Quantum Blockchain Technologies PLC (LON: QBT) share price rallied 22.2% after revealing that it had raised £350,000 after the warrants issued to John Story were exercised at 2p each compared to its current trading price 3.60p.
The shares of the blockchain investment company recently rallied higher after making a patent application for a new Bitcoin mining algorithm that eliminates the unnecessary calculation in current mining processes.
The company said that it was working on many other patents led by the anonymous cryptography expert hired by the firm earlier this year. Many people are curious as to the expert’s identity, which has never been revealed.
Investor interest in Quantum Blockchain has soared along with the rising bitcoin prices. As a result, UK investors seeking exposure to the cryptocurrency arena via a listed company have very few options, with QBT and Argo Blockchain leading the list.
It remains to be seen whether the company shall apply for other patents soon as promised. Still, the award of the recently applied patent could provide a significant boost to the blockchain company’s share price.
Quantum Blockchain was previously known as Clear Leisure. It was keen to invest in leisure companies and Italian real estate projects before changing its name and focus to the crypto and blockchain sectors.
The company’s share price appears quite extended at current prices; hence, I would wait for a significant pullback before opening new bullish positions.
The 2.60p support level could provide a great entry opportunity, but the best buying opportunities can be found at the 1.56p support level, which has held for much longer, hence its significance.
*This is not investment advice. Always do your due diligence before making investment decisions.
Quantum Blockchain share price.
Quantum Blockchain share price rallied 22.22% to trade at 3.85p, rising from Thursday’s closing price of 3.15p.
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