The stock price of Meten Holdings Group (NASDAQ: METX) has gained nearly 50% at the time of mid-market Tuesday trading. The quick bull charge ensued shortly after AGM Group Holdings announced an ongoing partnership with the company for the research and development of blockchain applications.
The partnership will see the two companies work as a strategic duo, targetting not only blockchain applications but also the development and maintenance of a crypto-mining supply chain. The basis of the initial order from Meten includes 1,500 Bitcoin mining machines worth a total of $12 million.
Mr. Jason Zhao, Co-Founder and Executive Director of Meten, stated :
“We are thrilled to be working with AGMH. With respective strengths, we believe our partnership will further unlock the full potential of the blockchain and cryptocurrency business, putting both of us on the best path to success.”
Similarly, Mr. Chenjun Li, Co-Chief Executive Officer of AGMH noted:
“These partnerships further validate our position in the cryptocurrency mining world. Looking ahead, we are optimistic in our ability to help mining clients to augment their computing power, enabling their success in the rapidly growing cryptocurrency industry while generating value for our shareholders.”
Meten Holdings Group hasn’t had an optimum trading year, with a current annual loss of around 83%. Today’s surge is a breath of fresh air for investors, but whether their new crypto venture will bolster investor sentiment is a different question altogether – and one to monitor in the coming months. METX stock is currently trading around $0.5560, still showing clear strength moving into mid-market trading.
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.