Nasdaq-listed firm worth $61m to mine bitcoin
Nasdaq-listed Chinese blockchain firm Powerbridge Technologies, with a capitalisation of $61 million, plans to expand into the cryptocurrency market.
The firm said in a press release that it intends to invest in digital assets and get into mining bitcoin and Ethereum. To that end, Powerbridge has assembled a "team of crypto-industry and technology veterans" to develop the new business.
Its core business is the provision of software as a service (SaaS) solutions and blockchain applications. Powerbridge combines artificial intelligence, big data and Internet of Things technologies to develop SaaS products in the areas of e-commerce, supply chain and data analytics.
"We are optimistic about the positive prospects for the cryptocurrency market. Our mining initiative is an important part of our overall blockchain strategy. We aim to build a global network for bitcoin and Ethereum mining based on clean energy," said president and chief financial officer Stuart Lohr.
As a reminder, in January 2021, Chinese internet company The9 Ltd announced its entry into the maning industry. Within two days of the announcement, the firm's shares soared 140% on the Nasdaq.