Nasdaq-listed firm worth $61m to pursue Bitcoin mining

The Nasdaq-listed Chinese blockchain company Powerbridge Technologies, with a market capitalization of $61 million, plans to expand its activities in the cryptocurrency market.

In a press release, the company said it intends to invest in digital assets and to mine Bitcoin and Ethereum. To this end, Powerbridge has assembled a ‘team of veterans of the crypto industry and technology’ to develop the new line of business.

The company’s core business is providing software-as-a-service (SaaS) and blockchain applications. Powerbridge combines artificial intelligence, big data and the Internet of Things to develop SaaS products in the fields of e-commerce, supply chains and data analytics.

“We are optimistic about the positive prospects of the cryptocurrency market. Our mining initiative is an important part of the overall blockchain strategy. We aim to build a global network for mining Bitcoin and Ethereum powered by clean energy,” said Stuart Lor, president and chief financial officer.

As reported in January 2021, the Chinese internet company The9 Ltd announced entry into the mining industry. Within two days of the announcement, the company’s Nasdaq-listed shares surged 140%.