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.