Spi Energy Co Ltd (ADR) (NASDAQ: SPI) is having an overwhelmingly strong start to the trading session this morning, and for good reason. In a press release issued early this morning, the company announced a crypto-related partnership, and, as we’ve seen with LBCC, DPW, LFIN, and others, anything crypto leads to excitement in the market these days. Today, we’ll talk about the partnership, what we’re seeing from SPI, and what we’ll be watching for ahead.
SPI Announces Crypto Partnership
As mentioned above, Spi Energy is having an incredibly strong start to the trading session this morning after announcing a partnership. In a press release issued early this morning, the company announced that SPI China (HK) Limited, its wholly-owned subsidiary, has entered into a strategic partnership with Hoofoo Inc.
In the release, SPI said that Hoofoo is a leading hack-proof cryptocurrency wallet for iOS and Android phones. In fact, Hoofoo has invented a safer storage cryptocurrency wallet that is considered to be hackproof. That’s because the wallet pairs with smartphones via bluetooth for a more secure experience. The wallet also has the ability to store an unlimited amount of multiple cryptos, including, but not limited to, Bitcoin, Ethereum, and Litecoin, creating a safer environment for crypto transactions.
As a result of the partnership, Hoofoo will authorize SPI to distribute their hackproof cryptocurrency wallet on a global scale by leveraging Spi Energy’s existing presence in Australia, Europe, the United States, and China. SPI will also be working with Hoofoo to expand the company’s technology.
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news causes moves in the market. Lately, few bits of news have caused quite as much movement as news surrounding the blockchain. So, with SPI announcing a blockchain-related partnership, it only makes sense that we’re seeing strong gains in the value of the stock today. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:49), SPI is trading at $1.07 per share after a gain of $0.20 per share (23.06%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SPI. In particular, we’re interested in following the story surrounding the partnership with Hoofoo, and excited to see the results of the company’s work to further break into the crypto space. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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