FIRST BITCOIN CAP COM NPV (OTCMKTS:BITCF) Just Returned 195% In 3 Days For Our Readers

FIRST BITCOIN CAP COM NPV (OTCMKTS:BITCF) has been one of the more controversial companies in the bitcoin space of the last couple of weeks. The company took a beating on an SEC trading halt, falling from $1.89 a share to $0.20 apiece – a nearly 90% depreciation – across a 10-day period.On Tuesday this week, we published this piece outlining our thoughts on the situation. BITCF Daily ChartOur thesis was somewhat complicated, so for readers that missed our coverage, it might be worth checking out before we go on here. As a brief overview, however, we noted that two major events were scheduled for the coming month also and these could serve as value inputs if they played out favorably.The first was a dividend, as part of which shareholders are to receive approximately .048 TeslaCoil Coin for each share of BITCF held on the record date (which is subsequently been revealed as being September 12, the day of our coverage). Take a look at the coin's listing on CoinMarketCap here and you will see that TeslaCoil is currently valued at $0.55. That pretty much bang on current share price, meaning the dividend is essentially covering the position for shareholders.The second input is rooted in the company's offer of two units of what it calls XOM, another cryptocurrency, in return for every one share of First Bitcoin. Essentially, this amounts to a share buyback program, with holders being paid in XOM as opposed to in fiat currency.At the time of our coverage a few days ago, and as is the same now, XOM is valued at around $0.90 apiece. On September 12, share price was around $0.38 a share, meaning there was some immediate reward we had on the buyback program for shareholders if they took their XOM and offloaded it.So what's happened since?Well, we concluded last time that this company was oversold and that, while it's still a risky play, there was a good chance we would see it run into both its dividend pay date and the upcoming buyback program.And as it turns out, we were right.First Bitcoin Capital gained 156% on Thursday and is up 195% from the price at which we put forward our expectations for the stock. That is a nice quick return for any of our readers that picked up an exposure on the back of our thesis, but now we have to ask, what's next?Our answer is pretty much exactly the same as it was last time. Remember, this company was valued at just shy of two dollars a share at the end of last month. Sure, the SEC halt has injected a large degree of uncertainty into the equation and the lawsuits that are circling (all of which are nothing more than ambulance chasers, we might add) are weighing on wider market sentiment. Add into this the fact that the bitcoin space is taking a hit right now on the back of some developments out of China and the downside pressure only increases.This is doing nothing more than keeping the stock artificially low, however.Bitcoin will recover and – when it does – the companies that have served as standard exposures for individuals looking to gain public market access will benefit in line with the recovery. First Bitcoin is one such company and, not only that, but it is also a company that has been extremely proactive in driving home its activity in the space over the last few months.Like we said last time, there's plenty of risk here. This isn't a buy-and-hold stock nor is it one that we can put forward any sort of long-term thesis on based on current information. It is, however, a nice volatile day trading stock and the recent run could be just the beginning of a short-term upside reevaluation.Check out our previous coverage of this one here. We will be updating our subscribers as soon as we know more. For the latest updates on BITCF, sign up below!Image courtesy of BTC Keychain via FlickrDisclosure: We have no position in BITCF and have not been compensated for this article.