Blockchain Stock Under Investor’s Radar – ASX: DCC

Blockchain Stock Under Investor’s Radar – ASX: DCC

DigitalX Limited (ASX: DCC) is engaged in providing financial and technical services for the blockchain marketplace. Headquartered in Australia, the company allow its consumers to make secure and cost-effective money transfers worldwide.

The company is involved in providing services related to blockchain consulting, token sale advisory and asset management. Under blockchain consulting, the company identify and validate the blockchain technology product ideas suitable for consumers. DigitalX works with other companies to improve and fasten the capital raisings process working as a token sale advisory.

The company recently announced, that it had finalised the legal proceedings relating to an Originating Application and Statement of Claim filed by a group of parties in September 2018. The company entered into a settlement deed on 7th May 2019 and declared that it would make a cash payment of AUD 250,000 within two business days and a further cash payment of AUD 150,000 plus interest on 1st July 2019.

On 30th April 2019, the company released a quarterly activities report for the March quarter 2019. The company reported cash, listed digital assets and fund units of approximately US$5.77m in value at quarter end. During the quarter, the company continued to provide Initial Coin Offering advisory support to its clients. Mr Stephen Roberts was appointed as the Non-Executive Director of the Company on 3rd April 2019.

In mid-April, the company secured a blockchain services agreement with a gold backed stable coin management company named ‘Bullion Asset Management Services Pte Ltd’. As per the agreement, the company would acquire approximately 17.5% interest in BAM.

DigitalX Limited announced an interim financial report for the half year ending 31 December 2018 on 28th February 2019. The company announced a revenue of US$764,955 during the period. At the end of the period, the company had US$3,959,217 worth cash and cash equivalents.

DigitalX Limited’s stock improved by 3.33 per cent relative to the previous day’s closing price at AUD 0.062 on 7th May 2019 following the announcement. A day before, ASX closed in red due to the threat by US President to raise the tariff on Chinese goods to 25 per cent. Information technology stocks were the worst hit stocks on ASX on the day of President’s tweet.

On 10th May 2019, the stock of the company fell by 4.688 per cent to AUD 0.061 relative to previous close. The counter opened the day at AUD 0.064 and reached the day’s high of AUD 0.065 and touched a day’s low of AUD 0.060 with a daily volume of around 3,520,331. The stock had a 52-week high price of AUD 0.205 and reached 52-weeks low of AUD 0.043, with an average volume of ~ 4,054,358.

About 510.79 million shares of DigitalX Limited were outstanding. The company’s market capitalisation was AUD 32.69 million. The company’s stock had negative earnings per share of AUD 0.032.  DigitalX Limited’s stock has generated a positive YTD return of 23.08 per cent while a negative return of 11.11 per cent over the last six months.

Information technology stocks improved on ASX by 0.50 per cent to 1,367.4 points in comparison to the previous day on 10th May 2019.


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