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JTS shares rise despite crypto slump

Shares of Jasmine Technology Solutions (JTS), a Bitcoin mining operator, rose on Wednesday despite the current downturn in the global cryptocurrency market after the company reported impressive first-quarter revenues.

According to JTS's report to the Stock Exchange of Thailand, the company's first-quarter revenue stood at 511 million baht, up 82.3 million baht or 19.2% year-on-year, with a total profit of 96.2 million baht, a gain of 136% from 40.9 million year-on-year.

Spurred by the positive earnings report, JTS's price-per-earnings ratio is at 1,672 times, while its share price has surged 292% year-to-date. The stock closed at 516 baht on Wednesday, up 0.39%, in trade worth 53.9 million baht.

The company's core revenue source is its telecom services business, which generated 444 million baht, up 56.9 million or 14.7% year-on-year, attributed to increased income from its domestic leased line service and international private leased circuit service.

Revenue from Bitcoin mining stood at 25.2 million baht.

Since JTS went into the mining business, the company has obtained 18.61 Bitcoins worth 25.2 million baht in the first quarter this year, up from 11.84 Bitcoins worth 12.9 million year-on-year.

The Bitcoin price averaged US$42,405.01 in the fourth quarter of last year, and $54,876.95 in the first quarter of 2022. It fell to $31,907.68 as of 6pm on Wednesday.

Dusit Srisangaoran, president of JTS, said the company is the first Thai firm to invest in Bitcoin mining.

By the first quarter of 2022, JasTel Network Co (JasTel), a JTS subsidiary and its Bitcoin mining operator, had installed 525 mining machines with a total mining capacity of 50,020 terahash (TH) per second.

Mr Dusit said the company plans to gradually install 3,000 more machines throughout this year, giving it 3,525 mining machines with a total mining capacity of 422,020 TH per second.

JasTel is also negotiating the purchase of more machines to help it reach mining capacity of 1,000,000 TH per second by the first quarter of 2023, he said.

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