With hardly a year of operations under its belt and scant results to show for it, UBI Blockchain Internet is riding buzzwords to a stock boom.
It’s become one of the most valuable publicly traded companies in the bitcoin universe — second only to LongFin Corp. The stock surged almost 1,000 percent this year, valuing UBI Blockchain at $1.2 billion. Now, the Hong Kong-based company has registered to sell an additional 72.3 million shares owned by executives including Chief Executive Officer Tony Liu, regulatory filings show.
But persuading would-be shareholders to wager on an untested business model could prove challenging for a company with 18 employees, no revenue and whose regulatory filings list a disconnected phone number. The volatility of bitcoin, considered a proxy for companies that rely on blockchain technology, isn’t helping either.