Sino-Global Shares Soar as Shipping Firm Expands Into Bitcoin Mining

Sino-Global announced a new COO and CTO as it plans to start mining.

AccessTimeIconFeb 3, 2021 at 8:25 p.m. UTC
Updated Sep 14, 2021 at 12:06 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Shares of Sino-Global Shipping (SINO) soared after the Nasdaq-listed international shipping company announced it plans to start mining cryptocurrency.

  • The company plans to continue its core freight and shipping business while expanding into bitcoin mining, per a statement from CEO Lei Cao.
  • To spearhead the new initiative, the company named named Lei Nie as its COO and and Xintang Youas as the new CTO.
  • "We believe that Sino-Global is well-positioned to continue growing its core business while expanding to Bitcoin mining operations," Cao said."
  • The move into mining coincides with soaring mining revenue, per CoinDesk's reporting, and a nearly 300% gain from bitcoin over the past 12 months.
  • Chinese financial news outlet Sina reported that Sino-Global is sourcing its mining machines from Bitmain, the leading mining ASIC manufacturer whose website shows they are sold out through Q3 2021. Bitmain did not immediately respond to a comment request from CoinDesk.
  • Nasdaq issued a stock alert Wednesday as Sino-Global shares soared over 130% from Tuesday's close on the news Wednesday morning, peaking near $11.25. Through the afternoon, trading has dipped to around $7.40.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.