Venture capital investor Chapmans has soared after jumping from cannabis to crypto with the appointment of a blockchain consultant.

Chapmans (ASX:CHP) has brought in Mike Cohen from blockchain consultancy Blocksense in Canada to help it find deals.

They bought into cannabis first in 2015, with a foray into Capital Mining’s failed attempt to pivot from rocks to weed, then more successfully with an investment in MJ Life Sciences this year.

Blockchain is a technology that provides a public ledger of transactions for cryptocurrencies such as Bitcoin. Each “block” is like a bank statement that is connected to other blocks to form a chain.

The technology has reached epic proportions of hype lately as Bitcoin surged past $US11,000 per “coin” on Wednesday. Within hours the price plummeted back to $US9300 before bouncing back to $US10,600. On Friday afternoon it was back down to $US9600.

ASX-listed companies with even a tenuous exposure to cryptocurrencies or blockchain have seen their share prices rocket recently.

Of 15 ASX crypto stocks monitored by Stockhead, all but two have made gains this month.

Hardware retailer Byte Power is up 600 per cent after announcing it’s building a cryptocurrency exchange in Brisbane.

Chapmans could certainly use a blockchain bounce. In morning trade its shares were up 45 per cent to 1.3c, before cooling to 1.1c in Friday afternoon trade.

Bar a bump in 2005, Chapmans has been on a downward trajectory since the heady days of the tech boom in 1999 and 2000 when the shares were worth as much as $30.

Chapmans shares over the past year. Source: Investing.com

More recently, Chapmans has undergone a tortuous, almost year-long effort to gain control then exit Digital4ge, which finished with all parties agreeing to drop “all existing court proceedings and will take no further action in respect of existing court proceedings”.

There was no mention as to what these proceedings were, and neither company responded to queries.

It has also been caught up in ASX questioning twice in the last three months.

The first was when the ASX suspended it for not lodging its half year accounts in time.

A revision to those attracted the attention of the regulator ASIC, as Chapmans reduced net assets by $3.2 million, posted a $2.2 million loss and a 60 per cent drop in revenue to $993,200.

The second was when the ASX asked why Chapmans directors Anthony Dunlop and Peter Dykes were receiving consultancy payments from Capital Mining, of which they were also directors.

Capital Mining spent only $175,000 on exploration while a massive $637,000 was paid for administration and corporate costs, according to its June quarter report.

Mr Dykes ended his consultancy agreement and directorship. Mr Dunlop stayed on as a non-executive director.