Powerbridge Technologies (NASDAQ:PBTS) jumped 65% after announcing its foray into the crypto mining sector. This comes as crypto mining continues to grow, and as a result, tech companies want a share of this lucrative business, and they are changing business models.Investors took notice of the trade software company, and as a result, it posted massive gains.
The China-based tech outfit was initially established to revolutionize trade through its software packages that sought to enhance traceability in supply chains and increase efficiency. Now the company is working on branching out and focus on disruptive technologies.
The announcement that the company will foray into Bitcoin and Ethereum mining is no brainer considering the crypt sector has performed exceptionally in recent months. However, the announcement didn’t offer much detail besides indicating the company is foraying into crypto mining. This is interesting considering this is a Chinese company, and the government has a strong stance against crypto mining. This is a massive announcement, and in the coming weeks, PBTS is worth watching.
Market Reaction:
On Thursday, PBTS stock soared 65% at $2.10 with more than 257.56 million shares, compared to its average volume of 6.78 million shares. The stock has moved within a range of $1.7100 – 2.2700 after opening the trade at $1.73.
