UPDATE: Shares in Sino-Global are trading over 50% higher today on the announcement that Elon Musk has directed tesla to put $15B worth of Bitcoin on the balance sheet.
by John Konrad (gCaptain, 3 Feb 2021) Sino-Global Shipping America ($SINO), a non-asset based global shipping solutions provider, announced today that the newly appointed Chief Operating Officer Mr. Lei Nie and Chief Technology Officer Mr. Xintang will spearhead the company’s effort to enter Bitcoin mining.
At the time of publishing shares of SINO surged over 150% in the premarket today.
According to a press release issued this morning, Sino-Global’s planned Bitcoin mining expansion follows a long period of due diligence. The new crypto plan utilizes leadership team members who specialize in information technology, blockchain, cryptocurrency mining operations, and more. Given the company’s plan to enhance the traditional logistics service platform by leveraging innovative technologies, the company says it is excited to explore opportunities created by the current market’s insatiable desire for bitcoin exposure.
On Friday the company announced the appointment of Nie and You. Mr. Nie has been an employee of Sino-Global since 2017 where he has served as the Company’s principal IT architect. Prior to joining Sino-Global, Mr. Nie was a senior architect in IBM China.
Mr. You has more than twenty years of experience in semiconductors and intelligent hardware, cryptocurrency mining server design and ecology. From 2011 through 2020, Mr. You was the Chief Executive Officer of Shenzhen Rayshine Technology and Shenzhen Ethermicro Technology, two companies focused in the cryptocurrency industry.
“We are thrilled to expand to Bitcoin mining,” commented Mr. Lei Cao, Chief Executive Officer of Sino-Global. “The management team is ready to take our business to the next level by executing this expansion strategy. We believe that Sino-Global is well-positioned to continue growing its core business while expanding to Bitcoin mining operations.”
Sino-Global is a relatively young shipping company. Founded in 2001, they are a Virginia corporation with primary US operations in New York. The principal geographic market for their services is China.
Sino-Global is not the first company to invest in Bitcoin. Stock prices of companies like MicroStrategy, Silvergate, and Paypal have surged after each moved reserve currency from US Dollars to bitcoin.
Sources in the marine finance world have informed us that another US shipping company is investigating a move from dollars to bitcoin via Stone Ridge Capital’s popular crypto-investment bank NYDIG.
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