A Growing Number of Companies Adopt Cryptocurrency Solutions
News provided by PRCrypto
As a result of the crypto boom that occurred earlier this year, many companies and organizations have become noticeably more open to blockchain technology and cryptocurrencies. Therefore, it is not surprising that ETFs with a focus on crypto and blockchain are doing so well. "Just over three years ago we launched the first actively-managed ETF focused on the dynamic market segment of blockchain-related stocks," said Amplify CEO Christian Magoon. "BLOK has provided investors with additional portfolio diversification through its unique portfolio makeup that includes the Bitcoin Investment Trust. Blockchain technology is primarily known for one application today: cryptocurrency." And just this week, Canada's first multi-cryptocurrency ETF, the Evolve Cryptocurrencies ETF (ETC), which invests in both Bitcoin ETF (EBIT) and Ether ETF (ETHR), began trading under the ticker ETC on the Toronto Stock Exchange. ISW Holdings Inc. (OTC: ISWH), BIT Mining Limited (NYSE: BTCM), Bitfarms Ltd. (NASDAQ: BITF), Riot Blockchain, Inc. (NASDAQ: RIOT), Sphere 3D Corp. (NASDAQ: ANY)
While many industries and governments have become more open minded about digital currencies over the last several years, obstacles still remail. For instance, according to a report by Yahoo Finance, China continues with its crackdown on crypto mining. Nevertheless, since the clampdown by the Chinese government on crypto mining began, Bitcoin miners in China have begun looking to relocate their operations to U.S. states like Texas, South Dakota and Tennessee, The Washington Post reported.
ISW Holdings Inc. (OTC: ISWH) transitioning to "BlockQuarry," pending name change, announced yesterday breaking news that, "the Company surpassed agreed upon milestones related to the performance of its common stock price and will therefore receive an additional 150 Bitmain S19 95TH/s miners from Minerset, a Delaware LLC, due to negotiated milestone clauses included in the asset purchase agreement (the "Agreement") reached between the two companies in August.
These 150 miners are supplemental to the 400 miners already paid for and received as part of the original Agreement.
The Company leveraged its shares of Preferred B stock to purchase its initial tranche of 400 miners. As a part of the contract, ISW Holdings President and Chair, Alonzo Pierce, and Minerset Managing Member, Elias Fernandez Sanchez, negotiated a graduated milestone provision deeming that ISW Holdings would earn 75, 150, or 225 additional Bitmain S19 95TH/s miners based on the performance of the Company's common stock at or above $2, $3, or $4, respectively.
The Company has now triggered two of those milestones and looks forward to the opportunity to reach the next – the stock price for common shares of ISWH closed at $3.44 on Monday after hitting a 52-week intraday high of $3.78 during the session.
'This contract was a win for both companies: We didn't have to part with $3.8 million in cash and Minerset was able to quickly move its inventory,' noted Pierce. 'With the appreciation of our stock price, both companies have already been amply rewarded for this partnership.'
Upon delivery, the miners will be prepped and deployed in POD5 units at the Company's Pennsylvania mining project.
'In addition to being a surprise reward for our shareholders on the asset side, this new tranche of miners will drive significant further bottom line performance gains over coming quarters,' added Pierce. "We also continue to work with FINRA on our name and symbol change, which is our first step of many on our way toward a NASDAQ listing.'"