Looks like Marilynjean Interactive Inc (OTCMKTS:MJMI) is crushing all the shorts today. It appears that there is a short squeeze that is pushing the stock price higher. Marilynjean Interactive Inc (OTCMKTS:MJMI) has gained more than 17 percent in today’s trading session with more than a million shares exchanging hands so far. The current market valuation of MJMI stands at $75,058,537 as of August 23rd with no cash revenues and rising short term debt. So what is driving the pps higher ? There is no doubt that the rising value of Bitcoin which has run to over $650 in recent months is acting as a catalyst for the recent run on MJMI. As more financial institutions adopt the new currency Bitcoin related stock might gain more limelight.
The story so far on Marilynjean Interactive Inc (OTCMKTS:MJMI) has been quite interesting. Looks like MJMI is trying to establish itself in the Bitcoin industry. Bitcoin sector currently has a market capitalization of over $9 Billion and continues to draw investment capital and talent to the industry. Apparently, CNN has reported that over $1 Billion has been invested in Bitcoin start-ups.
It all started in August when Marilynjean Interactive Inc (OTCMKTS:MJMI) announced that it has made significant advancements in pursuing a partnership with an established operator in the Bitcoin ATM and currency exchange space. However, no information about the potential partner was provided at that time.
Then on August 5th, the company announced that it has entered into negotiations for a private placement financing to help target a much wider range of potential acquisition targets. As per the press release, by allowing the company to offer both cash and stock as part of its acquisition strategy, the company would have a much wider range of targets to acquire while it builds its digital currency exchange system. Then on August 9th, the company announced that it has expanded its business plan and acquisition target search into the blockbuster new crypto-currency Ethereum. As per their press release, Ethereum’s market capitalization already exceeds $900 Million. The press release further stated that the “The Wall Street Journal” recently reported Ethereum as the next hot thing in cryptocurrencies with a rising market value and a roster of high profile patrons.
Another press was issued on August 10th stating that MarilynJean Media Interactive (MJMI) has begun taking steps toward the use of a system recently approved by the SEC to issue shares via the Bitcoin Blockchain. The United States Securities and Exchange Commission (SEC) recently approved a plan by online retail giant Overstock.com to issue company stock via the internet. This signals a massive shift in the way financial securities will be distributed and traded in years to come. The SEC approved Overstock’s Form S-3 heralding the beginning of the use of the Blockchain to distribute and track ownership of shares. It doesn’t take time to realize that the press releases were perfectly timed with a paid promotion program. Investors and traders need to follow traders vigilance when trading penny stocks like MJMI.
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