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May 14, 2019

Bitcoin euphoria drives return of penny stock crypto operations

Penny stocks look to jump on Bitcoin buzz

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Penny stocks looking to pounce on the cryptocurrency buzz are enjoying a renaissance triggered by Bitcoin’s new momentum.

For example, MGT Capital Investments Inc. -- which trades for less than 10 cents per share -- on Tuesday announced plans to resume Bitcoin mining operations, citing the cryptocurrency’s now 12-day rally to top US$8,000. That pushed shares up as much as 15 per cent on Tuesday, as traders funneled money back to the stock; market cap was about US$16.2 million versus a 2017 peak of nearly US$350 million.

It remains to be seen how many other penny stocks will incorporate “Bitcoin” into press releases. They may find it tempting as the biggest cryptocurrency has gained 60 per cent in a more than two-week climb, compared to a bloody stretch for U.S. equity markets that wiped more than 3 per cent from both the S&P 500 Index and the Dow Jones Industrial Average.

Other fan-favorite firms that are focused on cryptocurrencies are trading higher. Shares of Riot Blockchain Inc, Marathon Patent Group Inc., and Grayscale Bitcoin Trust BTC were all outperforming the market on Tuesday, pacing to extend comebacks of their own.

 

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