HomeEquities ScoreWhy The OLB Group Inc (OLB) stock went down after exceptional early...

Why The OLB Group Inc (OLB) stock went down after exceptional early gains on Tuesday?

The OLB Group Inc. (OLB) shares fell 5.93% in after-hours on Tuesday, November 02, 2021, and closed the daily trading at $8.09. However, in the regular trading session, OLB’s stock soared 87.36%. OLB shares have risen 142.25% over the last 12 months, and they have moved up 91.54% in the past week. Over the past three months, the stock has gained 63.19%, while over the past six months, it has surged 91.11%.

Let’s have a look at its recent news and developments.


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OLB support for Mastercard Cryptocurrency Processing

On November 02, 2021, The OLB Group, Inc said that it is ready to process Mastercard Bitcoin payments immediately. Merchants utilizing OLB’s OmniSoft business management platform and the company’s SecurePay Payment Gateway Platform can activate Mastercard cryptocurrency transaction processing at any time.

OLB subsidiary expanded Bitcoin mining operation

On October 26, DMint, Inc. which is a wholly-owned subsidiary of OLB Group, expanded its Bitcoin mining operation with the addition of five hundred (500) Antminer S19j Pro cryptocurrency mining computers.

After this announcement, DMint expects to have a total of 1000 computers in operation at its newly completed Bradford, PA location by the end of 2021 and projects to reach 24,000 Bitcoin mining computers – in various locations – in the next 24 months.

OLB Subsidiary first order of Miners

On September 14, 2021, The OLB Group, Inc announced that DMint, Inc is deploying its first lot of some one-hundred cryptocurrency mining computers for operation at its newly acquired data centres. The Antminer S19j Pro is specifically configured to mine Bitcoin and is planned to be up and running by the end of September.

Earlier on August 31, 2021, DMint, announced that their first batch of cryptocurrency data centres to come online in mid-September 2021. Located in Bradford, PA, the centres will be powered through clean gas energy generated through DMint mineral rights.

OLB participation at the recent event

The OLB Group recently participated at the H.C. Wainwright 23rd Annual Global Investment Conference which was held on September 13, 2021. The company was presented by its CEO Ronny Yakov during the event.

Registered direct offering

On August 19, 2021, The OLB Group, Inc entered into definitive agreements with certain institutional investors for the sale of an aggregate of 1,418,605 shares of common stock at a purchase price of $4.30 per share in a registered direct offering. The company will get gross proceeds of approximately $6.1 million from the offer.

Conclusion

OLB stock skyrocketed on Tuesday when the company announced that it is ready to process Mastercard Bitcoin payments but later it declined a bit in the after-hours which has no grounds. In our opinion, it will further go up in the coming trading sessions on Wednesday.

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