Meten EdtechX Education Group Ltd. (NASDAQ:METX) shares are trading higher after the company announced it adopted a new initiative to develop a blockchain and cryptocurrency business.
As disclosed in a series of press releases in 2021, the company had devised a blockchain technology strategic plan, intended to introduce Dogecoin reward mechanism, and applied non-fungible token ("NFT") for digital copyright in online education, said in the company's press release.
Pursuant to the New Business Initiative, the company is contemplating purchasing mining machines and NFT assets and placing them into operation in the U.S. or Canada. The company is also considering building its own mining farm and is currently searching for low-cost natural gas, oil mines and other suitable sites in Canada.
Meten EdtechX is one of the leading ELT service providers in China, delivering English language and skills training for Chinese students and professionals.
Meten EdtechX's stock was trading about 12.7% higher at $0.76 per share on Tuesday at the time of publication. The stock has a 52-week high of $8.94 and a 52-week low of $0.46.