BitFrontier Capital Holdings Inc (OTCMKTS: BFCH) has seen a steady rise in recent months from lows of $0.0037 to recent highs over $0.04. BFCH has quickly attracted a fast growing shareholder base who continues to bid this one higher.
The Company has made a number of big moves in recent months including building out the foundation of their first cryptomining mining facility as well as cancelling 12.26 Billion shares.
BitFrontier Capital Holdings Inc (OTCMKTS: BFCH) business plan is to concentrate on cryptocurrency related investments and development opportunities through cryptocurrency mining, investments in private and/or public entities, joint ventures and acquisitions of blockchain related companies. BitFrontier Capital Holdings has two wholly owned operating subsidiaries, BitFrontier Capital Investments, Inc. and BitFrontier Technologies, Inc.
Through the Company’s wholly owned subsidiary, BitFrontier Technologies, Inc., the Company plans to build a warehouse specifically designed for hosting cryptocurrency mining equipment. Cryptocurrency mining (e.g. bitcoin mining) entails running ASIC (application-specific integrated circuit) servers or other specialized servers which solve a set of prescribed complex mathematical calculations in order to add a block to a blockchain and thereby confirm digital asset transactions. A party which is successful in adding a block to the blockchain is awarded a fixed number of digital assets in return.
Earlier this year the Company secured permits to begin construction of its first cryptomining facility. Arrangements were made to expeditiously complete the building process.
Last month BFCH announced its contractors have finished construction of the foundation ahead of schedule. Pictures of the construction process and the finished slab may be found on the Company’s twitter page.The Company can begin to assemble its first prefabricated steel warehouse, which is already on site once the foundation has cured. The company expects to start construction of the warehouse towards the end of this week.
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The Company also announced its intent to cancel 12,260,000,000 (12.26 Billion) shares of Common Stock, 2 shares of Series A Preferred Stock, and 14,000,000 (14 Million) shares of Preferred B Stock, making up almost 99% of BitFrontier’s issued and outstanding shares of Common Stock, and 100% of the issued and outstanding Series A Preferred Stock and Series B Preferred Stock classes.
The was followed up in June when BFCH announced its transfer agent has processed the share cancellation announced last week. The Company’s new share structure is 167,145,701 Common Shares outstanding with a float of 164,073,146. These changes have been submitted to OTC Markets by our Transfer Agent and should be reflected very soon. The Company can proceed with a substantial Authorized Share reduction once its share structure updates on OTC Markets.
Additionally, the Company plans to become fully SEC Reporting and has begun the application process to up list to the OTCQB. Among other requirements, this entails obtaining a 2-year audit.
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Currently trading at a $6.2 million market valuation BFCH has little assets or revenues and very little debt. BFCH is an exciting story developing in small caps; the Company is building out the foundation of their first crypto mining facility and recently announced contractors have finished construction of the foundation ahead of schedule. Pictures of the construction process and the finished slab may be found on the Company’s twitter page. We will be updating on BFCH when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with BFCH.
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Disclosure: we hold no position in BFCH either long or short and we have not been compensated for this article.