Thailand-based Jasmine Technology witnessed its stocks surge by 6,700% since the time it ventured into the business of Bitcoin mining. The category is yet to generate decent revenue, and yet it has started painting a positive picture.
Overall Cryptocurrency market of Thailand was on a higher note in November 2021. The trading value was at its highest after it touched the mark of 221 billion Baht. Its previous best mark was 217 billion Baht in May 2021.
The data presented by Thailand’s Securities and Exchange Commission highlights that Jasmine Technology was one of the top global gainers among its peers.
The New Venture
Crypto trading was at 70 billion Baht in July. That’s when Jasmine Technology announced its new venture of Bitcoin Mining. Despite Crypto trading being at its lowest point in Thailand, Jasmine Technology became a huge global gainer. This could be a possible outcome because of the massive support from its investors.
Among the global companies with a market valuation of at least $2 billion, Jasmine Technology successfully made its way into the list of top global gainers after its stocks surged nearly 6,700%.
Soraj Asavaprapha, the Chairman of Jasmine Technology, credited the success to the strong response from the investors with their bullish optimism.
The current status of Jasmine Technology is that it has only generated 8 Bitcoins from 325 mining. Soraj Asavaprapha expects the numbers to grow strongly. He has even announced the plan to invest $98 million into the category with 7,000 devices.
He added that the revenue from the Bitcoin mining business will account for 80% of the total turnover of the company by late 2022.
Another Thailand-based company that has announced its plans to venture into the business of Bitcoin mining is AJ Advance Technology Pcl.
Companies or startups are gaining confidence as the stakes are being majorly purchased by Kasikornbank Pcl and Siam Commercial Bank PCL.
The trading in Cryptocurrency is currently driven by young investors. Values have touched a record high and have prompted regulators to list down more rigid rules.
Even though regulators are planning to impose more stringent regulations for Crypto trading, Soraj Asavaprapha assured that those rules would not affect his company. He added that Jasmine Technology would be able to trade virtual tokens across the globe.
The Bitcoin Mining venture of Jasmine Technology is estimated to remain profitable as long as the market value of Bitcoin stays above $30,000.
The traditional telecommunication business of Jasmine Technology is another factor contributing to its increase in the value of stocks and yearly earnings.
Stocks of Jasmine Technology are currently being traded 500 times higher than its trailing earnings of the past 12 months. Its net income has also increased by 436% in the first nine months.