BTC Digital Ltd., a China-based blockchain technology and cryptocurrency mining company, witnessed a dramatic rise in investor interest following a change in its ticker symbol. The company’s stock, previously traded under the ticker “METX,” now trades under the new ticker “BTCT.” This change proved to be a game-changer as the stock skyrocketed by 202% in premarket trading, making it the top gainer on major U.S. exchanges. With trading volume surging to 1.9 million shares, compared to the average of approximately 57,400 shares over the past month, BTC Digital Ltd. experienced a significant boost in value.
The name change from Meten Holding Group Ltd. to BTC Digital Ltd. further solidified the transformation of the company. As of August 18, this change was officially reflected on the Nasdaq. According to a company statement, the management believed that “BTC Digital Ltd.” was a more accurate representation of its current business operations.
Unfortunately, this change in name alone did not positively impact the stock price, as it had previously experienced a decline of 44.8% since the announcement. Closing at a record low of $1.79 on September 26, BTC Digital Ltd. faced some challenges leading up to this recent surge.
Despite these obstacles, it is worth noting that BTC Digital Ltd. went public in the U.S. in March 2020 and currently boasts a market capitalization of $3.1 million as of Thursday’s close.
Year-to-date, the stock has encountered a 42.1% drop, contrasting with the 9.6% loss of the iShares MSCI China ETF (MCHI) and the 12% gain of the S&P 500 index (SPX). As BTC Digital Ltd. enjoys this new wave of investor interest, it remains to be seen how this momentum will shape its future.