Many marketing gurus will emphasize that a company's name doesn't have to be descriptive of what the company does. After all, pretty much everyone knows what Apple does. Other times, a company probably should consider a name change to not be reflective of something that they're not, like Calyx Bio-Ventures Inc. (TSX-V:CYX).
Amongst other things, the company is in the white hot blockchain sector, but the name has the ring of a life sciences company. the Vancouver-based company is mostly in the software business, including owning messaging software assets, the website LEAFHub.ca, Cannigistics Agri-Solutions Corp., a company originally catering to advanced indoor agriculture that has expanded to other industries, and Canada Blockchain Holdings Corp., which, as the name suggests, is focused on blockchain and cryptocurrencies.
All moniker-talk aside, CYX stock has been making a nice climb since September, presumably because the rising tide of Bitcoin has lifted all boats.
Shares of CYX traded as low as 4.5 cents in September before running nearly ten-fold to a high of 42 cents to start December.
The stock has cooled off some since the high, closing down 3.3% Wednesday at 29 cents. Traders may be watching for movement this moving with Calyx announcing that it has more than doubled its blockchain data validation computing capacity at its Kamloops facility.
More succinctly, the company bought enough GPU resources to add another 113 cryptocurrency rigs, bringing its total number of blockchain-mining units to 200.
Blockchain mining in its early days was done by personal computers and algorithm solving gurus looking to make some money and has since evolved into big business with small warehouses of computers doing all the heavy lifting to quickly validate and add to the chain and generate revenue. Calyx is scaling its computing and hash power with the intentions of executing on a "highly-efficient and profitable crypto strategy."
After three weeks of share consolidation, traders be watching at the opening bell to see if the jump in rigs provides the fuel to catalyze the stock towards a new high.
