JTS stock reaches floor price as Bitcoin falls below $20,000

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Jasmine Technology Solution Plc (JTS), a telecom service provider with Bitcoin mining projects, saw its shares plunge by 30 per cent to the floor price on Monday as its crypto revenue outlook has become bleak.

JTS slipped 29.97 per cent from its prior closing to 104 baht by midday, hitting the price swing limit set by the stock market regulators. 

In one month, JTS shares lost their value by 70 per cent. The stock had skyrocketed to its 52-week high at 594 baht last year, when investors were bullish on the company’s Bitcoin mining foray.

The price of Bitcoin, the world’s most valued cryptocurrency, fell below US$20,000 (700,000 baht) over the weekend, the lowest not seen since December 2020. The drop was triggered by asset depreciation in the face of increased interest rates to combat inflation.

JTS is one of the Thai companies that entered the digital asset field last year. The intentions for Bitcoin mining have caused prices to rise ahead of earnings in tandem with the buzz on cryptocurrencies. 

According to the company’s data, JTS secured a total of 39.22 Bitcoin from mining as of May 23. The company said it has a mining capacity of 0.196 BTC per day. 

JTS’s first-quarter earnings was 96 million baht, up 840 per cent year-on-year, mainly from its telecom service revenues. 

However, the price hike has resulted in a sudden shift. Shares in other Thai companies that invest in cryptocurrencies are now losing value in the same fashion that the digital assets are.

Ziga Innovation Plc (ZIGA) dropped 16 per cent to 5.8 baht, while United Power of Asia Plc (UPA) dipped 10 per cent to 0.27 baht. Proen Corp Plc (PROEN) saw its shares shed 8 per cent to 5.20 baht. 

Meanwhile, the Stock Exchange of Thailand (SET) index fell to a 10-month low, hovering around 1,550 as uncertainties of rising interest rates and faltering global economy weighed on the equity markets.

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