Public Storage
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Large Cap Blend
Company profile

Public Storage is a real estate investment trust (REIT). The Company's principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. The Company's segments include Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe. As of December 31, 2016, the Company had direct and indirect equity interests in 2,348 self-storage facilities (with approximately 154 million net rentable square feet) located in 38 states in the United States operating under the Public Storage name.

This security is an American depositary receipt
ADR Fees
American Depositary Receipt (ADR) Fee

ADR fees charged by custodial banks normally average from 1 to 3 cents per share. Other country fees might apply. To read more, see the Exception Fees tab at Brokerage Fees

Closing Price
$25.13
Day's Change
0.24 (0.96%)
Bid
--
Ask
--
B/A Size
--
Day's High
25.17
Day's Low
24.85
Volume
(Heavy Day)
Volume:
30,991

10-day average volume:
22,920
30,991

Bitcoin miner's stocks hammered as crypto prices skid lower Wednesday

12:04 pm ET January 20, 2021 (MarketWatch)
Print

By Mark DeCambre

The shares of bitcoin mining companies on Wednesday got slammed, and are on track to post a third straight decline as prices of the most prominent cryptocurrency and the broader virtual-asset market slumps.

At last check, shares of bitcoin miner Riot Blockchain Inc. (RIOT) were down by about 14%, while rival Marathon Patent Group Inc. (MARA) was seeing its shares down 17% in Wednesday midday trading.

The three-session slide for both companies comes as bitcoins on CoinDesk were down 7.2% so far this week, and valued at $34,096 on Wednesday.

The slump in bitcoins comes as incoming President Joe Biden's nominee for Treasury Secretary, Janet Yellen, during a Senate confirmation hearing on Tuesday suggested curtailing the use of cryptos, which she said are prone to be used for malfeasance.

"And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn't occur through those channels," Yellen said.

Bitcoin miners are particularly sensitive to swings in the price of the crypto.

Miners like Marathon and Riot Blockchain, play a key role in maintaining bitcoin's self-sustaining network, running the decentralized software that verifies transactions.

Digital mining refers to the use of high-powered computers to generate new units of the cryptocurrency, by solving complex problems that have become harder over the years by virtue of how bitcoins were originally encoded.

Shares of those companies can be even more volatile than bitcoin by some measures.

Marathon Patent Group shares are up 1,715% over the past 12 months, while those for Riot have surged 1,414%, according to FactSet data. Bitcoin prices, comparatively, are up 287% over the past 12-month period.

Higher prices for bitcoins can justify the high cost of mining for new coins but when prices retreat mining stocks tend to see outsize moves lower as well. Currently the daily profit from one bitcoin miner is $10.68, according to mining-calculator site BTC.com (https://btc.com/tools/mining-calculator).

Wild swings in prices for bitcoin and other cryptos make miners particularly risky investments.

-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

January 20, 2021 12:04 ET (17:04 GMT)

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