One of the lesser-known crypto plays that’s seeing a lot of attention today is Athena Bitcoin Global (OTCMKTS:ABIT). Indeed, ABIT stock has surged 30% in early afternoon trading as investors buy into the company’s business model.
As a key provider of frontend crypto services, ABIT stock has absolutely skyrocketed of late. Opening around 16 cents at the start of this year, shares of ABIT stock have been a 100-bagger to date. That’s absolutely incredible for any stock. However, the momentum with Athena appears to be only picking up.
The Bitcoin (CCC:BTC-USD) ATMs this company operates are essential for retail users of the world’s largest cryptocurrency to conduct day-to-day transactions. Given the recent rollout of Bitcoin as legal tender in El Salvador, a lot of eyes are on Athena. Athena has been named as a key partner for this El Salvadorian rollout. Additionally, today, the president of El Salvador stepped in to fix various issues with the rollout. Accordingly, cryptocurrency prices appear to be stabilizing today.
Let’s dive into what investors may want to know about this intriguing crypto play.
What Investors Want to Know About ABIT Stock
- Athena Bitcoin Global calls itself “the most trusted name in Bitcoin ATM.”
- Indeed, this company has 200 ATMs spread across North and South America.
- In addition to Bitcoin, other major cryptocurrencies can be redeemed for cash.
- The company reports these transactions typically take less than 90 seconds.
- These transactions can take the form of both withdrawals and deposits.
- As a key partner of the rollout in El Salvador, investors will look to ABIT stock as a key way to play the transition toward global adoption of cryptocurrencies as fiat replacements.
- Today, ABIT stock trades at around $15.50 per share, at the time of writing.
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On the date of publication, Chris MacDonald 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.