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Sino-Global Shares Soar as Shipping Firm Expands Into Bitcoin Mining
Sino-Global announced a new COO and CTO as it plans to start mining.
By Zack Voell
Updated Sep 14, 2021, 12:06 p.m. Published Feb 3, 2021, 8:25 p.m.
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Shares of Sino-Global Shipping (SINO) soared after the Nasdaq-listed international shipping company announced it plans to start mining cryptocurrency.
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- The company plans to continue its core freight and shipping business while expanding into bitcoin mining, per a statement from CEO Lei Cao.
- To spearhead the new initiative, the company named named Lei Nie as its COO and and Xintang Youas as the new CTO.
- "We believe that Sino-Global is well-positioned to continue growing its core business while expanding to Bitcoin mining operations," Cao said."
- The move into mining coincides with soaring mining revenue, per CoinDesk's reporting, and a nearly 300% gain from bitcoin over the past 12 months.
- Chinese financial news outlet Sina reported that Sino-Global is sourcing its mining machines from Bitmain, the leading mining ASIC manufacturer whose website shows they are sold out through Q3 2021. Bitmain did not immediately respond to a comment request from CoinDesk.
- Nasdaq issued a stock alert Wednesday as Sino-Global shares soared over 130% from Tuesday's close on the news Wednesday morning, peaking near $11.25. Through the afternoon, trading has dipped to around $7.40.
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BlackRock exec says 1% crypto allocation in Asia could unlock $2 trillion in new flows
During a panel discussion at Consensus in Hong Kong, Peach pointed to massive capital pools in traditional finance as ETF adoption spreads across Asia.
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- Even a 1% crypto allocation in standard portfolios across Asia could translate into nearly $2 trillion of inflows, highlighting how modest shifts in asset allocation could transform the digital asset market, according to the head of APAC iShares at BlackRock, Nicholas Peach.
- BlackRock's iShares unit, whose U.S.-listed spot Bitcoin ETF IBIT has rapidly grown to about $53 billion in assets, is seeing strong demand from Asian investors as ETF adoption accelerates across the region.
- Regulators in markets such as Hong Kong, Japan and South Korea are moving toward broader crypto ETF offerings, but industry leaders say investor education and portfolio strategy will be critical to channeling traditional finance capital into digital assets.
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