Shares of the Canada-based cryptocurrency firm Neptune Digital Assets Corp. (OTC: NPPTF) closed at $0.7981 in the last session after seeing a rise of 39.58%, bringing its market capitalization to $74.06M. Recent volume of Neptune Digital stock increased from 459.68K shares to 2.36M shares. Moreover, the shares of NPPTF stock have been trading within a $0.6000 – $0.7981 range. Recent moves of NPPTF followed by news of the signing of a letter of intent on crypto mining spiked the price of NPPTF stock.
What were the strategic moves?
Throughout the Digital Asset Ecosystem, Neptune Digital Assets seeks to be the leading cryptocurrency player by offering a diversified portfolio of investments and cryptocurrency operations. Decentralized finance (DeFi) and associated blockchain technologies also fall under the Bitcoin mining, tokens, and proof-of-stake crypto categories.
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A letter of intent and investment agreement between Neptune Digital Assets and Link Global Technologies Inc., a Bitcoin mining facility with a capacity of 5MW, was signed last week.
After a separate partnership with Link on March 4, 2021, with the purpose of procuring and operating 1500 ASIC mining machines for Neptune at existing facilities, this agreement has also been reached.
Important details of the agreement include:
- NPPTF and LINK will either split the costs or split the revenues from the new mine equally.
- LINK operates most of its Bitcoin mining facilities in Alberta, where the new site will be built.
- A solar, wind and natural gas powered site will be constructed on this property.
- Construction is expected to begin in early April and results in a definitive agreement by the end of the month.
- NPPTF will also be filing its consolidated condensed interim financial statements for the six-month period ended February 28, 2021.
- It also included a management discussion and analysis highlighting $6 million in net income and a 200% balance sheet growth in second quarter.
What NPPTF will be achieving?
Providing renewable energy to digital currency mining projects with its growing footprint in the digital currency segment, the NPPTF will significantly speed up their growth.