Key Takeaways:
- Powerbridge Technologies to launch Bitcoin and Ethereum mining operations globally.
- Trading volume in PBTS stock surges to a new record of more than 225 million shares.
- Crypto mining investment builds on Powerbridge’s previous announcement of a new blockchain-enabled platform.
Powerbridge Technologies Co. Ltd. (NASDAQ: PBTS) cemented itself as the biggest gainer on the major exchanges in the U.S. today, as the stock jumped more than 70%.
PBTS stock’s trading volume surged to a new record of more than 225 million shares after the company announced plans to begin mining Bitcoin and Ethereum.
At writing, the stock was still up more than 66%.
Entering the Crypto World
Powerbridge said it “plans to invest and engage in the cryptocurrency mining for Bitcoin (BTC) and Ethereum (ETH) with planned operations globally.”
The company said it has “assembled a team of industry veterans in cryptocurrency and technology to support the development and growth of its digital asset business.”
“We are optimistic about the positive outlook of the cryptocurrency market. Our initiative to engage in crypto mining is an important part of our overall blockchain strategy,” said Stewart Lor, Powerbridge’s President and CFO.
“We strive to continually build a clean energy-based BTC and ETH mining network globally. We believe our crypto mining business will generate valuable digital assets that help accelerate the Company’s growth.”
The investment comes amid heightened awareness around the environmental impact of Bitcoin mining after Tesla CEO Elon Musk blew up the space earlier this year.
Software Company Embraces Blockchain
Image credit: phive/Shutterstock.com
The investment into crypto mining comes just two weeks after Powerbridge announced it was building a blockchain-enabled supply chain management SaaS (software as a service) platform.
The company said it is “embracing Blockchain technology to optimize and integrate traditional supply chain systems.”
Powerbridge said the new platform “will serve to connect suppliers, logistics service providers, distributors, retailers, and end-users into an integrated feature network.”
It would implement “real-time information sharing for all participants while ensuring the efficiency of information transmission and the credibility of the information.”
“We hope that through our Blockchain management platform, Blockchain technology can be applied into more practical scenarios and deeply integrated with businesses,” said Lor.
“We will continue to perform more trials and innovations in the Blockchain applications as well as SaaS. We expect the application of Blockchain technology to bring continued growth to the company’s revenue. Powerbridge will also extend its application to supply chain financial technology and other fields in the future.”
Quick Six About PBTS Stock
- Powerbridge Technologies was established in 1997 and is headquartered in China.
- The company says it “provides a series of smart-technology based products and solutions.”
- Those products and solutions include global trade related ports and customs management platforms, cross-border and global trade solutions, smart city technology products and solutions, and technology-enabled financial services.
- PBTS stock closed at $1.27 per share on Wednesday.
- The stock opened at $1.73 per share today and hit a daily high of $2.27 per share.
- The company has a market cap of more than $58 million.
Featured cover image credit: Mark Agnor/Shutterstock.com