Olenox Industries Stock Soars 11% on Bitcoin Production and Acquisition Deal

Olenox Industries Inc.'s (NASDAQ:OLOX) stock rose in premarket trading on Monday, following several updates last week. The company's Bitcoin mining operations expanded in July, with a production of about 15.13 Bitcoin and an average realized operational hashrate of around 1.02 EH/s.

The fleet includes 9,584 S21-class ASIC miners, with installed capacity of about 35 MW and nameplate capacity of 2.19 EH/s. The company cited planned summer curtailment, low-power-mode operations, and normal equipment availability as factors affecting production. The results do not yet reflect Olenox's plan to convert natural gas into computing power at the point of generation.

Olenox also announced a $20 million acquisition deal with Wildboy Holdings Ltd. and IPD Industries Inc., which would give the company access to additional natural gas resources, power-generation opportunities, and infrastructure for data centers and other power-intensive applications.