Crypto mining has proven itself to be more than a passing fad; rather, it’s a business so lucrative that tech companies are changing their business models in order to accommodate it. Today, another company is making that pivot. Trade software company Powerbridge Technologies (NASDAQ:PBTS) is taking the dive into crypto mining. Investors are taking notice of PBTS stock’s big gains from the news.
Powerbridge is a tech outfit based in China. The company was founded over two decades ago, with the intent of revolutionizing global trade. The company has developed a slew of software packages meant to increase efficiency and traceability across global supply chains. Powerbridge is also working to branch out and involve itself in as many disruptive tech innovations as possible.
Of course, it’s a no-brainer then that Powerbridge is taking a deep interest in crypto mining. The company is announcing that it’s planning to invest in the business of mining Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD).
PBTS Stock Booms on Crypto Mining News
The company’s announcement today does not come with rich detail. All we know is that the company is planning on expanding into crypto mining in some capacity. We also know that Powerbridge is assembling a crew of cryptocurrency veterans and experts to help devise a plan and advise on it.
This announcement is particularly interesting, given the fact that Powerbridge is a Chinese company. The Chinese government has taken a very harsh stance on crypto mining, banning it in many provinces. According to the press release, the company’s involvement in crypto mining will be in creating a clean energy solution for mining, which could very well help the government ease up its restrictions on the activity.
PBTS stock is soaring from the news; it is increasing by over 53% on today’s trading session. Investors are flocking to the stock as well. Over 170 million shares are trading hands against the company’s daily average of just under 3 million.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.