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Saturday, December 5, 2020

Global Blockchain Technologies Corp (OTCMKTS:BLKCF) Stock Trending Higher

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Global Blockchain Technologies Corp (OTCMKTS:BLKCF) has been correcting like many plays in the blockchain space so far in 2018. However, we have been seeing a bounce over recent days, taking shares up as much as 50% on an uptick in trading volume. Could this be the start of a new run for stocks in this space? Time will tell. For now, we do see recent catalysts driving this particular play, including the completion of key recent acquisition.

Specifically, the company just reported that it has completed its previously announced acquisition of Coinstream Mining Corp. by way of three-corner amalgamation. According to the company’s most recent release, “under the terms of the definitive acquisition agreement, GBT will acquire 100% of Coinstream and assume all of its existing assets and underlying agreements at present.”

Global Blockchain Technologies Corp (OTCMKTS:BLKCF) frames itself as an investment company providing investors access to a basket of holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies.

GBT is focused on streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the cryptocurrency space with a view to becoming the first vertically integrated originator and manager of top-tier blockchains and digital currencies. GBT is listed on the TSX Venture Exchange and its common shares trade under the ticker symbol \”BLOC\”.

According to company materials, “Global Blockchain Technologies Corp. is an investment company providing investors access to a basket of holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies. GBT is focused on streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the cryptocurrency space with a view to becoming the first vertically integrated originator and manager of top-tier blockchains and digital currencies. GBT is listed on the TSX Venture Exchange and its common shares trade under the ticker symbol “BLOC”. Other information relating to GBT is available on SEDAR at www.sedar.com as well as on the Company’s website at www.globalblockchain.io”

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As noted above, BLKCF recently entered into a key deal that came along with some interesting details and stipulations.

According to the release, “the Manitoba joint venture facilities totaling 50 MW of capacity, with 35 MW of capacity available immediately. GBT’s subsidiary, Global Blockchain Technologies Corp., will supply cryptocurrency mining units on the basis of a 70/30 split in favor of GBT… The wholly-owned Mozambique facility totaling 25 MW of capacity, with 10 MW of capacity available immediately.  The Mozambique facility will host GBT machines and/or seek joint ventures for the rapid procurement of cryptocurrency miners. These facilities have an average power cost of USD$.03 per KwH… A 25% interest in Distributed Mining Inc.  Distributed Mining is a blockchain software company creating software that enables all devices to have the ability to participate in mining cryptocurrency. The software will be available to be downloaded through Distributed Mining, or through its partner sites. Connected devices will then be able to activate mining operations through their devices (including but not limited to mobile phones and gaming consoles).”

We’ve witnessed 28% during the past week in terms of shareholder gains in the stock, a rally that has pushed up against longer standing distributive pressure. That said, BLKCF has a track record that includes a number of dramatic bounces. In addition, the stock has benefitted from a jump in recent trading volume to the tune of 12% over the long run average.

Currently trading at a market capitalization of $19.99M, BLKCF has a significant war chest ($6.3M) of cash on the books, which is balanced by virtually no total current liabilities. BLKCF is pulling in trailing 12-month revenues of $-19K. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 899.9%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $BLKCF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $BLKCF, either long or short, and we have not been compensated for this article.

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