Olenox Industries Stock Surges on Bitcoin Mining Expansion and Acquisition Deal

Olenox Industries Inc., trading under the ticker OLOX on NASDAQ, saw its stock rise by 11% in premarket trading Monday. This follows several updates from last week that may have contributed to the increase.

The company's Bitcoin mining operations expanded in July, with Olenox producing approximately 15.13 BTC and achieving an average realized operational hashrate of about 1.02 EH/s. The fleet's economic capacity was utilized at around 64% due to planned summer curtailment, low-power-mode operations, and normal equipment availability.

The company owns a fleet of 9,584 S21-class ASIC miners with an installed capacity of about 35 MW and nameplate capacity of 2.19 EH/s. The July production came from third-party hosting facilities powered by the ERCOT grid, not yet reflecting Olenox's plan to convert natural gas into computing power at the point of generation.

Olenox has also signed a nonbinding letter of intent to acquire Wildboy Holdings Ltd. and IPD Industries Inc. for approximately $20 million in preferred stock, common stock, and cash. This acquisition would give Olenox access to additional natural gas resources, power-generation opportunities, and infrastructure for data centers and other power-intensive applications.