Where Bitcoin Goes, These Asian Stocks FollowBy
Investors looking for a more traditional way to ride the bitcoin wave can look to Asia’s small caps.
Anticipation of the cryptocurrency’s futures trading debut on the Cboe Global Markets Inc. has powered the shares of Japan’s Remixpoint Co., China’s Shenzhen Ysstech Info-tech Co. and their peers this week.
Companies that have announced businesses related to digital currencies have benefited as bitcoin continues to reach new highs. The cryptocurrency is up for a sixth day today, and has risen more than 16-fold this year.
For those planning to jump into the rally, consider this: The last time Bitcoin gained for six days straight was almost four months ago -- a lifetime in the cryptocurrency.
Here are some of the region’s shares that have risen most from bitcoin mania:
- Remixpoint Co., which has tied up with Peach Aviation Ltd. to let customers pay for tickets with bitcoin, soared 16% on Friday and is up 18% in the past two days
- Infoteria Corp., which is testing ways to let shareholders vote by proxy using blockchain -- bitcoin’s underlying technology -- is up 8.9% in two days
- Fisco Ltd., a financial information services provider that began operating a bitcoin exchange last year, rose 3.7% Friday
- GMO Internet Inc., which has announced it will begin mining operations in 2018 using seven-nanometer chips, is up 12% in two days
- SBI Holdings Inc advanced 8.8% in two days after it said it is forging a capital tie-up with Chinese cryptocurrency trading platform Huobi; +25% in two weeks
- PC Partner Group Ltd., which makes graphics cards used in bitcoin mining, +2.4% in two days
- Shenzhen Ysstech Info-tech Co. and Global Infotech Co., which both have links to blockchain technology, are up 6.1% and 4.1% respectively