Global Arena Holding Inc. (OTCMKTS:GAHC)
Global Arena Holding Inc. (OTCMKTS:GAHC) impressive run in the market continued in Monday’s trading session in line with the rally being experienced in the Bitcoin space. The stock was up by 13.3% to end the day at $0.0357 a share. However, the rally came as a surprise given that the company is fresh from posting a wider than expected net loss for the three months ended June 30, 2017.
Global Arena Stock Chart:
Global Arena Stock Performance
Shares of Global Arena Holding Inc. (OTCMKTS:GAHC) were one of the biggest gainers in the second quarter after rallying from lows of $0.01 a share to highs of $0.063 a share. The rally came as Bitcoin continued to clock higher highs in line with growing demand for the cryptocurrency. The stock is currently trading in a tight $0.03-$0.05 trading range waiting to see if the momentum is strong enough to push the stock beyond its 52-week high of $0.07 a share.
The fact that the stock rallied even on the company posting wider than expected net loss shows that investors are betting on Global Arena as a Bitcoin play.
Global Arena Holding Inc. (OTCMKTS:GAHC) operates under two subsidiaries. GAHI Acquisition Corp provides the company with exposure to crypto type business through the application of blockchain technology to various sectors such as tech and finance.
Global Arena Holding Inc. (OTCMKTS:GAHC) also uses blockchain technology to secure voting records through its GES subsidiary. The company has so far managed elections in five continents and in the process processed 3.7 billion votes. It has also started to work on a new voting program that will allow its subsidiary GES to conduct more elections
How long the company will continue to power high in the charts depends on the performance of Bitcoin going forward. The performance of the cryptocurrency should continue having a ripple effect not only to Global Arena Holding Inc. (OTCMKTS:GAHC) but all stocks with exposure to the Blockchain technology.
Separately, Global Arena Holding Inc. (OTCMKTS:GAHC) says it generated a net loss of $5.3 million for the three months ended June 30, 2017, compared to a net loss of $2.7 million for the corresponding period last year. Operating expenses in the quarter doubled to $5.3 million from $2.6 million reported a year earlier. The company reported revenues of $275,300 shares compared to revenues of $322, 502 reported last year.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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