Digihost Technology Inc (OTCMKTS: HSSHF) was one of the biggest OTCQB stock gainers on Friday.
Market Action
HSSHF stock gained 42.88% to $2.03 on Friday. More than 2.47 million shares traded hands for the session five times its 30-day average volume. The stock opened at $1.59 and moved within a range of $1.55-$2.05.
Digihost Technology Released News Late Friday
After the market closed on Friday, Digihost Technology released an update. Here are the key highlights:
Digihost Provides Update on Deal to Acquire 9,900 Bitcoin Miners and Increase Hashrate by 925PH
- HSSHF intends to acquire 9,900 Bitcoin (“BTC”) miners (the “Miners”) that will increase the Company’s current hashrate by approximately 925PH to 1.145EH
- The Company is funding the purchase of the Miners with capital from its equity financings closed since the beginning of 2021 of approximately CA$54,000,000.
- The Company anticipates the costs of developing systems to supply the mobile data centers with power from the facilities will be approximately US$4.5 million, which the Company will fund with capital from its previously completed equity financings.
Michel Amar, the Company’s CEO, stated: “Since the beginning of the year, we have achieved operational milestones in support of our growth strategy. We are pleased to be in a position today to have the required funding, power capacity, and access to infrastructure to execute on our strategy for 2021 and beyond.”
Trader Notes
HSSHF is trading well above its 50-day and 200-day moving average price of $1.77 and $0.87 respectively. The stock has gained 161% so far this year. Both RSI and MACD are rising sharply. Average daily volume has doubled over the last 30 days from 443k to 1.1 million shares a day. Friday’s volume was well above that.
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