Exhibit 99.1
 
Contact:
Holly Schoenfeldt
Marketing & Public Relations Manager
210.308.1268
hschoenfeldt@usfunds.com


For Immediate Release

U.S. Global Investors Reports Financial Results for the Third Quarter of 2018 Fiscal Year
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SAN ANTONIO–May 10, 2018–
U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a boutique registered investment advisory firm with longstanding experience in global markets and specialized sectors, today reported a net loss of $1.1 million, or $0.07 per share for the quarter ended March 31, 2018. For the nine-month period, however, net income was $959,000, or $0.06 per share, an increase of more than 300 percent compared to the same period last year.

The most significant contributor to the quarterly net loss was related to the Company’s investment in the Galileo Partners Fund (the “Galileo Fund”), managed by Galileo Equity Advisors. Toronto-based Galileo Equity Advisors is a 65-percent owned subsidiary of U.S. Global Investors. The primary investment in the Galileo Fund is HIVE Blockchain Technologies (“HIVE”), the first publicly-traded firm involved in the mining of virgin cryptocurrencies, principally Ethereum. Cryptocurrency markets and related stocks have been, and are expected to continue to be, volatile. Cryptocurrency mining is considered an early stage, high-risk industry, and the nature of mining is expected to evolve. The Company’s investment in the Galileo Fund is accounted for under the equity method, and a decrease in value of this fund  caused the Company to recognize a loss of $840,000 during the three months ended March 31, 2018. However, since the initial investment in August 2017, the Company has recognized equity method income from the Galileo Fund of $1.9 million.

Frank Holmes, Company CEO and chief investment officer, notes that a recovery in cryptocurrencies such as Bitcoin and Ethereum is underway following a selloff that began late last year.

“From its all-time high of $1,423 on January 13, 2018 in intraday trading, the price of Ethereum collapsed more than three and a half times by the end of March as many investors liquidated holdings ahead of the income tax filing deadline,” Holmes says. “This selloff negatively impacted HIVE, which gave up 63 percent in the March quarter. However, we are beginning to see investors get back in the trade. In April, the price of Bitcoin rose close to 35 percent, Ethereum 70 percent, and we believe this could be a tailwind for HIVE shares going forward.”

As of March 31, 2018, the Company had a direct ownership of HIVE of approximately 3.3 percent and a combined direct and indirect ownership of HIVE of approximately 3.7 percent. Frank Holmes is the non-executive chairman of HIVE and held shares and options at March 31, 2018.


The following information was filed by U S Global Investors Inc (GROW) on Friday, May 11, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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