Blockchain stock BTL Group, symbol BTL.V, trading on the Toronto Junior exchange (TSXV) continues its great ascent. The stock achieved our forecast of $9 which we did more than 6 months ago in this blockchain stock BTL Group forecast. Where from here? Readers are asking us whether this stock is still a buy after it tripled since we tipped this stock.
Fundamentals of blockchain stock BTL Group
On the one hand BTL Group is active in the hottest technology trend: blockchain. This is a blue ocean similar to the internet in 1997. The blockchain will disrupt industries in a once-in-a-decade fashion. It is happening in front of our eyes although many are not aware of it.
The key success factor now is to be ahead of the game. Every company that offers a blockchain must iterate its service as soon as possible to gain traction ahead of its peers. The companies active in this space right now are the ones that can benefit from first mover advantages, though they have to act fast.
We believe BTL Group is doing the right thing, gaining traction, validating its service to the market, on its way to become a first mover. We see that in the way they evolve their Interbit platform, its core blockchain service.
Moreover, the company recently announced to got another $15 million of funding through a private placement. The exercise price of the shares was set at $7.00.
A quote from the press release:
“We are delighted to have completed this funding round, where we saw significantly increased investor demand given the recent progress and exciting news from the Company. The capital will be used to rapidly expedite our go to market strategy for our third generation blockchain platform, InterbitTM. As we have proven throughout this year in our customer journeys, InterbitTM meets the requirements of industry via its scalability and privacy, with the platform using its multiple connected blockchains, aiming to handle hundreds of thousands of transactions per second. Our plan is to deliver a product that will be relevant in many years to come, as we envisage widespread enterprise adoption of blockchain technology,” said Dominic McCann, CEO of BTL.
