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Joseph Parrish | Stock analyst | Focus: onchain finance | DM me for all business.
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Articles by Joseph Parrish
Strategy's Preferred: Fundamentals Behind The Daily Dividends
Oct 01, 2026, 12:39 PM ET, , , , Summary Strategy (MSTR) is shifting its preferreds—STRK, STRF, STRD, STRC—to daily dividends, aiming to mask volatility and adapt to rising rates. STRK stands out as the only Buy, offering seniority, capital protection, and BTC upside, while STRC provides higher current yield but greater risk. STRC's heavy issuance increased MSTR's leverage, raising solvency concerns and prompting buybacks funded by BTC sales.
Forward Industries: Solana Discount Justifies Buy
Summary Forward Industries (FWDI) is the largest SOL DAT, climbing the past month after a weak year. FWDI's gains reflect finality on the CLARITY Act and rules from federal agencies to give a framework for crypto. The upside largely rests on the SOL discount and the underlying use case of Solana for agentic commerce. Forward still must prove that it can execute as the Berkshire of Solana, though. I wanted to follow up on Forward Industries (FWDI). I wrote about it in June.
Curaleaf: Favorable Court Ruling Doesn't Repay Debt
Sep 14, 2026, 12:38 PM ET, Summary Curaleaf Holdings, Inc. faces significant debt, a weak cash position, and heavy reliance on intangible assets, raising insolvency concerns. Rescheduling cannabis offers tax relief, but CURLF’s core issues remain: high debt, poor margins, and insufficient free cash flow. Recent debt refinancing extended maturities to 2029 but at a costly 350 bps higher interest rate, straining future flexibility.
SFL Corporation: Year's Returns Exceed Fundamental Improvements
Summary SFL Corporation Ltd. defied my Hold rating and has delivered strong returns since January. My initial concerns centered on SFL's cyclical risks, long-term leases, and debt burden. I doubted SFL's ability to recover or offer a risk-adjusted discount despite a 9.5% dividend. Recent performance suggests a significant positive shift in SFL's fundamentals or market perception. SFL Corporation Ltd. (SFL) quickly defied my expectations. I rated it Hold early this year.
Hot Q2 Pushes Webull Into Fair Value (Rating Downgrade)
Aug 21, 2026, 12:32 PM ET Summary Webull Corporation delivered outstanding Q2 results, showing durability despite bearish moments and VIX volatility. Q2 performance supports the previous outlook I gave on their smarter customer base and the duality of options for PFOF revenue models. Recent months create large multiple expansions compared to potential growth. With stock-based compensation thrown into the consideration, we have to wonder what value accrues to today's BULL buyers.
Riot Platforms: Improved But Not There Yet
Aug 12, 2026, 10:06 AM ET Summary Riot Platforms (RIOT) has pivoted from crypto mining to leasing data center campuses, marking a definitive strategic shift. RIOT has sold most of its crypto holdings, holds more cash than crypto, and secured a financing facility to fund capex without equity dilution. Initial leasing deals with AMD and Anthropic provide revenue visibility, with $520M estimated over two years, but execution and tenant growth risks remain.
ZIM Integrated: Dubious Merger Balanced By Higher Rates (Earnings Preview)
Aug 10, 2026, 8:00 AM ET Summary ZIM Integrated (ZIM) faces investor disappointment following its announced merger plans. Opposition from Israel's government makes the deal less likely to occur. The Iran war has complicated the matter, likely making the government more sensitive about its shipping assets. The war has also boosted freight rates. These may mitigate what was a tough cash flow situation for ZIM before. ZIM Integreated (ZIM) has disappointed some. They announced a merger earlier this year.
Securitize: Earnings Preview After Going Public
Aug 04, 2026, 12:02 PM ET, Summary Securitize Corp. has gone public via SPAC and experienced significant post-merger price declines. SECZ traded as high as $13.50 as CEPT, with a redemption value floor at $10 per share. Post-merger, SECZ's share price has dropped below $7, sparking notable retail investor anxiety. Recent trading activity reflects heightened nervousness among retail holders amid the stock's sharp decline. Securitize Corp. (SECZ) finally went public. It was my third Strong Buy.
