(Bloomberg) Thai tech firm Jasmine Technology Solution Pcl. recorded a surprise four-digit rally, following reports of its expansion into Bitcoin mining.
The company’s shares are up by nearly 7,000% year-to-date, marking the steepest rally among global tech firms with a minimum market value of $2 billion, based on Bloomberg data.
Chairman Soraj Asavaprapha said the latest rally has exceeded expectations, noting that there is “bullish optimism” toward its new direction, even as the venture has just started.
Jasmine Technology was able to raise eight BItcoins from 325 machines since its mining operations began months ago. Soraj is bullish that more Bitcoins will be mined in 2022, as the firm plans to spend about 3.3 million baht or $98 million for 7,000 devices.
Mining revenues are set to account for about 80% of Jasmine Technology’s turnover by the latter part of 2022.
JTS closed down 0.38%, while BTC is up 3.46%.
