ELRAY RESOURCES, INC. (OTC: ELRA) BITCOIN PENNY STOCK EXPLOSION!
Cashing in on the BitCoin Craze!
Elray Resources, Inc. (OTC: ELRA) has been making a highly explosive move up in recent weeks on accelerating trading volume from lows of $0.01 to recent highs over a dime!
Fueled by massive demand and continued accumulation from the Bitcoin association ELRA continues to move higher racking up spectacular gains for those lucky investors that got into this one early.
For anyone that has been living under a rock Bitcoin is an open source peer-to-peer electronic money introduced in 2009 by "Satoshi Nakamoto". The electronic coins have seen a meteoric rise in price the likes of which have not been seen since the Great Tulip Bubble in the 1600's.
Elray Gaming provides a complete turnkey solution for numerous successful online gaming companies as well as performs strategic marketing and consulting services for Online Gaming operators from all parts of the world.
The Company has seen a massive increase in exposure after their recent expansion into the "bitcoin" market; on November 7 ELRA announced a joint venture with one of Asia's leading social gaming developers to create Global CXC, which will allow players to exchange credits from various social gaming networks, and also interchange credits for Bitcoins. Global CXC will initially provide the exchange for the onlinee Social Gaming Network of over 80 Million players, an online casino network, and online merchandise store.
Based on their planned development of one of Asia's largest Bitcoin credit exchanges, access to nearly 80 million players for their current and upcoming casino gaming platforms, and with only 29 million shares outstanding, Elray Gaming may offer a unique valuation opportunity at these levels.
ELRA also recently announced that their stock has been upgraded by Ludlow Research Based on Asian Bitcoin Exchange Venture. The PR goes on to give the stock a "Valuation Target $0.30 to $0.40 ($10 to $12 million market cap)"
According to recent 10Q ELRA has basically no cash or any liquid assets or any assets on the books for that matter and some pretty significant short term liabilities and a very high burn rate so clearly the risk of dilution remains high.
Conclusion: ELRA has been doing nothing but making spectacular gains in recent weeks as investor sentiment continues to be seriously strong. Trading at a mere $2.5 million market valuation ELRA is priced cheap and considering we are just entering the "bit coin craze" the future for ELRA just keeps looking brighter and brighter. ELRA deserves to be on any traders watch list and could easily move much higher from here.
