Shares of DigitalBTC Spike the Most Since May, Hit 10-Week High

Shares of DigitalBTC (ASX: DCC) closed higher by 33% today on the Australian Securities Exchange (ASX), their biggest 1-day gain

Shares of DigitalBTC (ASX: DCC) closed higher by 33% today on the Australian Securities Exchange, their biggest 1-day gain since May.

The shares reached an intraday high of A$0.175, a 10-week high, and closed at A$0.16. The total volume of 1.91 million shares was more than 5x the average over the past 30 days.

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Shares had been trading higher by roughly 4% for most of the day, making their big move at around 1 PM local time.

A DigitalBTC representative told Finance Magnates that the company is not aware of any information responsible for the rise.

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The company earns revenue through the mining and trading of bitcoins. It was one of the first Bitcoin companies to be publicly traded when it reverse merged with Macro Energy Ltd.

Despite the rise, shares are still down by nearly 50% since debuting as the new entity 15 months ago. A sagging bitcoin price has weighed on the company’s profitability. It took another big gamble in July with its purchase of another $10 million worth of bitcoin.

DigitalBTC has recently been looking to diversify into other areas of the bitcoin economy. In May, the company announced the launch of what it touted as an Uber-like solution for remittances, causing shares to spike by 89%.

Volatility in the company’s shares following bitcoin’s massive price drop in January triggered a notice from the ASX, which inquired if DigitalBTC knew of any undisclosed information.

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