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Shelf Company Revived as Bitcoin Farm Surpasses Market Cap of Israel’s National Airline

Natural Resource Holdings’ market value reaches $280 million after announcement of merger with cryptocurrency mining company

Asaf Shalev 18:3011.12.17

For years, Natural Resource Holdings Ltd. was another shelf company listed on the Tel Aviv Stock Exchange. Then, a few months ago, the company began announcing plans to venture into the virtual currency industry. The price of its long-dormant stock shot up.

 

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Natural Resource Holdings has now surpassed the market value of Israel’s national carrier El Al Israel Airlines Ltd, reaching a capitalization of $280 million on Monday.

 

Left to right: Backbone founders Nicolas Bonta, Mathieu Vachon, Emiliano Grodzki, Pierre-Luc Quimper. Photo: Marcelo Lavintmann Left to right: Backbone founders Nicolas Bonta, Mathieu Vachon, Emiliano Grodzki, Pierre-Luc Quimper. Photo: Marcelo Lavintmann
The latest development driving the hype around Natural Resource Holdings is its pending merger with Backbone Hosting Solutions Ltd., a cryptocurrency mining firm based in Quebec, which was announced last week in a filing with the Israeli securities regulator.

 

Founded in July, Backbone operates three server farms for mining virtual currency and says it mined $5 millions worth of crypto-coins in about a month’s time.

 

Calcalist reported on the merger and the people behind the virtual currency mining outfit in Canada last week.
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