A British company that has been investing in internet and information businesses is having its best day on record.
On-line Plc almost quintupled Friday after announcing plans to change its name to On-line Blockchain Plc, following an initial climb of 19 percent on Thursday when it first announced the news.
It’s the biggest one-day gain for the small-cap company since its December 1996 listing in London, with its valuation at 4 million pounds ($5.2 million) scaling heights unseen since 2004. The trading volume that reached 2.5 million shares by midday is equal to nearly 15 times the entire year’s trading before the last two days.
“Blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time,” the Essex-based company said in a statement on Thursday. “We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector.”
This isn’t the first time that investors have gotten excited about a name. Shares in Colorado-based Bioptix Inc. nearly doubled in value in the days leading up to its name change to Riot Blockchain Inc. earlier this month. In what seems to be a case of mistaken identity, a New York-based startup called SNAP Interactive Inc. jumped more than 150 percent in the days after Snap Inc. filed for a $3 billion initial public offering in February. Little-known SNAP Interactive makes mobile dating apps, while Snap Inc. is the parent of the popular Snapchat photo-sharing app.
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