Today, shares of Longfin Corp, a FinTech company that launched last week via IPO, have risen to $129 from $22.01 at Friday's close. They also more than quadrupled on Friday. The catalyst for the gains was today's acquisition of Ziddu.com, which touts itself as "a blockchain empowered system that offers microfinancing" and uses a smart-contract called a Ziddu Coin. Shares have been halted 5 times today on circuit breakers.
Everytime I refresh the cryptocurrency market cap it's up $2-$3 billion every 6-12 hrs!!!! Literally gaining tens of billions in market cap a week.. already crossed over $600 billion!!!
LFIN drops to $54 after hours after CEO appears in CNBC and says company doesn't deserve current valuation....now "only" up 1000% in 2 days.
The best stock trade of the year for me! Put in a limit order of $43 and it got hit during the halt! then flip it out at $80.
Shares of little-known financial technology company Longfin surged 1,342 percent in two days to a market value of $3.1 billion after buying a cryptocurrency company with no revenue. To many, it was a textbook case of the mania surrounding digital currencies these days. Amazingly, the CEO doesn't disagree. "This market cap is not justified," the company's CEO and Chairman Venkat Meenavalli said Monday on CNBC's "Fast Money." "I valued my IPO pricing at $5."