On Monday, the Bullet Blockchain Inc (OTCMKTS:BMIN) stock emerged as one of the notable movers from the blockchain space and ended the day with gains of as much as 2%.
Market Action
On Monday, BMIN stock gained 1.60% to $0.0380 with 350K shares, compared to its average volume of 502k shares. The stock has moved within a range of $0.0280 – 0.0380 after opening trade at $0.0389.
Completes Reverse Stock Split
In this context, it should be noted that the company was in focus on Monday after it made a key announcement with regards to its plans following the merger with Britannia Mining Inc. Bullet Blockchain announced that it was going to pivot Britannia Mining towards Bitcoin mining and also noted that that it had been successful in finally completing the 1 for 10 reverse split of its common stock.
The reverse split went into effect from yesterday. A reverse stock split can often lead to a decline in the stock price but in case of Bullet Blockchain the opposite happened and the stock actually ended up with slight gains.
In this context, it should be noted that the management at Bullet Blockchain had put in place a round up strategy in order to make sure that the holdings of shareholders were not affected as a result of the reverse split. At this point it remains to be seen if the Bullet stock can hold on to its momentum and add to its gains.
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