SPI Energy Co. Ltd. (NASDAQ:SPI) announced yesterday that it would begin to explore blockchain-based infrastructure and e-commerce application in global presence. To do so, the company has established a blockchain-based infrastructure application division in Palo Alto, California.
As a result, today the company’s stock has jumped. At the time of writing, SPI Energy stock is trading at $1.025. This puts the stock up $0.3899, or 61.39%, from the previous closing price of $0.6351. Initially, when the market opened this morning, the stock jumped as high as $1.435 and the day has ranged so far between a low of $0.935 and a high of $1.59 (compared to the 52-week range that went between a low of $0.0830 and a high of $2.61).
A 60% stock increase is nothing to frown about. With the American markets closed yesterday to observe Martin Luther King Jr. Day, it makes sense that the stock increase on the Nasdaq exchange is coming now, a day after the blockchain announcement. This means that SPI Energy does fall into the blockchain trend, which occurs when a company makes some sort of blockchain-related announcement and then experiences a stock hike as a result.
Normally, SPI Energy is a global provider of photovoltaic solutions for business, residential, government and utility customers, and investors. Already, SPI Energy is in charge of an online e-commerce and investment platform in China. Now, the company is looking to add blockchain into the mix. Unlike some other companies that have, perhaps needlessly, added blockchain to their resumes, the addition of blockchain to SPI Energy’s operations makes sense with the work the company is already doing. Blockchain may help the company to improve on things such as the supply chain and will also no doubt help in its e-commerce ventures.
Featured Image: twitter
