GLOBAL BLOCKCHAIN (OTCMKTS:BLKCF)
GLOBAL BLOCKCHAIN (OTCMKTS:BLKCF) stock is down 3% in mid-morning trading, to $2.05, on moderate volume. GLOBAL BLOCKCHAIN (OTCMKTS:BLKCF) is an investment company whose corporate focus is to create a listed company that invests in a basket of holdings within the blockchain sector.
The leadership of Canadian-based GLOBAL BLOCKCHAIN (OTCMKTS:BLKCF) possess impressive resumes in regard to innovative technology plays. Chairman of the Board Steve Nerayoff is an early pioneer and leader in the Blockchain industry and a senior advisor to Ethereum and Lisk. CEO Rik Willard founded America’s first digital out of home company in early the 90s and one of Silicon Alley’s first digital boutiques in 1994.
Global Blockchain Business Model
The corporate vision is embodied in their creation of a Blockchain incubator. GLOBAL BLOCKCHAIN (OTCMKTS:BLKCF) intends to vet, and then invest in, the best Blockchain concepts from a technical and business perspective. Recently the company has announced two moves that exhibit their commitment to the incubator model.
On November 7, 2017, the company announced that its wholly owned subsidiary, Global Blockchain Mining Corp., has entered into an agreement to acquire a 49.9% interest in Coinstream Mining Corp., (Coinstream). Coinstream is the world’s first cryptocurrency mining company to employ the streaming model. Blockchain Mining Corp. will be providing strategic upfront capital and an additional payment upon delivery of the cryptocurrency in exchange for a stream of future cryptocurrency production, at a fixed price.
Then, on November 8, 2017, GLOBAL BLOCKCHAIN (OTCMKTS:BLKCF) announced that Canaccord Genuity Corp., acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters, has agreed to purchase 11,800,000 units of GLOBAL BLOCKCHAIN, on a “bought deal” private placement basis, at a price per Unit of $2.55 for total gross proceeds of $30,090,000. The net proceeds of the offering are expected to be used for general corporate purposes that will likely include further investment in Blockchain-oriented companies that are successfully vetted by GLOBAL BLOCKCHAIN.
BLKCF Stock Performance
From January 20, 2017 until September 18, 2017, BLKCF shares rarely had volume that exceeded 1,000 shares per week – and most days had no volume at all. However, since then, BLKCF stock has a 30-day, daily volume average of nearly half a million shares. In the last three weeks, the weekly volume has exceeded two million shares.
BLKCF stock has tried to break above stiff resistance at $2.60 three times in the last 30 days. However, each time sellers stepped in and sent the stock lower. But as can be seen in the above chart, the lows have been higher each time the stock retreated.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.