Alset EHome International Inc. (AEI) stock gained in the after-hours market after announcing the launch of its new cryptocurrency mining company. AEI’s stock price is $0.60, gaining more than 11% compared to the previous closing price. AEI stock closed at $0.54 at the end of the last trading session. AEI stock volume traded in the previous trading session was around 8.04 million shares. The current market cap of the company is about $30.93 million.
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AEI: New Business Venture
Announcing their intention to step up the game and diversify their business, Alset EHome International Inc. (AEI) announced that they would be starting a cryptocurrency mining firm entitled Alset Mining Inc. (Alset Mining), which will be a wholly-owned subsidiary of the Company.
Alset EHome International Inc. (AEI) is currently engaged in various businesses, including real estate development, financial services, digital transformation technologies, biohealth activities, and consumer items, among others.
AEI: Further Plans
The firm wants to generate funds for the venture by partnering with other businesses in the sector. Hardware and software makers, hosting service providers (similar to data centers), and individual and corporate miners are all players in the cryptocurrency mining industry.
Alset Mining plans to purchase mining rigs in the next year to generate a steady stream of money from the cryptocurrency mining market. The measures taken by Alset Mining will be aligned with the company’s aim of sustainable healthy lifestyles by looking for low-cost green energy sources such as wind, solar, or hydroelectric power.
AEI Co-CEO’s Remarks
According to Mr. Chan Tung Moe, Co-CEO, the cryptocurrency mining industry is predicted to reach USD5.29 billion by 2028 with a CAGR of 28.5 percent, which provides a significant opportunity within this developing technological field is constantly evolving. Cryptocurrency mining chances, in our opinion, will continue to be lucrative in the future. The company will take a cautious approach as the industry changes.
Alset EHome International Inc. (AEI) has diversified its portfolio by venturing into the crypto mining business. They plan to raise funds for the company from different stakeholders in the industry. The new venture complements its already existing portfolio of companies.