BIGG Digital Assets Inc (OTCMKTS:BBKCF) is currently best known for being the owner of the online crypto brokerage named Netcoins and the Blockchain Intelligence Group (OTCMKTS:BBKCF). It is regarded as a significant player in the industry, however, the company’s stock was in the middle of a pretty strong selloff on Friday and declined by as much as 13%.
Trading Data
On Friday, BBKCF stock ended fell 12.93% to $0.7348 with more than 1.17 million shares, compared to its average volume of 595K shares. The stock moved within a range of $0.7331 – 0.8850 after opening trade at $0.8549.
BIGG Digital Assets Inc. Announces $9.8M Investment in TerraZero Technologies Inc.
That being said, it may be a good move from investors to possibly look into the announcement made by the company back on February 10 and then make their minds up about the stock one way or another.
The company announced that it had made a strategic investment to the tune of as much as C$9.8 million in the company TerraZero Technologies. In exchange, BIGG Digital got as many as 14 million shares in TerraZero Technologies and as many as 2 million warrants.
While the investment is a significant one and took the ownership stake in TerraZero Technologies to as much as 33%, the BIGG Digital investors did not seem particularly excited about the move. That was perhaps the reason behind the significant selloff in the stock. It is now going to be interesting to see if the stock can manage to make a recovery this week.
Key Quote
Dan Reitzik, TerraZero’s CEO added, “We are thrilled to welcome BIGG as a major shareholder in TerraZero. Mr. Binns and his team support our vision, and with their investment, we can accelerate the launch of our proprietary technologies, and continue the growth of our studio business supporting clients including Atlantic Records, a Fortune 500 beverage brand, and other global brands in their quest to enter the Metaverse economy in a meaningful way. All land, buildings, storefronts, wearables, and just about everything in the Metaverse, is secured as a digital asset NFT on a blockchain. As such the Metaverse is a natural expansion for BIGG Digital Assets.”
Technical Data
BBKCF stock is trading below the 20-Day and 50-Day Moving averages of $0.81 and $0.84 respectively. Moreover, the stock is below 200-Day moving average of $1.10.
