Metavesco Inc (OTC:MVCO) Stock Extends Rally: Jumps 25% In a Week
A number of companies hit the news cycle yesterday and it may be a good idea for investors to consider taking a look into some of those this morning. One of the companies which could be worth tracking at this point is possibly Metavesco Inc (OTC:MVCO), the web3 company and innovator in the digital asset space. The company hit the news cycle after it announced that it had made a major new expansion in its Bitcoin mining operations.
Metavesco revealed that in order to facilitate the expansion it ordered as many as 50 units of the Bitmain Antminer S19k Pro bitcoin miner. It was also noted in the news release from Metavesco that it expected the miners to be in operation by December 7, 2023. However, that was not all. The company also noted that it had made plans to acquire 50 more miners next month, thereby bringing about a major boost in its mining capabilities. It was further announced that the investment made by Metavesco in the miners was part of its larger strategy to acquire more Bitcoins.
In contrast to most of the companies in the industry, Metavesco does not mine Bitcoins for the purpose of selling those off immediately. On the contrary, the company’s strategy for Bitcoin is more geared towards its own belief in the long term prospects and value of Bitcoin as an asset. It was also revealed that the company was dedicated to boosting its Bitcoin holdings which was in alignment with its vision for long term growth in the digital asset industry.
The Chief Executive Officer of the company Ryan Schadel spoke about the development as well. He noted that the purchase of the miners was not only an investment in fresh hardware but also in the future of the company and the blockchain industry at large. Through the boosting of its mining capacities, the company was looking becoming a major player in the digital asset innovation space. Schadel went on to add that the company’s strategy with regards to Bitcoin mining was focussed on accumulation, holding and then leveraging. He noted that it was the best strategy for both the company as well as its shareholders in the longer term.
The company had made another significant announcement on November 9 when it revealed that it had secured a significant investment. Metavesco announced at the tie that the fresh funding had been made in the form of a note worth $650,000 with an OID (original issue discount) of 8% and annual interest rate to the tune of 12.5%. The non-convertible note would become due in five years and there were no prepayment penalties in place either. At the time the company revealed that a copy of the note had been attached to an 8 K filing submitted to the United States Securities and Exchange Commission. Schadel stated at the time that the influx of fresh capital would allow the company to work towards considerable growth and help in diversifying into five business units.
