Traders have been turning a bit of a cold shoulder to cryptocurrencies and blockchain companies after a recent sharp selloff in Bitcoin, the most famous of all cryptocurrencies, that saw the digital token drop in value from nearing $20,000 to under $7,000.
Love is back in the air for Bitcoin in recent days, though, with traders bidding it up nearly 8% on Thursday to once again top $10,000 per coin. That's working out quite well for Yangtze River Port and Logistics Limited (NASDAQ:YRIV), a NASDAQ Global Select company (Naz's top tier) focused on international infrastructure and real estate development in China.
The New York City-based company this week changed its name to the current from Yangtze River Development Ltd and took on the new ticker, which was changed from YERR. As part of the transition, Yangtze said it is spinning off its wholly-owned subsidiary Yangtze River Blockchain Logistics Limited, a company set up to facilitate blockchain logistics solutions that holds 100% of the shares of Ricofeliz investment (China) Limited, which in turn wholly owns 100 percent of Wuhan Yangtze River Newport Trading Limited.
Blockchain, a distributed ledger technology, is viewed by many pundits as being a natural fit in the logistics business to manage and track shipping containers far more efficiently than today's methods, which have changed minimally from "paper and pen" methods of yesteryear.
On Wednesday, Yangtze said that it is board approved the spin-off and distribution of shares to shareholders of YRIV on a pro rata basis. The new Yangtze unit has been accepted into the Blockchain in Transport Alliance, a U.S. alliance established to create a forum for the promotion, education and encouragement to develop and adopt blockchain applications in the trucking, transportation and logistics industry.
Shares didn't move much yesterday, but a rising tide of Bitcoin in lifting all ships today, including Yangtze, with shares skyrocketing 36.4% to $4.43 in early afternoon trading on Thursday.
