Block-buster: Triple digit gains for ASX crypto stocks in two months
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ASX-listed blockchain and crypto stocks have roared into the new year with triple-digit share price gains in the space over the past 60 days.
The hotter-than-hot sector has not slowed down since the Bitcoin-inspired burst of excitement in December, with 19 of 20 related stocks tracked by Stockhead up double or triple figures since mid-November. (See table below).
Only iCandy (ASX:ICI), which has been suspended since November 13 as it pursues a deal, has missed out on the blockchain buzz. (iCandy chairman Kin Wai Lau recently told Stockhead he was hopeful of closing a deal soon.)
All other actual (and rumoured) crypto stocks are doing very well as investor focus shifts from Bitcoin sentiment to meaningful efforts by companies to exploit digital currencies or blockchain software.
The news this year so far has been mixed however; some companies keep sending out positive vibes while others are seeing completion dates for capital raisings and deals pushed back.
Here is the performance of 20 blockchain or crypto-related ASX stocks over the past 60 days:
Making money from crypto
Yojee (ASX:YOJ) is one of the ASX’s most exciting crypto stocks. It provides blockchain-backed logistics software for transport companies, and has begun to rack up contracts and attract the attention of heavy weight tech investors in the last six months.
Last week a company controlled by former chairman Mathew Walker, The Twentieth Century Motor Company, increased its stake to 6.88 per cent.
Mobecom (ASX:MBM) said today it plans to implement blockchain software throughout its suite of products, describing it as a soon-to-be industry standard.
Reffind (ASX:RFN) has pushed back its closing date on the $2.3 million deal with Loyyal, saying the Christmas holidays got in the way of the dealmaking.
Chapmans (ASX:CHP), an investor known for liking to have a finger in every pie, has appointed another blockchain expert, but so far its only crypto investment is a 9.3 per cent stake in Reffind.
New crypto addition Sportshero (ASX:SHO) did a $1 million capital raise last week with China-based venture capital firm IPV Capital. It is planning to create an in-house cryptocurrency for its sports app.
Fatfish Internet (ASX:FFG) have got into cryptocurrency mining, saying it should start making money from metaphorically digging up all kinds of crypto in a matter of weeks.
Regulatory tech company Kyckr (ASX:KYK), which built a blockchain-based corporate identity platform for compliance, has signed a (non-blockchain) contract for $150,000 a year with a global payments provider for tis know-your-customer technology.
Byte Power Group (ASX:BPG) has been running into a bit of trouble recently but is still up 800 per cent – the highest of all our crypto stocks.
It had to sack its Singapore cryptocurrency exchange developer amid allegations of missing tokens.
The exchange was originally supposed to be ready for testing at the end of 2017, but this date has been pushed out to the end of March.
The rumour mill still churns
Companies with no crypto operations (in spite of hopes that they will soon) are Alchemia (ASX:ACL), Serpentine (ASX:S3R), Peppermint (ASX:PIL), Zyber (ASX:ZYB, Transaction Solutions International (ASX:TSN), and First Growth Funds (ASXFGF).
Peppermint said in November it didn’t want anything to do with blockchain software, deeming it too risky.
Traders have high hopes that Serpentine will buy a crypto company, or convert a $4.4 million debt in a Canadian blockchain 3D printing business into equity, but there is little news on when either event will take place.
First Growth Fund is raising $3.45 million with Blockchain Global as it continues to search for investment opportunities.