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Feb. 28, 2022, 11:54 a.m. EST

4 Penny Stocks To Watch As Bitcoin Price Surges After Ukraine Invasion

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Feb 28, 2022 (Penny Stocks via COMTEX) -- The Ukraine invasion by Russia earlier this month has sent a shockwave through the market. Not only have growth stocks been affected by significant uncertainty and doubt, so have things like energy stocks for the exact opposite. But unlike most "wartime stocks," the Russia-Ukraine conflict hasn't only shed a spotlight on energy as a bull case.

Cryptocurrency, including majors like Bitcoin and Ethereum, are growing in popularity. The price of both cryptos soared as Russian banks were removed from the SWIFT system and Ukraine's monetary system tumbled.

Over the weekend, more attention focused on digital assets as a means to bypass issues faced by actions like these. Donations in cryptocurrency, including Bitcoin, flooded the marketplace. The official Ukraine Twitter account even tweeted out that it was accepting donations to support the country:

With this backdrop, cryptocurrency stocks caught a nice boost to start the final day of February. What's more, we looked at the options chains for some of these "Bitcoin penny stocks " to see that even bigger bets were being placed on the future potential of specific stocks. Here are four of them gaining ground in the stock market today and recent events that have brought more attention to the companies this year.

Bitcoin Penny Stocks To Watch

Thanks to an uptick in Bitcoin prices, plenty of cryptocurrency and blockchain technology companies are turning heads right now. If you look at the SOS options chain, you'll see what I'm talking about. In particular, the March 4th expiration date Calls at the $1 strike price saw some unusual options volume today.

SOS manages big data utilizing blockchain technology. Specifically, the company provides data and technology solutions to insurance and emergency rescue services. While there haven't been many new updates from the company recently, most of the interest seems to have centered around the North American Super-Computing and Hosting Center announced late last year. Yandai Wang, CEO, and Chairman of SOS, initially discussed this project as "an important part of SOS's efforts to create its own blockchain technology-based ecosystem. We look forward to launching our Super-Computing and Hosting service business in Wisconsin in the first quarter of 2022."

As the first quarter continues and we enter its final month, SOS could be on the list of penny stocks to watch for more than just a few industry-related reasons.

Shares of Bitfarms have also followed suit on Monday with a move higher. The Bitcoin mining company recently entered into a multi-million dollar equipment financing deal last week to bring non-dilutive capital to the company. Accordingly, this is expected to allow Bitfarms to grow and free up working capital.

Bitfarms has five industrial-scale facilities in Quebec, one in Paraguay and another in Washington state using hydropower to mine digital currencies. Bitfarms' growth has attracted the attention of fund managers as well. Several of the leading cryptocurrency ETFs including BLOK, WGMI, and others, currently report a portion of their holdings in BITF stock.

Looking at the current options chain, there've been some unusual actions taken on Monday. Specifically, the March 18th $5 Calls saw a jump in volume with nearly 1,300 contracts traded before the lunch hour.

Another digital mining company, Bit Digital, has traded higher to kick-start the week. BTBT stock has now managed to jump from lows of $3.16 last Thursday to $3.98 just before Monday's lunch hour session. Bit Digital has taken things a step further than solely mining and focused on the environmental impact that cryptocurrency mining can have.

In its last update, the company reiterated its track record stating plans to submit written testimony to the New York State Senate Standing Committees on Environmental Conservation, Energy, Telecommunications, and Internet and Technology. It also had plans to introduce a similar document to Members of Congress.

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