ICOA Inc (OTCMKTS:ICOA) Stock Extends Rally: Soars 20% in a Week
Nevada based ICOA Inc (OTCMKTS:ICOA) is a company that provides wireless as well as wireless broadband networks in areas that are classified as high traffic ones. The company’s has been in sharp focus in the markets in recent times and the trend continued yesterday.
Market Stats
On Monday, ICOA stock moved up 8.59% at $0.0139 with more than 18.92 million shares, compared to its average volume of 97.38 million shares. The stock has moved within a range of $0.0128 – 0.0142 after opening the trade at $0.0130.
Signs LOI for 240 Million Acquisition of BGBF
On Monday, the ICOA stock managed to deliver gains of 8% and that took its gains for the past week to as much as 20%. Although the gains made by the stock are certainly eye catching, there has been no news about the company at all during the past week. Hence the rally might appear a bit random or even speculative to certain investors.
However, in this regard, it is necessary to note that the company is now shifting gears and looking to move into the fast growing NFT (non-fungible token), crypto, blockchain and decentralised finance spaces in a big way. ICOA hopes to accomplish that through a range of acquisitions.
On October 26, the company announced that it inked a letter of intent regarding the potential acquisition of the first Bitcoin Denominated Fund in Asia named BGBF. The acquisition could be completed in a deal worth as much as $240,000,000.
Key Quote
Dr. Vin Menon, Co-Founder and Advisor of BGBF added “The case for Bitcoin has been made. There is no doubt at this point it is here to stay. With the recent increase in adoption by both retail and institutional players as well as the approval of the first Bitcoin ETF, the level of confidence in Digital Assets is at an all-time high. BGBF was positioned from the onset to take advantage of this massive opportunity.”
Traders Corner
ICOA stock is trading below the 20-Day and 50-Day Moving averages of $0.0151 and $0.0140 respectively. However, the stock is trading above 200-Day moving average of $0.0042. The stock is up 672% in the past 3-month.
