Anyone who thinks that cryptocurrencies are boring doesn’t realize how much they can influence the valuation of a business model in a traditional company.
It’s either hype or strategic investment. A technology company in Thailand, however, has seen its value increase by nearly 7000% within a year of announcing a shift towards cryptocurrency mining-focused business models.
To Infinity and Beyond
Jasmine Technology Solution, a telecommunications-focused company, founded in the 1990s, announced in July of this year that it would target the cryptocurrency mining business soon.
Whoever thought that the stock market’s overreactions to announcements were purely a crypto thing hasn’t been to the company’s stock charts. This turnaround saw Jasmine Technology Solution’s stock rise by 6700% in the past year. It’s all thanks to Bitcoin.
Jasmine Technology Solution began the year at $2 per share. Today’s trading price for each share is $132.5. This follows a December 15th high of $150.
JTS price in 2021 Image by Tradingview
The price fluctuated between $236 to $138 per share since then.
If such a bullish performance sounds incredible, you may want to sit down when you see that the company has earned as much as 8BTC through its mining operations – and that’s not a typo.
The Bitcoin Effect
Jasmine Technology Solution has high expectations. According to its website, Jasmine Technology Solution plans to build the largest Bitcoin mining farm Thailand and hopes to run the most popular cryptocurrency mining operation in Southeast Asia prior the next Bitcoin halving in 2020.
These goals are much pretentiouser than the 8 bitcoins they have mined thus far. Even Soraj Asavaprapha (chairman of the company) said in an interview with Bloomberg that investors’ response was unexpected.
“We were overwhelmed by the strong response from investors. Bullish optimism is evident in our new direction, even though it’s just the beginning.
It is not the only company that has embraced cryptocurrency. MicroStrategy is the most well-known crypto company. This cloud software company gained high public attention and sky-high appreciation due to its aggressive Bitcoin buying strategy led by Michael Saylor.
Companies like Kodak and HTC tried to launch devices that were targeted at the crypto ecosystem, but they didn’t get very positive results. RadioShack is a new company that has been exploring the DeFi rabbit hole.
HTC Exodus line is a series of crypto smartphones. HTC Image
Finally, there are companies such as Long Island Ice Tea Corp., a tea and lemonade producer. It changed its name suddenly to Long Blockchain Corp., causing its shares to explode only to crash and then end up in a series lawsuits.
Jasmine Technology Solution’s future is still unknown. There are many possibilities for the company, both good and bad.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.