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

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 | 18:30, 11.12.17

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 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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