Bullet Blockchain Inc (OTCMKTS:BULT) Stock Continues to Move Lower: Down 40% In a Week
Bullet Blockchain Inc (OTCMKTS:BULT) has updated its shareholders on its current operations and status. For instance, the company announced that it would trade under the symbol BULT instead of BMIN.
Market Stats
On Monday, BULT stock slid 8.82% to $0.31 with more than 20k shares, compared to its average volume of 24k shares. The stock has moved within a range of $0.3100 – 0.3550 after opening trading at $0.34.
Bullet Blockchain Provides Update on Status of Company and Operations
The company also merged with Britannia with the help of the Digital Asset Monetary Network. Bullet will now increase its bitcoin mining activities by producing two Bitcoin daily. Furthermore, Bullet’s partners have given it up to 200 megawatts of buildout capacity.
Bullet has now acquired 3500 ASIC miners. Moreover, the company could access about 100,000 miners in 2022. This number will allow Bullet to grow steadily and cement its presence in the industry.
The company expects to be highly profitable because of its low energy expenditure. In addition, it will spend about half of what its competitors use on mining operations.
According to the CEO and founder of Bullet Blockchain, Imran Ellis, the company is fortunate to venture into the mining sector with high room for expansion, instant growth, 3500ASIC miners, and aturnkey operation. The company looks forward to working with clients worldwide and increasing shareholder value.
Key Quote
Imran Ellis, the Founder and CEO of Bullet Blockchain, Inc. stated, “First, we are very appreciative of the time our investors, consultants, advisors and legal professionals committed to assist us in completing our formal entry into the U.S. Public Markets.”
Traders Corner
BULT stock is trading below the 20-Day and 50-Day Moving averages of $0.37 and $0.39 respectively. However, the stock is trading above the 200-Day moving average of $0.25.