Invesco Earnings Review: Value Has Caught Up
Aug 02, 2026, 10:35 PM ET Summary Invesco Ltd. is upgraded to Buy as strong Q2 results reveal significant operating leverage and margin expansion to 20%. IVZ’s scalable fund model drives earnings growth, with AUM reaching $2.2T and expenses remaining stable except for distribution costs. Shareholder returns are prioritized with a 60% payout ratio target, reflecting capital-light operations and limited reinvestment needs.
Virtu Earnings Preview: Risks Of Falling Behind
Summary Virtu Financial has rallied from $35 to $60, driven by strong Q1 results and revenue growth. Buybacks have slowed, capital has been raised, and VIRT received a MiCA license enabling crypto trading. Management appears reactive, not proactive, regarding tokenization—a key technological shift in market infrastructure. I maintain a Hold rating on VIRT, seeing it as fully valued without a clear strategic pivot toward tokenization. Virtu (VIRT) has earnings coming out Monday.
Bullish Earnings Preview: Taking Early Lead In Tokenization
Summary Bullish is preparing for its planned acquisition of Equiniti, a transfer agent, which is central to its evolving business model. Combining BLSH's crypto exchange with Equiniti enables asset tokenization—real stocks recorded on-chain, transacting via smart contracts, and eliminating settlement costs. Recent trends show BLSH's transaction fees declining while subscription fees rise, signaling a shift toward a SaaS-like, less cyclical revenue model.
Delta Earnings Review: Fully Valued On Premium Product
Summary Delta Air Lines, Inc. demonstrated resilience in Q2 despite higher fuel costs driven by Middle East tensions, passing most increases to customers. Premium fares and refinery revenue led revenue growth, but earnings dropped $500M as expense gains outpaced price hikes. DAL's balance sheet improved with free cash flow, debt reduction, and a dividend increase, supporting its strong market position.
American Express: Premium Customer, Stablecoins, Tokenized Credit
Jul 09, 2026, 1:30 AM ET, Summary American Express is embracing stablecoin technology to enhance its legacy card business. Blockchain-based instant settlement reduces overhead and streamlines payment processing for AXP. Targeting wealthier spenders, AXP aims to innovate rather than risk disruption from fintech advances. Instant payments via smart contracts benefit both customers and shareholders by lowering costs and improving user experience. American Express (AXP) is a legacy business.
Eightco: Use Case Eludes Proof Of Human Crypto
Summary Eightco remains highly speculative, with its crypto treasury heavily exposed to Worldcoin and limited value-add from its legacy packaging business. WLD's economic utility is unclear, with minimal real-world use cases and declining token value, making ORBS's core asset base questionable. ORBS has diversified into ETH and a private OpenAI stake, but WLD still dominates holdings; OpenAI exposure may offer future upside.
Adyen: Agentic AI Not An Easy Button
Jun 18, 2026, 8:45 AM ET, Summary Adyen trades at a steep discount after a lower 2026 guide and persistent cash flow declines, despite remaining profitable and debt-free. Competitive pressures from Stripe, PayPal, and emerging blockchain-based settlements threaten ADYEY's core settlement fee revenue and long-term growth prospects. Adyen's agentic commerce AI initiative matches peers, but lacks clear differentiation or a first-mover advantage in a rapidly evolving fintech landscape.
Forward Industries: Doesn't Need To Be Solana's Berkshire
Jun 17, 2026, 10:59 AM ET Summary Forward Industries (FWDI) is the largest Solana (SOL) digital asset treasury, holding over 7 million SOL—more than 1% of total supply. FWDI’s scale enables unique capital allocation strategies, including share buybacks, aiming to generate alpha over simply holding SOL. Solana’s low transaction fees and growing adoption underpin the investment thesis for a SOL-focused DAT, with regulatory catalysts like the CLARITY Act as potential tailwinds.
