Shares in crypto-currency and blockchain advisory business Digitalx Ltd (ASX: DCC) are 2.5 per cent higher today despite the group releasing no specific news to the market. The group claimed that over its most recent quarter it secured a number of corporate advisory engagements to provide consulting services to Initial Coin Offering (ICO) issuers.
It also claimed it undertook other "blockchain consulting" work to a crypto-currency exchange, although it only brought in $39,000 in revenues over the quarter ending September 30 2017. In fact total operating cash outflows for the quarter came in at $394,000 with the group having cash in hand of $1.92 million at the end of the quarter.
In addition to its cash position it does reportedly hold 489.7 bitcoins and 430.8 Ether coins that had market value around US$2.2 million as at September 30 2017.
Digitalx also issued 179,146,847 ordinary new shares over the quarter in addition to 15,800,000 fully paid shares on conversion of unlisted options. According to Commsec it has a market value around $90 million with shares changing hands for 20.5 cents. Given the lack of revenues it looks a speculative bet.
