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Summary
- Imining Blockchain and Cryptocurrency acquired crypto trading firm BitBiT Financial on Tuesday, July 13.
- Stocks of the blockchain firm have yielded three-digit growth year-to-date (YTD).
- In March, Imining purchased an Ethereum 2.0 staking pool service provider CanETH for US$ 2.15 million.
Stocks of Imining Blockchain and Cryptocurrency Inc. (TSXV:IMIN) jumped more than 21 per cent on Tuesday, July 13, after it acquired a 100 per cent stake in cryptocurrency trading platform BitBit.
Imining provides staking pool facilities for Cardano (ADA) holders. The blockchain company also follows Ethereum's proof-of-stake model to ensure safe transactions. In March, the company bought CanETH Staking Services Inc., which is likely to offer stake in the upcoming Ethereum 2.0 tokens.
The crypto firm seeks to facilitate its shareholders with exposure to the crypto world and blockchain technology. Its current stock price is C$ 0.17 apiece. It saw a sharp rise in volume to 2.43 million shares on Tuesday against its 30-day average volume of 533,909 shares.
Let us look at the blockchain firm’s stock performance and financials:
Imining Blockchain and Cryptocurrency Inc. (TSXV:IMIN)
The FinTech stock has soared over 161 per cent this year and surpassed the TSXV Composite index , which has delivered 7.57 per cent growth in 2021. Despite the bear crypto market, the stock has returned around 26 per cent week-to-date (WTD).
At the price of C$ 0.17 apiece, the stock was down 14.29 per cent against the 200-day simple moving average (SMA), showing a bearish trend. The last one-week surge in price could be short-lived, but Imining could see some sustainable gains on the back of two important crypto firms’ acquisitions.
BitBit Financial engages in trading digital assets. It is a regulated platform and listed with the Financial Transactions and Reports Analysis Centre of Canada. The financial firm offers a virtual currency ATM Network that enables customers to buy and sell effortlessly. It is now a wholly owned subsidiary of Iminig.
CanETH Staking Services Inc. could bolster the revenue of the Vancouver-based blockchain company after the launch of Ethereum 2.0. Imining purchased CanETH for C$ 2.15 million when its stock price was three times higher than the current price. CanETH works on the best-in-class staking model.
Imining’s one year price performance against moving average multiple and volume. (Source: EODHD/Others)
Imining stock’s price trajectory is still trailing against its moving average multiple in the last one-month.
Holding Imming stock could be equal to staking in Ether and Cardano tokens for long-term capital appreciation. However, retail investors should stay alert as the crypto market may drop further in the upcoming days.
