Jasmine Technology Solution Pcl (JTS.BK) has more than tripled since the announcement of the company’s plan in July to expand to Bitcoin mining. Although the project is yet to deliver any significant earnings year-to-date the company’s stock surged nearly 7000%.
The surge in stock price marks most among global tech company stocks and the company’s market value reached $2 billion, according to a report by Bloomberg.
“The strong response from investors has exceeded our expectations,” Chairman Soraj Asavaprapha said in an interview. “There’s bullish optimism toward our new direction even though this is just the beginning. ”
Earlier many Thai firms has shown commitment to diversity to digital asset arena. Banking giants, Siam Commercial Bank Pcl. (SCB.BK) and Kasikorn Bank Pcl. (KBANK.BK) acquired stakes in cryptocurrency startups earlier.
According to the Bloomberg report, JTS generated only eight Bitcoin from its 325 mining machines since inception of the project few months ago. The company plans to invest about 3.3. billion baht in as many as 7,000 devices. Soraj said to Bloomberg, mining business would account for about 80% of the company’s total revenue by late 2022.