In one of the most speculative stock moves around the bitcoin mania, a tiny stock of a former fruit juice company briefly soared more than 200 percent Tuesday.
Future FinTech (FTFT) has a market value of just $12.5 million with Tuesday’s gains, according to FactSet. The stock closed up 64 percent at $3 a share.
Traders on Twitter were quick to link the company to blockchain technology and the bitcoin craze, since Future FinTech announced in June it had changed its name from “SkyPeople Fruit Juice” to focus on financial technology.
However, there is no mention of “blockchain,” “bitcoin” or anything crypto-related in the release or the company’s November presentation to investors. The documents show the company intends to focus on commodities trading and e-commerce platforms, given its background in agricultural goods.
David Rudnick, Future FinTech’s investor relations representative, had no comment.
Trading volume topped 7 million shares, versus the 30-day average of about 248,000 shares, according to FactSet.
The U.S. Securities and Exchange Commission on Tuesday suspended trading in shares of The Crypto Co. until early January due to concerns that included potential stock manipulation. When contacted by CNBC, the company had yet to provide a statement by Tuesday afternoon.