Santo Mining Corp (OTCMKTS:SANP) burst back onto the scene earlier this month as folks started to figure out the company was orchestrating a pivot over into the cryptocurrency space. SANP has continued to draw major volume and hold the lion’s share of its gains in that time, and we thought it was wise to take a fresh look.
The latest from the company comes in the form of its announcement that it has initiated its first orders of cryptocurrency mining systems. “The company has ordered 100 model Antminer S9 cryptocurrency mining systems made by Bitmain Technology Co., Ltd.; delivery of the first batch order will be in 30-45 days. The company estimates that due to high global demand of the Antminer S9 model, total delivery of 100 Antminer S9 models will be completed by mid-first quarter of 2018. Independently as the company receives its orders, the machines will be configured and initiated to start mining.”
Santo Mining Corp (OTCMKTS:SANP) is a stock that we recently noted as “now doing business as PODWERKS, which is a co-working space for cannabis entrepreneurs in the United States, providing the necessary framework to grow, market, and sell all cannabis-related products.”
However, the company’s latest press releases suggest it is trying to move into the cryptocurrency space as well. We would point out to readers that this company seems to put up whatever flag it sees as the ruling empire of OTC momentum themes, so the recent revelations that tie it to cannabis and cryptocurrencies might be taken with a grain of “skepticism salt” – should one wish to apply such a seasoning.
According to company materials, “Santo Mining Corp, a publicly traded company in the Over-the-Counter (OTC) market. It currently trades under the ticker symbol SANP. From 2012 to 2015 SANP was an analog mining company in Latin America focusing on gold mining. In April of 2015 it merged with Cathay Cigars of Asia an online bespoke cigar company focusing in the China cigar market, in February of 2017 the company started developing grow pod using remanufacture shipping containers. The company presently is focusing exclusively in Digital mining of cryptocurrencies.”
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As noted above, the stock has been a hot commodity on the OTC in the past month due to its pivot into the crypto space. Shares are currently reacting to the company’s announcement this week that it has now initiated its first orders to beef up its mining resources, which is a step in line with its new strategic goals.
According to the release, the company is currently also in communications with Shenzhen Halley Cloud Technology Co., Ltd., developers of the Panda B3 Plus and the Panda B5 Plus cryptocurrency mining systems and Innosilicon Technology Co., Ltd., developers of the A5 Dashminer.
Rolf Bansbach, CTO of Santo Mining, stated, “Diversification of mining platforms are essential for the cryptocurrency mining strategy of the company; each system is unique in what cryptocurrency coin base systems it mines and there are many cryptocurrencies like Ether, Dogecoin and Lite Coin just to name a few, that offer us the same or more returns for working and solving transactions.”
Matthew Arnett, CMO of Santo Mining, stated, “We have gone though many changes in the last 30 months; these changes have been always focusing on bringing shareholder value and building a company for all stakeholders. We are extremely happy to say Santo Mining as a brand is here to stay; during the weeks to come we will be focusing on brand identity and market awareness, to resolve this identity crisis.”
Franjose Yglesias, CEO of Santo Mining, stated, “We are still currently in negotiations with Canoe Pool; the 19th National Congress of the Communist Party of China held this month in conjunction with many new regulations and uncertainties of cryptocurrencies in China has created opportunities of study for the group to strategically see how we will develop our cooperation and how this cooperation will look down the road.”
Now commanding a market cap of $4M, SANP has virtually no cash on the books, which must be weighed relative to virtually no total current liabilities. SANP is pulling in trailing 12-month revenues of $45K. However, the company is seeing recent declines on the top-line on a sequential quarterly basis. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $SANP stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $SANP, either long or short, and we have not been compensated for this article.