Several stocks have recently seen their fortunes rise and fall along with the breathtaking moves in bitcoins. The leading cryptocurrency has captivated the finance world by skyrocketing to $15,000 today after starting the year at less than $1,000.
Check out the meteoric rise of Digital Power Corporation (NYSE:DPW), the volatile stock that has cozied up to bitcoin and cryptocurrencies in general. As of this writing, DPW shares are rising nearly 21% to $3.30 on back of the bitcoin boom. Shares are up about 420% year to date, but the run may not be over.
On Monday, Digital Power revealed that its wholly owned subsidiary, Coolisys Technologies, anticipates launching a line of advanced technology power systems for digital mining of cryptocurrencies, including Bitcoin and the other top digital currencies worldwide. Both digital mining as an industry and cryptocurrency as an asset class have experienced exponential growth for the past 5 years. Leveraging the Company’s 48 years of designing, manufacturing and receiving worldwide adoption of its highly efficient and durable power solutions and systems, Coolisys believes it is well positioned to resolve challenges with the cost and use of power for today’s burgeoning digital mining community and adopt and implement other technological improvements.
Amos Kohn, President and CEO of Coolisys Technologies and Digital Power Corporation stated, “We have a competitive advantage given our expertise in developing and providing advance power solutions for the tech, military, industrial and healthcare sectors. To power the AntMiner S9, we will utilize our field-proven platform, previously implemented to power cloud-based computing networks and servers, that employ highly-efficient power switching with fully synchronous rectification and advanced digital signal processing (DSP). Our power solutions are based on next-generation design and we believe are among the most technologically advanced power processing solutions available. We project our cryptocurrency initiatives and products could have a material effect on the Company’s revenues and net income for this component of its operations during 2018. We look forward to presenting what we are developing.”
“When we first met with the Digital Power in 2016 and were becoming familiar with its long history of manufacturing advanced power solutions, we recognized that the Company was underutilizing its technical knowledge base and product development capabilities. Our investment strategy included our looking forward to harnessing and leveraging these assets to provide a range of new product portfolios and expanding the Company’s revenue streams. We look forward over the coming months that the marketplace will continue to appreciate the abilities and potential of DPW, its management and staff and its strategies to bring added-value to our shareholders,” commented Milton “Todd” Ault, III, the Company’s Executive Chairman.
Digital Power initially announced a partnership between Coolisys and PoW Digital Mining back in August to develop a portfolio of assets targeting the cryptocurrency market.