BTC Digital's stock doubles on heavy volume after ticker change 'better reflects' its business

By Tomi Kilgore

Shares of China-based blockchain technology, cryptocurrency miner doubles on heavy volume

Changing the name wasn't enough. It took a change in the ticker symbol to generate investor interest in BTC Digital Ltd.'s stock, which doubled on heavy volume on Friday.

The China-based blockchain technology and cryptocurrency mining company's stock starts trading Friday under the new ticker "BTCT," which was changed from "METX."

The stock (BTCT) rocketed 100% in midday trading, paring an earlier premarket gain of as much as 393%. Trading volume ballooned to 6.1 million shares, compared with the full-day average over the past 30 days of about 57,400 shares.

The ticker change came after the company changed its name to BTC Digital Ltd. from Meten Holding Group Ltd., with the name change reflected on the Nasdaq as of Aug. 18.

"The company's management believes that 'BTC Digital Ltd.' better reflects the company's current business operations," the company said in a statement.

But that didn't help the stock. It had tumbled 44.8% from the name-change announcement through Thursday. It had closed at a record low of $1.79 as recently as Sept. 26.

The company went public in the U.S. in March 2020. As of Thursday's close, it had a market capitalization of $3.1 million.

The stock has now gained 9.3% year to date but has lost 48.4% over the past 12 months, while the iShares MSCI China ETF MCHI has tacked on 1% the past year and the S&P 500 index SPX has advanced 18.3%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

09-29-23 1140ET

Copyright (c) 2023 Dow Jones & Company, Inc.