SOP production to 400 ktpa along with extracting by-products like magnesium for commercial use.

Commenting on the upgrade, Rudolph van Niekerk, Kalium Lakes CEO said:

We are pleased to announce that a ‘debottlenecking’ style review of the plant design for the Beyondie SOP Project confirms that an annual steady-state production rate of at least 100ktpa is achievable. Additionally, the current evaporation ponds’ performance indicates that this production rate can be achieved by mid-2022.

The company is also confident that a production increase to 120ktpa can be achieved without the need for substantial plant modifications and is currently examining pathways to deliver this outcome…. The current resource would support 400ktpa of SOP production for 20+ years…

Kalium Lakes share price snapshot

Over the past 12 months, Kalium Lakes shares have gained almost 44%, slightly trailing the 48% gains delivered by the All Ordinaries Index (ASX: XAO).

Year to date, the Kalium Lakes share price is up 15%.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Australian Strategic Materials (Hldngs) Ltd (ASX: ASM) share price will be one to watch when it resumes trading. The company requested to be placed in a trading halt in anticipation of a capital raising announcement.

The ASM share price closed at $4.99 yesterday. This was down 3.48% from the previous days close. In comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) closed yesterday down 0.06%.

Currently, we do not know yet how much capital ASM will raise, or for what purpose it will be used. However, we can get insight by looking at their business movements over the recent past.

Company background

ASM is involved in producing and mining rare earth elements (REE). REEs include cerium, neodymium, europium, yttrium, and promethium among others. Its main site is located near Dubbo, New South Wales.

According to Geoscience Australia, REEs are used in a variety of everyday technology. These include magnets and super magnets, motors, metal alloys, electronic equipment, batteries, catalytic converters, petroleum refining, medical imaging, and more.

Just over the last couple of months, ASM made 4 price-sensitive announcements to the ASX. However, each has had mixed results on the ASM share price.

The first saw titanium powder produced by the company approved for 3D printing. The second announcement confirmed certain ASM alloys were suitable for producing permanent magnets. The third declared a scoping study supported a $45 million plant build in Korea. Meanwhile, the fourth announced a deal between ASM and a Korean province about the said plant.

The plant will be located 115km south of Seoul. It will produce neodymium-iron-boron powder and titanium powder. The government will provide grants and tax breaks to ASM as part of the deal.

Share price snapshot

Since listing on 30 July 2020, the ASM share price has increased by a whopping 256.43%. It is, however, down 27.05% than its record high of $6.84.

The company was listed on the All Ordinaries Index just in the last couple of weeks.

At its current valuation, ASM has a market capitalisation of $600.6 million.

More reading

• ASX 200 up 0.45%: Premier Investments results, Xero acquisition, Computershare halted
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• ASM (ASX:ASM) share price jumps as scoping study supports $45m plant build

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Share markets have been on a stomach-churning ride the past few weeks and many rookie investors will be experiencing losses for the first time after a boom 2020.

“It’s been pretty violent,” said Forager Funds portfolio manager Harvey Migotti.

“We certainly saw quite a bit of complacency developing in the market, a lot of retail investors investing in businesses that sound sexy on paper, whether it’s renewables or EVs or whatever else.”

Migotti told a Forager video that growth company valuations had “got ahead of themselves” and that the downturn was not a bad development.

“You needed this correction. I’m actually really happy for it because you had a bit of a rise in rates, a bit of a rotation into some of the beaten up sectors to come to more normalised valuations,” he said.

“I think it’s been healthy. The market was acting a bit unhealthy for my liking and this has been good.”

For those first-timers, Migotti reminded them volatility is a golden opportunity.

Is it time to buy shares?

Migotti said that Forager had entered this period with “a good pile of cash” and recently bought into two undisclosed stocks.

“We love that volatility because it allows us to buy really good high quality assets at a discounted price. Both of these happen to be in the growth bucket.”

He felt both purchases, which his team had been monitoring for months, have a decent chance of becoming a “free kick”.

“Names that have fallen 40% from the highs, for no particular fundamental reason just to kind of get caught up in the rotation and, and various other things,” he said. 

“It’s been great from that perspective.”

25% of portfolio was bought since January

Migotti revealed that a quarter of his fund’s holdings had been purchased since January.

“It’s exciting and I’m excited as ever about the potential here,” he said. 

“I think the rotation has been great. It’s a good time to both invest in us and buy parts of the market that have pared back. There’s always opportunities, is what I’d say.”

Forager chief investment officer Steve Johnson wished the party would last a bit longer.

“You get the price falls and often you get a lot of liquidity that comes with that as, as people start to run for the exits,” he said.

“To be honest, we hope the volatility continues over the coming months and years.”

More reading

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Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has recovered from a soft start and is pushing higher. The benchmark index is currently up 0.45% to 6,774.2 points.

Here’s what is happening on the market today:

Computershare capital raising and acquisition

The Computershare Ltd (ASX: CPU) share price is in a trading halt on Wednesday while it undertakes a A$835 million capital raising. The stock transfer company launched the capital raising to partly fund the acquisition of the assets of Wells Fargo Corporate Trust Services. The two parties have agreed a purchase price of US$750 million (A$983.2 million). The company expects the acquisition to be at least 15% management earnings per share accretive on a pro forma FY 2021 basis including full run-rate synergies.

Premier Investments half year results

The Premier Investments Limited (ASX: PMV) share price is pushing higher today after investors responded positively to its half year results. For the first half of FY 2021, the retail conglomerate reported a 7.2% increase in global sales to $784.6 million and an 88.9% jump in net profit to $188.2 million. A key driver of its growth was the Peter Alexander business, which reported record sales of $207.7 million. This was supported by a significant lift in online sales, which underpinned a material expansion in its margins.

Xero share price higher on acquisition news

The Xero Limited (ASX: XRO) share price is rising today after announcing a new acquisition. The cloud-based accounting platform provider is acquiring e-invoicing infrastructure business Tickstar for up to SEK 150 million (~A$22.9 million). This comprises an upfront payment of SEK 60 million and earnout payments of up to SEK 90 million. These earnouts will be based on product development and performance milestones. Sweden-based Tickstar allows organisations such as Xero and its customers to connect to a global e-invoicing network. This enables faster and more secure transactions.

Best and worst ASX 200 performers

The best performer on the ASX 200 index on Wednesday has been the Costa Group Holdings Ltd (ASX: CGC) share price with a gain of almost 6%. This is despite there being no news out of the horticulture company. The worst performer has been the Lynas Rare Earths Ltd (ASX: LYC) share price with a 6.5% decline. This morning rival Australian Strategic Materials Limited (ASX: ASM) announced plans for a material capital raising.

More reading

• Why Alcidion, GrainCorp, Premier Investments, & Xero are storming higher
• Why is the Premier Investments (ASX:PMV) share price on the rise?
• Xero (ASX:XRO) share price higher after announcing new acquisition
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO and Premier Investments Limited. The Motley Fool Australia owns shares of Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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