- Conexxa Sports Technologies shares rose up to 36% in pre-market trading after pivoting to blockchain services.
- The stock experienced high volatility, falling over 90% earlier in the week before partially recovering.
- Retail investor activity around the stock surged, with message volume increasing by 72% in the last day.
- The company announced a rebrand to AiRWA Inc. and a partnership with Singapore’s JuCoin Pte.
- The venture with JuCoin includes an initial $100 million investment with plans for $500 million in total future funding.
Shares of Conexxa Sports Technologies rose as much as 36% in pre-market trading Thursday after the company announced a significant change in direction, focusing on blockchain-based financial services and securing new investment earlier this week.
The stock had previously experienced a sharp decline, dropping more than 90% on Tuesday following the business update, but regained 7% the next day. Despite this bounce, the share price remained below $1. Investor interest increased notably, with tracking of the stock up by 25% in the past day and message activity up by 72%.
According to company statements, retail sentiment shifted to “extremely bullish” as conversations about the stock reached “extremely high” levels. Over the past week, the total number of individuals watching the stock increased by 81%, while message volume saw a 404% surge.
Earlier this week, Conexxa outlined plans to rebrand as AiRWA Inc. and transition its core business to blockchain-based financial services. The company also introduced a joint venture with JuCoin Pte, a Singapore-based cryptocurrency firm, which pledged an initial investment of $100 million for the AiRWA Exchange. This includes 150,000 Solana (SOL) tokens, valued at about $34 million. Over time, total funding for the exchange is expected to reach $500 million from both partners.
The AiRWA Exchange will focus on major trading pairs on the Solana Blockchain. For broader context about digital assets, read more about Bitcoin–Ethereum-and-other-cryptocurrencies-dip-ahead-of-powell-speech”>Bitcoin, Ethereum, And Other Major Cryptocurrencies Dip Ahead Of Powell’s Speech Amid Rising Dollar.
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