MW BTC Digital's stock rockets after ticker change 'better reflects' its business
By Tomi Kilgore
Shares of China-based blockchain technology, cryptocurrency miner more than triples on heavy volume
Changing the name wasn't enough. It took a change in the ticker symbol to generate investor interest in BTC Digital Ltd.'s stock, which more than doubled on heavy volume ahead of Friday's open.
The China-based blockchain technology and cryptocurrency mining company's stock starts trading Friday under the new ticker "BTCT," which was changed from "METX."
The stock (METX) rocketed 202% in premarket trading, to make it the biggest gainer trading on major U.S. exchanges. Trading volume swelled to 1.9 million shares, compared with the full-day average over the past 30 days of about 57,400 shares.
The ticker change came after the company changed its name to BTC Digital Ltd. from Meten Holding Group Ltd., with the name change reflected on the Nasdaq as of Aug. 18.
"The company's management believes that 'BTC Digital Ltd.' better reflects the company's current business operations," the company said in a statement.
But that didn't help the stock. It had tumbled 44.8% from the name-change announcement through Thursday. It had closed at a record low of $1.79 as recently as Sept. 26.
The company went public in the U.S. in March 2020. As of Thursday's close, it had a market capitalization of $3.1 million.
The stock has dropped 42.1% year to date through Thursday, while the iShares MSCI China ETF MCHI has lost 9.6% and the S&P 500 index SPX has gained 12%.
-Tomi Kilgore
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September 29, 2023 09:11 ET (13:11 GMT)
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