The blockchain sector has naturally generated a lot of attention among investors in recent years due to the pace at which it has grown and if you are looking into stocks in that sector today, then it might be the right time to take a look at Applied Blockchain Inc (OTCMKTS:APLD).
Yesterday, the stock was one of the notable movers in the market as it soared by as much as 19% after investors flocked to it in a big way. While the gains are notable, it is also necessary to mention that there was no news about the company on Thursday that might have led to these gains.
However, back on August 6 this year the company announced that it signed an Energy Service Agreement with a utility partner that is based out of the Midwest of the United States. The agreement in question has been signed in view of Applied Blockchain’s plans to enter the crypto hosting business.
Hence, it goes without saying that the announcement was a significant one for the company and constituted a significant step in the direction of setting up its new business. It might be a good move for investors to keep the stock in their watch lists at this point.