LQR House (YHC) stock fell on Thursday after the spirits and beverage e-commerce company announced plans to expand into crypto mining. The company plans to invest in Bitmain mining machines that will operate in the Polaris Capital mining farms in Texas.
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Investors will note that this move came after the company announced plans to make direct investments in Bitcoin (BTC). This is part of a larger strategy to create a crypto treasury. LQR House CEO Sean Dollinger said the company sees “mining as a more strategic and efficient way to gain exposure to Bitcoin.”
LQR House highlighted several advantages to mining Bitcoin. Among them are its ability to retain full ownership of mined BTC, the ability to acquire the tokens at a reduced price compared to market value, and the creation of an ongoing source of Bitcoin instead of a one-time purchase.
LQR House Stock Movement Today
YHC stock was down 22.93% during pre-market trading on Thursday. However, this followed a 171.66% rally yesterday. Even so, the shares were still down 77.29% year to date and 64.63% over the past 12 months.
Today’s dip came with some 773,000 shares traded, compared to a three-month daily average of 2.26 million shares. Investors will also note that yesterday’s rally saw more than 49 million units change hands.
