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Digital Power Is Riding The Cryptocurrency Hype Train

Courtesy of Benzinga.

Digital Power Is Riding The Cryptocurrency Hype Train

With the price of bitcoin and other cryptocurrencies soaring more than 1,000 percent in 2017, traders are scrambling to get in on the action any way they can. Bitcoin still doesn’t have a major market ETF listing in the U.S., leaving cryptocurrency traders to sniff out stocks and ETFs that have even a whiff of exposure to the crypto craze.

The Newest Crypto Play?

This heightened level of exuberance for cryptocurrency plays has led to some extreme volatility among stocks with limited or even speculative links to cryptocurrency. In the past five trading sessions, Digital Power Corporation (NYSE: DPW) stock has soared 121 percent on news that the company is making a move into the cryptocurrency mining market.

In a Monday press release, Digital Power announced its subsidiary Coolisys Technologies will be launching a new line of power systems aimed at cryptocurrency mining. The company said it believes Coolisys could make great strides in reducing the power load cryptocurrency mining consumes and the costs associated with that demand.

Digital Power initially announced a partnership between Coolisys and PoW Digital Mining back in August to develop a portfolio of assets targeting the cryptocurrency market.

“Starting with our current catalog of power efficient and durable products as a base, we will collaborate with PoW and combine our efforts to develop a unique in-demand portfolio of equipment and packaged solutions for personal miners and the large pool operators exploiting mining and other activities within this exciting and still often misunderstood sector,” Digital Power CEO Amos Kohn said at the time.

Price Action

With a market cap of only $47 million, Digital Power is just one of several relatively small-cap stocks to go on huge runs in recent weeks thanks to at least tangential ties to cryptocurrency.

Here’s a look as some huge moves some crypto-related stocks have made in the past month alone:

  • Marathon Patent Group Inc (NASDAQ: MARA) is up 209.7 percent.
  • Xunlei Ltd (NASDAQ: XNET) is up 30.7 percent.
  • Bitcoin Investment Trust (OTC: GBTC) is up 77.3 percent.
  • Riot Blockchain Inc (NASDAQ: RIOT) is up 106.2 percent.

Related Links:

A Guide To Who Loves And Hates Cryptocurrency

Does Bitcoin Actually Hold Any Value At All?

Posted-In: Bitcoin Coolisys Technologies cryptocurrencyLong Ideas Top Stories Movers Trading Ideas Best of Benzinga


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