There was no fresh news about the Nevada based portfolio firm ISW Holdings Inc (OTCMKTS:ISWH) on Thursday but despite that the company’s stock suffered from a strong selloff and declined by as much as 13%.
While there was no news about the company yesterday it should be noted that earlier on in the week the ISW Holdings had announced that it had made an official filing with regards to changing its name to BlockQuarry Corp. It should be noted that at this point in time the commercial stage operations of the company are primarily made up of cryptocurrency mining work.
Alonzo Pierce, who is the Chief Executive Officer of the company spoke about the reasons behind the step as well. He stated that over the course of the past year, ISW managed to acquire as well as commercialize cryptocurrency data mining and blockchain equipment as well as platforms. Considering the fact that the main thrust of the company is now on the blockchain and cryptocurrency spaces, the company decided to go for a rebrand that fairly reflects its current operations. However, it does not seem that investors are excited about the move and that may have been the reason behind the selloff in the ISW stock.