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Wednesday, June 29, 2022

Bitcoin tumble sends JTS stock from first to last in world

Souvenir tokens representing cryptocurrency bitcoin plunge into water in this illustration taken May 17, 2022. (Reuters photo)

Just two months ago Jasmine Technology Solution Plc’s (JTS) shares were riding high atop the global communications equipment sector after a huge boom catalysed by the Thai firm’s plan to embrace Bitcoin mining.

Now the picture is starkly different. A cryptocurrency rout has sparked a near-80% collapse in the stock since an April peak, lopping about 355 billion baht off its market value and leaving the firm pinned to the bottom of the group. 

The reversal for a company that earlier was one of the most valuable in Thailand is an extreme example of how the crypto shakeout is bleeding across into more…

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