THE FAST INC THAI TECH STOCK ARE NOW FACING 80% COLLAPSE
Now the picture is significantly different. The cryptocurrency route caused the stock to collapse almost 80% from its peak in April, falling nearly $ 10 billion in its market value and leaving the company pinned down by the group.
The transformation of the company that was previously one of the most important in Thailand is an extreme example of how crypto shakeout enters the mainstream markets. It is also a warning about the dangers that come with trying to ride a dynamic and predictable digital asset.FACTS:
Jasmine Technology Solution brought a total return of more than 3,000% during the 12 months to April 2022, when its shares made history. That has led to the telecommunications industry in companies costing at least $ 1 billion. A 77% decline in stocks since then has sent us down to the sector, which includes the likes of world giants Apple Inc. and Samsung Electronics Co.
Jasmine Technology Solution said in a statement that it continues to dig for Bitcoin and generate revenue for services such as data centers and cloud computing. Mining revenue reached 25.2 million baht ($ 711,425) from January to March, part of a total sale of 511 million baht, file submissions show.
The company said it plans to invest an estimated 3.3 billion baht to be among the top Bitcoin miners in the world. Thai regulators have previously set trading limits on stocks and have told investors to scrutinize their mining strategy.
"We do not like anything that has no basis in support," Vikas Kawatra and Jason York, analysts of Yuanta Securities (Thailand) Pcl, wrote in a paper on June 15, adding that they had doubts about the rise in prices. with a guaranteed change in crypto mines.