GD Entertainment & Technology Inc. (OTCMKTS:GDET) just announced that the company has issued an LOI for the establishment of a lease for the company’s Bitcoin ATM Machine to be housed and operated within iVapeATX, a premier vape products store located in Austin, TX. The crypto ATM market will reach $144.5 million by 2023 from $6.8 million in 2017, representing a CAGR of 54.7%. So this is no small potatoes.
“iVape is a perfect partner for the establishment of this machine,” noted Anil Idnani, CEO of GDET. “The popular vape store and its high-traffic and forward-looking surrounding community mesh well with our envisioned target market for the BTC ATM business. This is an ideal location for the full commercial launch of our HyperDigital Technologies subsidiary.”
GD Entertainment & Technology Inc. (OTCMKTS:GDET) bills itself as is a company that focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company operates in two basic segments: cryptocurrency mining/services and CBD-based products. Both segments are currently doing real business and will likely contribute to significant revenue growth over the next 3-month and 12-month periods.
One of the key factors in valuing the company right now is its crypto mining farm, which is running fully-owned top-tier miners, with all-in costs at $0.065/kwh. The company’s HyperDigital Technologies subsidiary is the Cryptocurrency ATM business, which aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country. The DreamCard subsidiary specializes in fully customizable and premium quality credit/debit cards. The Cryptocurrency cold storage market has been forecasted to reach more than $15 billion by 2025.
The CBD Segment is operated through its subsidiary, The Greenery (thegreeneryco.com), which is beginning to see broader branding exposure and rapid sales growth, particularly as it develops its new physical store model.
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As noted above, GDET just announced that the company has issued a Letter of Intent for the establishment of a lease for the company’s Bitcoin ATM Machine to be housed and operated within iVapeATX, a premier vape products store located in Austin, TX.
According to the release, the proposal is for a 12-month lease for the rights to install and operate the company’s Bitcoin ATM Machine within the iVapeATX store for the duration of the lease term. GDET will provide the physical ATM as well as all related logistics involved in operating the ATM at the location, and will derive all proceeds from operating the ATM over the life of the lease.
Mr. Idnani continued, “Given our positioning in both the Crypto market and the CBD products market, there are obviously other implications to a deepening relationship with iVape, which happens to be a store that sells CBD products in high volume. We will comment further on that potential very soon.”
Currently trading at a market capitalization of $3M, GDET is pulling in trailing 12-month revenues of $53K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 160.3%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $GDET 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 $GDET, either long or short, and we have not been compensated for this article.