A Thai-based technology company’s stock has skyrocketed after broadening its services to include bitcoin mining.
According to Bloomberg, the shares of the Thai company Jasmine Technology Solution has increased 6,700 percent year to date since it began crypto mining with 335 machines in July.
Interestingly, despite having a market valuation of $2 billion, the company’s stock returns rank first among significant worldwide technological firms.
The increase can be ascribed to the increased popularity of cryptocurrencies in 2021. The $6.58 billion turnover by the seven locally-listed crypto exchanges in November demonstrates the sector’s expansion.
Chairman Soraj Asavaprapha said:
“The strong response from investors has exceeded our expectations. There’s bullish optimism toward our new direction even though this is just the beginning,”
Interestingly, Jasmine Technology has generated eight BTC from mining operations, and Soraj anticipates that the venture will contribute for 80 percent of income in 2022.
In other news, the company’s net income from traditional telecommunications-related activities increased 436 percent year over year between January and September.
The business now intends to expand its activities by investing 3.3 billion baht ($98 million) in the purchase of around 7,000 additional devices.
Jasmine Technology is now joining other local businesses in expanding into the burgeoning cryptocurrency industry, which has emerged as one of the best-performing asset classes in 2021.
However, as more corporations enter the Bitcoin market, regulators are rushing to pass new rules. The Bank of Thailand (BoT) is now working with other institutions to develop more precise guidelines for the industry.