WISeKey Plans to Invest $10M in Bitcoin Mining


This article was originally published on TipRanks.com

WISeKey International Holding Ltd. (WKEY) has revealed plans to invest about $10 million over a period of two years so that it can perform Bitcoin mining from its Geneva datacenter and a former Swiss military bunker located in the Swiss Alps.

The company provides an integrated security platform for online transactions, thereby authenticating and verifying interactions like non-fungible tokens (NFT) trading. (See Best NFT Stocks on TipRanks)

With this move, WISeKey aims to support clients in defending themselves against illicit cryptocurrency mining activities such as cryptojacking and unlawful installation of crypto mining software on victim devices.

The company plans to conduct mining operations via a Special Purpose vehicle named TrusteCoin AG. Also, it seeks to acquire and install over one thousand bitcoin mining machines at its secure Swiss Alps bunker facilities that will be connected to a control center at WISeKey bunker in Geneva.

Price Target

Recently, Maxim Group analyst Matthew Galinko initiated coverage on WISeKey with a Buy rating and price target of $11 (170.3% upside potential).

The stock has a Moderate Buy consensus rating based on 2 Buys. The average WISeKey price target stands at $11, implying upside potential of 170.3%.

News Sentiment

WISeKey’s news sentiment is Positive based on 7 articles over the past seven days. All the articles have Bullish sentiment, compared to the sector average of 60%, and none have Bearish Sentiment, compared to the sector average of 40%.

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