Nevada based ICOA Inc (OTCMKTS:ICOA) has been on the agenda for many investors over the past week and the stock has recorded steady gains during the period. Having clocked gains of as much as 5% in the past week, it is likely that the stock is going to come into focus among investors.
Market Action:
On Tuesday, ICOA stock decreased 2.26% at $0.0195 with more than 167.25 million shares, compared to its average volume of 101.04 million shares. The stock has moved within a range of $0.0182 – 0.0220 after opening the trade at $0.0200.
Latest News
At this point in time, the company is making a move into the blockchain, cryptocurrency, NFT (non-fungible token) and DeFi or decentralised finance space. Yesterday, ICOA was in the news after it announced that it had inked a letter of intent with regards to the acquisition of BGBF in a deal worth as much as $240,000,000.
BGBF is the first Bitcoin Denominated Fund in Asia and such an acquisition could be a significant boost to ICOA’s ambitions in the crypto sector. It is an innovative fund which not only offers investors to be invested in Bitcoin but also offers insurance coverage.
In addition to that, BGBF also offers underwriting services for POSI or public offering security insurance. The specifics of the transaction worth $240 million has been outlined in the letter of intent and it is believed that it will be closed by the two parties in the next 20 days.