Ondas: Drone Bet, Premium Value, Execution Risks
Summary Ondas is positioned in autonomous crafts, with strong tailwinds from military and industrial demand, but remains highly speculative. ONDS's growth is primarily M&A-driven, funded by significant equity issuance, resulting in heavy shareholder dilution and premium valuation. Profitability is distant; current margins are thin, and future M&A could double dilution, making scale and contract wins critical to the thesis.
Sharplink: Treat It Like An ETH Cyclical
Summary Sharplink offers a 'purer' investment opportunity compared to Bitmine, which is heavily influenced by its founder. SBET should benefit from ETH after the passage of CLARITY catalyzes on-chain finance. A recent deal with Galaxy Digital shows their ability to optimize yield. As ETH has the largest market cap and highest gas fees, it may saturate its upside sooner, warranting a cyclical exit plan for buyers. I wanted to look at Sharplink (SBET). That means over, say, Bitmine (BMNR).
Circle Isn't Hurt By Crypto Mishaps
Summary Circle Internet Group remains a Buy, driven by USDC's stable market cap above $70B and rising transaction volumes. USDC's adaptability and payments use case insulate CRCL from broader crypto volatility, with Arc chain and transaction fees offering new revenue streams. CRCL's market cap is $20B, with annualized net income of $220M, and potential for significant growth if USDC reaches $250B and CLARITY passes.
Comparing HYPE & PURR: The Most Stock-Like Crypto Play
Jun 05, 2026, 1:08 PM ET, Summary Hyperliquid's cryptocurrency, HYPE, is a late breed of crypto but designed so that it can be valued like a stock. With a built-in exchange, the chain produces major revenue, giving HYPE's market cap a reasonable P/E for growth. As a treasury, PURR gives additional upside through active management. Both are good, but PURR has outperformed and enjoys some of the best staking yields possible in HYPE. I am fascinated by Hyperliquid's cryptocurrency, HYPE (HYPE-USD).
AMD: Still Good As Number 2
May 26, 2026, 10:27 AM ET, , , , Summary Advanced Micro Devices, Inc. delivered strong Q1 results, driven by robust data center product growth. AI demand remains high, positioning AMD as a key player despite Nvidia's competitive inference product. I see the ongoing AI arms race and massive capex as catalysts for AMD’s recurring revenue growth. AMD EPYC CPUs continue to demonstrate strong market share, reinforcing the company’s competitive position. Advanced Micro Devices, Inc.
Uniti Group: Fiber Internet With Execution Risks
May 23, 2026, 11:52 AM ET Summary Uniti Group (UNIT) has stabilized itself a bit, following a merger and shift toward fiber Internet service. Consumer fiber growth continues, but there is a big opportunity in AI hyperscalers. UNIT is aggressively building out to expand fiber to homes and prepare infrastructure for AI inferencing. Already indebted, this increases their balance of debt, making execution very important and voiding near-term hopes that this telecom will pay a dividend.
Robinhood: Not The Tokenized Stock Bet You're Looking For
Summary Robinhood (HOOD) is not the primary beneficiary of SEC-approved tokenized stock trading, despite industry excitement. HOOD's revenue is driven by trading volume, especially options and crypto, while equities comprise most customer assets but less revenue. Tokenization may offer incremental margin improvement via efficiency, but material top-line growth from this trend appears unlikely for HOOD.
Galaxy Digital Stock Analysis: Huge Opportunity Or Overhyped?
Follow Joe Parrish on Seeking Alpha! Read Joe Parrish's Article on Seeking Alpha! Explore Alpha Picks Today! This video's transcript was generated by a third party. It is not curated or reviewed and is provided for convenience and information purposes only. The accuracy and completeness of the transcript are not guaranteed. Past performance is no guarantee of future results. Content is offered for information purposes only.
