It appears that public companies have found a new way to attract investors to their stocks, implying they are becoming a part of the booming bitcoin market.
A third company listed on the Tel Aviv Stock Exchange (TASE) has now announced a new connection to bitcoin, and in response it has seen the price of its stock skyrocket. This comes despite the best efforts of the Israeli regulator at preventing bitcoin-related firms affecting TASE trading.
This morning a solar energy technology company, Apollo Power (TASE: APLP), announced it carried out a “successful test” of mining cryptocurrency with the system it’s developing. By basically just mining an insignificant amount of ether for a few hours with solar power the company was able to push its stock value up 150% in early trading. The CEO even had the audacity to say that the technology will revolutionize the electricity market in comparison to bitcoin.
Yesterday an apps promotion company, Apply Advanced Mobile Technologies Ltd. (TASE:APLY), announced that it will launch a new bitcoin-related marketing platform. Its stock went up 170% immediately and ended the trading day 250% higher. The company only had to say it signed an agreement with an unnamed third party to “develop a platform for marketing, distributing, and referring customers to blockchain and digital currencies’ trading systems and platforms.”
Sparking the regional trend was Natural Resource Holdings, a precious metals company whose stock price jumped 3,750% earlier this month after it announced a switch to mining cryptocurrencies.
This trend of companies from completely different fields claiming a new found love for bitcoin is of course not limited just to Israeli public-traded firms. On Thursday Rich Cigars, Inc. (OTCMKTS: RCGR), a Texas-based cigar company promoted by D.J. Khaled, announced it is switching its name to Intercontinental Technology, Inc.
The company says this was done to reflect a strategic shift to a new direction including “aggressive” and immediate mining of bitcoin and other cryptocurrencies. The penny stock jumped in response from $0.31 to as high as $0.89 that same day.
Are stock investors right to flock to any company that claims to have some connection to bitcoin? Tell us what you think in the comments section below.
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Author: Avi Mizrahi