The total cryptocurrency market capitalization has increased to $200 billion in November from the $40 billion at the beginning of 2017. The rapid growth in the cryptocurrency market value is due to the surges in the price of digital currencies, such as Bitcoin, Ethereum, Bitcoin Cash and Ripple.
According to data from CoinMarketCap, Bitcoin, the world’s largest cryptocurrency by market cap, is up over 600 percent this year. It is now trading at $7186.98. Another digital currency, Ethereum rose 3.83 percent to $325.53 on Thursday, bringing its year-to-date increases to nearly 4000 percent.
Increasing interests in the digital currencies for both individual and institution investors have also boosted the market. In October, CME announced that it will launch bitcoin future products. Recently, New York-based VanEck announced to partner with U.K. firm Cryptocompare to offer cryptocurrency indices.
According to CoinDesk, Thomas Kettner, managing director for MVIS, said in a statement: “Digital assets are a dynamic area that merits attention, especially by professional investor. Although not without risks, digital assets have the potential to integrate into the broad economy and become an investable asset class in their own right.”
Each Unit shall consist of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one Common Share at a price of $3.50 for a period of 24 months following the Closing Date.
The Company has also granted the Underwriters an option to purchase up to an additional 1,770,000 Units at the Offering Price, for aggregate gross proceeds of up to an additional $4,513,500, exercisable in whole or in part, at any time prior to the closing of the Offering at the Underwriter’s sole discretion.
The net proceeds of the Offering are expected to be used for general corporate purposes.
The closing date of the Offering is scheduled to be on or about November 30, 2017 (the “Closing Date”). The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange.
The Common Shares and Warrants issuable pursuant to the Offering will be subject to a statutory hold period lasting four months and one day following the Closing Date.” (PR Newswire)