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Saturday, November 28, 2020

Global Blockchain Technologies Corp (OTCMKTS:BLKCF) Positioned for a Rebirth of Blockchain Enthusiasm

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Global Blockchain Technologies Corp (OTCMKTS:BLKCF) has been pulling back along with the rest of the cryptocurrency and blockchain market segment. However, as with any burst bubble, we usually see a renaissance of the enthusiasm that powered the original mania 2-4 months after the top. If and when that happens – and it may not be long – we would see this as one stock that is increasingly well-positioned to benefit.

Fueling that view, the company also just recently announced that it has closed the acquisition of Coinstream Mining Corp. previously announced on February 13, 2018, by way of a three-corner amalgamation. According to that release, “under the terms of the definitive acquisition agreement, BLOC acquired 100% of Coinstream and assumed 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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Taking over the Coinstream assets is an important input for understanding the future potential for BLKCF. It implies 3 key areas of impact: The Manitoba joint venture facilities totaling 50 MW of capacity, with 35 MW of capacity available immediately, the wholly-owned Mozambique facility totaling 25 MW of capacity, with 10 MW of capacity available immediately, and a 25% interest in Distributed Mining Inc.

In this last case, according to the release, “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).”

Traders will note roughly flat action in share values of the company over the past week of action. However, as discussed above, BLKCF is a stock with a past that has featured a litany of sudden rips to the upside, as well as a strong tie to the future potential implied by any new sentiment rush back into the blockchain and/or cryptocurrency themes. Furthermore, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 18% beyond its prior sustained average level.

Now commanding a market cap of $1.7M, BLKCF has a significant war chest ($6.3M) of cash on the books, which compares with virtually no total current liabilities. BLKCF is pulling in trailing 12-month sales at a strong clip and has been seeing recent top-line growth even though this number shows up as a negative accounting line at the moment due to Canadian rules for marking. That said, we also see 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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