In one of the speculative inventory strikes across the bitcoin mania, the tiny inventory of a former fruit juice firm briefly soared greater than 200 % Tuesday.
Future FinTech (FTFT) has a market worth of simply $12.5 million with Tuesday’s positive factors, in line with FactSet. The inventory closed up 64 % at $three a share.
Merchants on Twitter have been fast to hyperlink the corporate to blockchain know-how and the bitcoin craze, since Future FinTech introduced in June it had modified its identify from “SkyPeople Fruit Juice” to give attention to monetary know-how.
Nonetheless, there isn’t any point out of “blockchain,” “bitcoin” or something crypto-related within the launch or the corporate’s November presentation to investors. The paperwork present the corporate intends to give attention to commodities buying and selling and e-commerce platforms, given its background in agricultural items.
David Rudnick, Future FinTech’s investor relations consultant, had no remark.
Buying and selling quantity topped 7 million shares, versus the 30-day common of about 248,000 shares, in line with FactSet.
Earlier Tuesday, the U.S. Securities and Alternate Fee suspended trading in shares of The Crypto Co. till early January resulting from issues that included potential inventory manipulation. When contacted by CNBC, the corporate had but to supply an announcement by Tuesday afternoon.
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