Fermi: Still Problems To Sort Out
Summary Fermi remains a hold, as revenue generation and tenant signings are still unproven, despite progress on Project Matador. FRMI increased debt substantially to fund its energy-focused data center campus, avoiding shareholder dilution but raising financial risk. Leadership instability, with the CEO ousted and no replacement yet, clouds near-term prospects for securing lucrative triple-net leases.
Arbor Realty Trust: Not A Buy Until Late 2026
May 13, 2026, 10:22 AM ET Summary Arbor Realty Trust (ABR) remains under pressure, with unresolved multifamily loans and growing REO weighing on book value and investor confidence. Despite a larger discount to book value ($11.63/share), ongoing asset quality deterioration and slow loan resolution justify a continued Hold rating. Dividend was cut again to $0.17, yielding 10%, but yield is unreliable given persistent cash flow uncertainty and asset value risks.
Bullish: Ensnaring Token Market Share
Summary Bullish is acquiring Equiniti, a top transfer agent, to bridge traditional capital markets with blockchain and enable large-scale tokenization. Post-deal, BLSH will combine its crypto exchange platform with Equiniti’s issuer network, targeting higher trading volumes and new primary offerings. The acquisition values BLSH at ~$9.2B, implying a pre-synergy P/E of ~30x, with expectations for significant long-term earnings growth.
CNA Financial: I'm Not So Sure Anymore
May 05, 2026, 10:55 AM ET Summary CNA Financial released Q1 earnings results, and the stock is down sharply. The quarter had higher claims for CNA, but seasonality isn't unusual for P&C insurers. Bigger concerns are higher competition, social inflation, few growth opportunities, and long-tail product lines. The balance sheet remains healthy, so a better discount is needed to improve chances at attractive, long-term returns. I rated CNA Financial (CNA) a Buy two years ago. It's worth a follow-up.
Galaxy Digital: Tokenization May Not Be Easy
Summary Galaxy Digital had a decent Q1, but it's still not profitable and has plenty to execute ahead of it. Asset tokenization is a growing market that offers welcome upside and would be a welcome, capital-light addition. Data centers started making revenue in April through Helios, but this is more capital-intensive and not as easy. Overall, GLXY seems like a bet on three businesses, and they may not do well enough for the upside to justify the risk factors. Galaxy (GLXY) had Q1 results.
Securitize: Tokenization Is Upon Us
Summary Securitize, Inc. (soon SECZ) will go public via SPAC merger with Cantor Equity Partners II, targeting a defining role in asset tokenization. I see institutional partnerships, capital-light operations, and NYSE collaborations as key drivers, with management projecting $200B AUM and $1.5B revenue potential. Recent regulatory developments, including an 'innovation exemption' for tokenized securities, provide a major growth catalyst for SECZ.
Strategy: Assessing Preferred Gambit Ahead Of Earnings
Summary Strategy (MSTR) remains a leveraged Bitcoin play, with its stock performance closely tracking BTC price movements. MSTR has aggressively issued STRC preferred stock to fund further BTC accumulation without diluting equity, but this increases dividend obligations. Current cash reserves are insufficient to cover two years of STRC dividends, forcing continued MSTR sales and raising risk if BTC underperforms.
Southwest Airlines: Braced For Fuel Shocks, Not Priced For Them
Apr 23, 2026, 8:10 PM ET, Summary Southwest Airlines Co. faces headwinds from sustained high oil prices driven by geopolitical conflict, pressuring margins and necessitating fare hikes. LUV’s balance sheet remains robust, with over $3B in cash and manageable debt, offering resilience compared to weaker peers. Management aims to offset fuel costs with ticket price increases, but has not updated guidance, reflecting uncertainty about demand elasticity and war duration.
Allbirds: Laying Tracks Ahead Of The Train
Summary Allbirds is pivoting from footwear to AI infrastructure, rebranding as NewBird AI after selling its shoe business. BIRD will use a $50M credit facility to acquire server assets, targeting the high-demand GPU rental market, but execution risks remain high. The company plans a special dividend from the $39M shoe business sale, potentially returning about a third of market cap to shareholders.
