While it is true that cryptocurrency related stocks have had a fairly good time in recent times, the rally in the XTRA Bitcoin Inc (OTCMKTS:CBTC) stock on Tuesday remains a bit of a mystery at this point.
There was no news at all about the company but the XTRA Bitcoin stock managed to clock gains of as much as 150% amidst heavy interest. Although it is true that the rally in the stock may seem speculative to many, in light of the magnitude of the single day gain, it might be a good idea for investors to take a closer look.
The last time any news came through about XTRA Bitcoin was back on March 5, 2021 when the company announced that it had received a total of 37 ASIC T17 55 TH/s miners. The miners in question had been received by the company at its RNIK facility that is located in Manitoba in Canada.
The order had been placed much earlier by the company but due to the COVID 19 pandemic, XTRA Bitcoin’s American employees could not visit Canada and perform the installation process for the miners. At this point, investors could do well to keep an eye on the XTRA Bitcoin stock.