“The strong response from investors has exceeded our expectations,” Chairman Suraj Asavaprapha said in an interview. “There’s bullish optimism toward our new direction, even though this is just the beginning. ” Jasmine Technology is just one of many Thai firms diversifying into the digital-asset arena. Consumer-appliance maker AJ Advance Technology PCL this month announced its inaugural investment in Bitcoin mining. Siam Commercial Bank PCL have also taken stakes in cryptocurrency startups.
Enthusiasm for crypto products, especially among young investors, has driven trading in locally-licensed exchanges to a series of new record highs -- prompting regulators to propose tighter rules.
Jasmine Technology has generated only eight Bitcoins from its 325 mining machines since operations were started few months ago. Suraj expects next year to be much more active, driven by plans to invest about 3.3 billion baht ($98 million) in as many as new 7,000 devices. Revenue from the mining business will account for about 80% of the company’s total turnover by late 2022, said by the owner. Securities “It’s received a good welcome from investors for being the nation’s pioneer, but there is some regulatory risk.”
The Bank of Thailand said last month that regulators plan to issue more detailed rules governing digital assets to protect the financial system and investors. Turnover at seven locally-licensed crypto exchanges surged to 221 billion baht ($6.58 billion) in November, compared to 18 billion baht a year earlier, according to the Securities and Exchange Commission’s data.
Local rules won’t affect Jasmine Technology, said Suraj, as the company can sell digital tokens worldwide and the mining business will be profitable as long as the price of the world’s biggest cryptocurrency holds above $30,000. Bitcoin recently traded at about $51,000.
Jasmine Technology’s net income in the first nine months jumped 436% from a year earlier to 150 million baht as sales from its traditional telecommunications-related businesses increased. The stock, which reached a record high earlier this month, trades at nearly 500 times its trailing 12-month earnings, data compiled by Bloomberg show.
The company’s largest shareholder with a 33% direct stake is broadband provider Jasmine International PCL, whose chairman resigned in 2019. Cryptocurrency Shiba Inu is not a joke anymore. Inspired by a dog meme and posed as ‘Dogecoin killer’, It was the most viewed crypto in 2021, beating the likes of Bitcoin and even Ethereum, announced cryptocurrency price-tracking website Coin Market Cap. According to Coin Market Cap, the Dogecoin spinoff recorded more than 188 million views during the last 12 months, while apex cryptocurrency Bitcoin came in second with 145 million views in 2021. It should be noted that It is currently the 13th largest cryptocurrency in the world, with a market cap of over $20 billion. Meanwhile, Dogecoin was ranked in the third position among the most viewed cryptocurrencies with 107 million views, while Cardano had around 86 million views, and Ethereum garnered 81 million views. The rise is speculated to be fuelled after tech billionaire, Elon Musk, tweeted a photograph of the Shiba Inu meme going to the Moon on October 18. His tweet pushed the coin to nearly 50 percent to reach a high of $0.000044 (Rs. 0.0033), according to Coin Market cap.
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