Nvidia: I'm Finally Convinced (Rating Upgrade)
Apr 16, 2026, 7:16 PM ET, , , , Summary Nvidia Corporation's rapid execution in a few years has finally convinced me. NVDA's GPU sales to hyperscalers, with an estimated $1T in orders through 2027, underpin a robust growth trajectory. At a recent 44.8% free cash flow margin, NVDA's valuation appears attractive at ~11x FCF, supporting a stalwart grower thesis.
BlackBerry: Auto Software Play
Apr 14, 2026, 1:30 PM ET, Summary BlackBerry (BB) reported $549M in fiscal 2026 revenue with solid gross margins, but overhead limited free cash flow to $40.8M. QNX, BB's automotive software segment, is the main growth driver, with a $950M backlog, but revenue conversion is slow and dependent on auto sales. Competitive risks are significant, as QNX faces rivals like Android and Windows, and automakers may develop in-house software or switch partners.
Circle: Still A Buy After The Drift Heist
Apr 14, 2026, 10:44 AM ET Summary Circle Internet Group (CRCL) generates revenue by tokenizing USD into USDC and investing reserves in Treasury Bills. USDC usually holds roughly 25% of the USD stablecoin market, with Tether (USDT) as the dominant competitor at 70% market share. A recent theft of $270M on Drift brought controversy to Circle for a perceived failure to act. At $88 per share and a $21B market cap, CRCL is a wonderful business at a fair price.
Exploring Digital Equity With These 3 Stocks
Apr 11, 2026, 3:00 PM ET, , Summary Digital Asset Treasuries (DATs) like MSTR, DFDV, and SBET offer levered crypto exposure with less risk via C-corp structures and flexible financing. DFDV (Solana) and SBET (Ethereum) are preferred over MSTR (Bitcoin) due to their ability to generate yield through staking and operational treasury management. Both DFDV and SBET currently trade at discounts to mNAV, signaling undervaluation, but face dilution risk if issuing new equity below NAV.
NLCP And MSOS: Cannabis REIT Vs. ETF
Apr 09, 2026, 7:54 PM ET, Summary NewLake Capital Partners, Inc. (NLCP) offers defensiveness and a 12% dividend yield, outperforming MSOS over the past three years. MSOS, an ETF heavily concentrated in top cannabis stocks, remains exposed to industry-wide oversupply, margin pressure, and bankruptcy risk. NLCP's low debt, resilient rent collections, and ability to replace tenants provide downside protection absent in MSOS.
STRC: The Digital Credit Opportunity
Summary Stretch, a preferred equity from Strategy, exemplifies 'digital credit'—crypto-backed fixed-income with variable, monthly dividends currently yielding 11.5%. STRC’s dividend is actively managed to maintain price stability at $100 per share, with adjustments at MSTR’s discretion, providing both flexibility and uncertainty. MSTR’s ability to sustain STRC’s yield hinges on BTC appreciation; prolonged BTC stagnation could force dividend cuts or redemption.
Intuitive Machines: Big Contract, Big Backlog
Summary Intuitive Machines has transformed through acquisitions and contract wins, notably a $180.4M NASA deal, expanding beyond lunar delivery. 2026 revenue guidance is $900M–$1B, underpinned by a $943M backlog, but profitability remains nascent with only narrowly positive adjusted EBITDA expected. LUNR's market cap of $4.5B appears stretched given persistent cash burn, uncertain margin expansion, and potential for further dilution.
SoFi: Execution Makes It A Buy Again (Rating Upgrade)
Summary SoFi has demonstrated strong execution, growing net revenue from $2.7B in 2024 to $3.6B in 2025 and expanding its product suite. I see 2025 as a pivotal year, with robust segment growth, especially in financial services, and member count rising from 10.1M to 13.7M. Management guides for a 30% net revenue CAGR and 38–42% EPS CAGR through 2028, targeting $1.5B in near-term earnings and $3B longer term.
