Shares of cryptocurrency miner (NASDAQ:LMFA) surge 20% to its highest level since the end of August following another purchase of 4K S19J Pro Antminer machines from Bitmain Technologies for a total purchase price of $25.3M. The company has paid deposits for the purchase of the crypto mining machines, but it will require additional financing for the balance of the purchase price when due prior to delivery. The purchase price exceeds LMFA's cash of $22.2M as of June 20, 2021. Keep in mind that LMFA's purchase deal accounts for over 100% of the company's market capitalization ($23.8M at Tuesday's close). With debt of $121.3K and cash of $22.2M, its enterprise value is slightly below its market cap. Prior to this deal, LMFA bought 1K Bitmain machines for a total purchase price of $6.3M. LMFA expects that once all 5K machines are delivered and on-site, the company will have a total of approximately 504
