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This (Small-ish) Swiss Cybersecurity Stock Jumped 80% After NFT-Related Press Release
WISeKey's stock surged nearly 70% after it mentioned NFT in its press release, which is unusual for the small firm.
Updated Mar 6, 2023, 3:38 p.m. Published Mar 18, 2021, 9:41 p.m.
It might be a great business move or maybe just jumping on the NFT bandwagon; either way, investors appeared to be pleased.
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WISeKey (NASDAQ: WKEY), a cybersecurity company based in Zug, Switzerland, announced Thursday it's developing an application for non-fungible tokens (NFTs) that would be used to authenticate physical and digital objects of value.
Within hours of the announcement, the firm's U.S. shares, listed on Nasdaq, soared by more than 80% in price, the most in TradingView's price history dating back to 2019.
The price move is unusual for WKEY, which was still trading below its 52-week high of $18.49 at the time of writing. The company is relatively small, with a market cap of only $244 million, even after Thursday's price surge – so it's not exactly a blue-chip, though it's not a Pink Sheets penny stock either.
But the market reaction is unsurprising given that NFTs have become wildly popular recently, creating millions of dollars for digital artists and reaching celebrity status practically overnight. And according to Reuters, all sorts of NFT-related stocks are jumping.
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Crypto Markets Today: Bitcoin Rises, but Risk Appetite Remains Weak
Crypto prices are little changed, with bitcoin steady after dropping back from last week’s post-Fed high while altcoins continue to underperform amid risk-off sentiment.
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- BTC rebounded from Sunday’s $88,000 low to around $89,900, though it remains well below the $94,300 it hit after the Fed’s 25 basis-point rate cut.
- More than half of the top 100 tokens are lower over 24 hours, with the CoinDesk 20 up just 0.16% and the broader CD80 down 0.77%, underscoring altcoins' continuing underperformance.
- Sentiment has slipped back into “extreme fear,” altcoin season indicators remain depressed, and bitcoin dominance continues to climb, reflecting investor preference for larger-cap assets.
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