Powerbridge Technologies Co. Ltd. (PBTS, +65.35 percent) shares soared 52.0 percent on heavy volume in morning trading on Thursday, making them the biggest gainers and most actively traded on major U.S. exchanges following the announcement that the China-based software company would be entering the cryptocurrency mining business.
The volume of shares traded increased to an already-record 111.8 million shares, compared to the full-day average of approximately 3.4 million shares. The company previously stated that it intends to invest in and participate in bitcoin mining (BTCUSD, -3.97 percent) and Ethereum mining (ETHUSD, -5.26 percent), with a goal of expanding its operations to other parts of the world.
A team of cryptocurrency and technology experts has been assembled to support the company’s digital asset business, according to the company.
The company’s CEO stated, “We believe that our crypto mining business will generate valuable digital assets that will aid in the company’s expansion.” To date in 2018, shares of the company have fallen 17.9 percent. By comparison, the iShares MSCI China ETF MCHI, -1.61 percent has lost 11.8 percent and the S&P 500 SPX, +0.30 percent has gained 18.3 percent year to date.
Know More About Powerbridge
It is primarily engaged in providing SaaS solutions (Powerbridge SaaS) and Blockchain applications through its subsidiary, Powerbridge Technologies Co., Ltd., which is listed on the Nasdaq stock exchange (Powerbridge Blockchain). Bitcoin and Ethereum cryptocurrency mining, IPFS distributed network services, as well as industry-specific blockchain applications are all part of the Powerbridge Blockchain platform. As a result of the integration of artificial intelligence, big data, and Internet of Things (IoT) technologies, Powerbridge SaaS provides SaaS platforms for global trade and cross-border e-commerce, supply chain, data intelligence, and IoT applications.