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Shell Summary for Feb. 11, 2021

2021-02-11 20:56 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 26.88 points to 1,037.97 Thursdsay. Marc Sontrop's fifth shell, Aim5 Ventures Inc. (AIME: halted), plans to acquire Simply Digital Technologies Inc. for the shell's qualifying transaction. Simply Digital, doing business as CoinSmart, operates a cryptocurrency exchange website and app. The QT terms are not yet available.

CoinSmart was formed in March, 2018. That was three months after cryptocurrencies first shot up to a peak, largely thanks to a retail investor frenzy. Bitcoin climbed to $19,650 (U.S.) in December, 2017, but three months later it was down to $8,000 (U.S.). It continued to decline, hitting a low of $3,180 (U.S.) in December, 2018. Along with other cryptocurrencies, bitcoin has since recovered, spending most of 2020 in the $9,000 (U.S.) to $11,000 (U.S.) range. In the last few months, cryptocurrencies have once again levitated, and this time around, the interest appears to be coming from investors with deeper pockets. Earlier this week, bitcoin reached a new all-time high of $46,500 (U.S.) after one such investor, Tesla Inc. (TSLA: $811.66 (U.S.)), disclosed that it had bought $1.5-billion (U.S.) worth of bitcoins.

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