Code Chain New Continent Ltd. (CCNC) stock prices were up by 0.74% as of the market closing on October 25th, 2021. This brought the price per share up to USD$1.37. Subsequent premarket fluctuations saw the stock surge by 47.45%, bringing it up to USD$2.02.
Agreement with Shenzhen Jindeniu
October 4th, 2021 saw CCNC stock announce having entered into an asset purchase agreement with Shenzhen Jindeniu Electronics Ltd. The agreement was effective as of September 27th, 2021, with the purchased assets being valued at USD$15.9 million. These purchases include storage servers for cloud computing, with the assets having been delivered as of September 27th, 2021, marking the completion of the transaction. Subsequently, the company is continuing to look for mining opportunities to consolidate and expand its cryptocurrency profile. This development will service to enhance the company’s existing mining operations while driving meaningful growth and increases in shareholder value.
Acquisition of Doo Limited
CCNC stock announced on July 30th, 2021 that it had completed its acquisition of all of the assets of Doo Limited. The purchase was of the Filecoin mining service provider was valued at roughly USD$16.442 million. The transaction was conducted in the form of 7,647,493 shares of the company’s common stock, with each share being valued at USD$2.15. Now a wholly owned subsidiary of CCNC, Doo engages in the FIL mining business in China. It owns 10 PiB of FIL computing power, as well as 100,000 digital currency units. These units account for 0.221% of the entirely of the FIL digital currency supply in the world.
CCNC Stock’s Foray into Cryptocurrency
The company is aggressively expanding its market footprint in the cryptocurrency sphere, engaging in the research, design, and development of electronic tokens. These electronic tokens are unique, tradable, and inheritable digital assets that are safeguarded against tampering. They are based on and stored in the company’s system and can be used to monitor and document a myriad of consumer behaviors that involve code scanning. Its recent foray into the cryptocurrency market is being rewarded by the recent surges in Bitcoin prices, consolidating the company’s position as a vertically integrated cryptocurrency miner.
Future Outlook for CCNC Stock
CCNC stock is keen to maintain the momentum generated recently by the surge of Bitcoin prices, in light of its recent acquisitions within the marketspace. The company is poised to capitalize on the expanded scope of opportunities after a concerning period of volatility for cryptocurrencies amid increasing Chinese regulations and crackdowns. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate consistent and organic increases in shareholder value over the long term.