A record-breaking share rally by a Thai technology company after it announced an expansion into Bitcoin mining surprises the firm’s chairman.
Jasmine Technology Solution Pcl stock has nearly tripled since the firm announced the plan in late July, even though the crypto project is yet to generate any meaningful earnings for the firm.
Year-to-date, the share soared almost 7,000%, the most among global technology companies with a market value of not less than $2 billion.
In an interview, Soraj Asavaprpha, Chairman of Jasmine Technology, stated that the strong response from the investors had surpassed their expectations.
Asavaprapha further stated that there were bullish expectations toward their new direction despite just being the beginning.
Jasmine Technology is one of the numerous Thai companies diversifying into the digital-asset marketplace.
Surging interest for crypto products, more so among young investors, has pushed trading in locally-licensed exchanges to a new record high, prompting tight rules from regulators.
Source: Bloomberg