Why The9 Limited Stock Soared Today
Shares of The9 Limited (NASDAQ: NCTY) soared on Tuesday after the company announced the purchase of equipment for mining a cryptocurrency called Filecoin. It's the second big mining announcement the company has made this year, and investors appear to like this new direction for the company. As of noon EST, The9 stock was up 16%.
According to the press release from the company, The9 signed a $10 million agreement to buy mining equipment for Filecoin. The company said it's already purchased and deployed some. However, how much it's already spent wasn't disclosed. The9 said it still had remaining purchase obligations under the agreement it signed, and it will make more purchases at a later date.
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Source Fool.com