Caledonia Mining: Gold Prices De-Risking Growth Projects
Summary Caledonia Mining posted very strong 2025 results, primarily benefiting from higher gold prices. $130M in net proceeds were secured to begin capital projects on their Bilboes mine, which could triple total production. Higher gold prices increase the extent to which operating cash flow (and not debt) funds this growth capex into the future. As this is highly uncertain and comes with execution risks until late 2028, I remain cautious and reaffirm my Hold rating on CMCL stock.
Super Micro: Here We Go Again
Summary Super Micro (SMCI) is down sharply after charges were filed against two company insiders. Initial results for fiscal 2026 show plenty of growth, but growth also proves frustratingly costly for the company. The balance sheet shows plenty of working assets that need to be monetized, but weak gross margins make it hard to generate cash with that. SMCI retains its Hold rating until it executes better or provides a safer entry price under $15.
Intel's Best Future: Foundry Dividend Stock
Summary Intel (INTC) remains a Hold as 2025 showed only modest operational progress and no financial rebound. Federal government acquired a 10% equity stake, signaling strategic importance but also skepticism about INTC's execution. Foundry segment saw slight revenue growth and external partnerships, but meaningful financial impact is not expected until 2028. With ongoing capex needs and limited near-term cash returns, INTC's $230B valuation offers little upside and no pricing for execution risks.
DLocal: Entering 2026 At Escape Velocity
Summary DLocal Limited delivered record 2025 results, surpassing $1B in revenue and $191M in adjusted free cash flow, with no debt and $720M in cash. DLO's TPV grew from $9.2B in Q2 to $13.1B in Q4, and management guides for 50–60% TPV growth in 2026, targeting over $60B. Operating leverage is driving expanding margins and capital returns, with a 30% payout ratio, special dividends, and a new $300M buyback program.
Webull: Executing, Eyes On Right Customer
Summary Webull maintains a Buy rating, supported by robust revenue growth, profitability, and a strong balance sheet. 2025 revenue rose 46% to $571M, driven by global expansion, increased PFOF, and handling charge income. Operating leverage is evident: operating expenses grew just 27% versus revenue, with adjusted net income at $84M. International licensing and a focus on sophisticated traders underpin continued growth, with a P/E of 33 reflecting justified optimism.
Two gold miners with different edges
Joseph Parrish Key Points Gold prices have breached $5,000 per ounce. For investors who want exposure without buying gold directly, miners are a natural starting point . Barrick (NYSE: B) is a chance to invest in an established player, while Caledonia Mining Corporation (NYSEMKT: CMCL) offers a growth angle through reinvested profits. Let's see which stock suits which kind of investor. Mining as a derivative Whatever the metal, miners are effectively a derivative of the commodity.
Two Gold Miners With Different Edges
Gold prices have breached $5,000 per ounce. For investors who want exposure without buying gold directly, miners are a natural starting point. Barrick (NYSE: B) is a chance to invest in an established player, while Caledonia Mining Corporation (NYSEMKT: CMCL) offers a growth angle through reinvested profits. Let's see which stock suits which kind of investor. Whatever the metal, miners are effectively a derivative of the commodity. Unlike options or futures, companies don't expire.
Carnival: War And Fuel Costs Ahead Of Earnings
Mar. 17, 2026 8:58 AM ET, , Summary Carnival Corporation & plc remains a Hold due to elevated risk from the Middle East conflict, impacting fuel costs and capital allocation. CCL's lack of fuel hedging and high net debt ($21.8B) make it vulnerable to energy price spikes and refinancing risks. Dividend resumption ($0.15/quarter) faces risk if fuel costs surge, potentially threatening cash flow and debt reduction.
Ondas Q4 Earnings Preview: Not Undervalued Until We See Profits
Summary Ondas remains rated Hold as the company is still in an early, unprofitable stage despite recent M&A and a strengthened cash position. ONDS raised guidance for 2026 revenue to $170M–$180M, up from $40M, following acquisitions and new contracts, including a $15.8M deal with Israel. With at least $1B in cash after a $1B stock offering, ONDS has a long liquidity runway but uncertain profitability post-M&A.
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