Can This Be Possible? The Share Price of Canadian Listed Company Bluesky Digital Assets Surged by 1500% This Week, but the Company’s Management Is Unaware of the Cause. Experts Analyze That This Could Be Due to Investor Confusion Over Its Ticker Symbol, Which is “BTC,” Identical to the Abbreviation for Bitcoin.
(Preliminary Context: Matrixport: Bitcoin Will Remain Strong in December, Three Major U.S. Events May Act as Market Catalysts)
(Background Supplement: Taiwan’s Bitcoin Craze: Bitopro Registration and Trading Activity Reach New Highs, APP Ranks Second in Finance Category)
The share price of Canadian tech company “Bluesky Digital Assets” suddenly surged this week, with a single-day increase of over 164% on the 14th, reaching a high of $0.88. If calculated from the closing price of $0.055 on the 11th, the day before the surge began, it represents an astonishing 1500% increase over just three days. However, oddly enough… the company’s management is unaware of the reason behind the sharp rise in its stock price.
At the request of the Canadian Investment Regulatory Organization (CIRO), the company issued a press release on Thursday clarifying that the management of Bluesky Digital Assets is unaware of any significant operational changes that could have driven the stock price up.
According to the press release, the company operates a web platform that supports businesses in adopting and utilizing emerging technologies such as blockchain, AI, and Web3. However, the company’s stock price corrected sharply downward by 47.14% on Friday, closing at CAD 0.37.
Coincidence? Stock Ticker Symbol is “BTC”
Nick Mersch, portfolio manager at Purpose Investments, analyzed for BNN Bloomberg on Friday that the surge might be due to investor confusion over the name. He pointed out:
Coincidentally, the trading symbol for Bluesky Digital Assets is “BTC,” which is identical to the abbreviation for Bitcoin, which recently hit a historical high of $93,000 this week due to the Trump election rally. However, it remains unconfirmed whether this is the true cause of the stock’s surge.
Also Confused with Decentralized Social Media Platform Bluesky
Another possibility is that the company is being confused with the decentralized social network platform Bluesky, co-founded by Twitter founder Jack Dorsey in 2019.
Currently, Bluesky has garnered widespread attention in the community, with many X users reportedly dissatisfied with Elon Musk’s extensive use of X to support Trump, and are now migrating to Bluesky in large numbers after Trump’s election.
According to Bloomberg, Bluesky has approximately 15 million users, with over 1.25 million new users added since the U.S. election on November 5th. In September, the platform had about 10 million users. One week after the U.S. election, it topped the free app charts on the Apple App Store.
Mersch noted: “Given the growing interest in BlueSky as an alternative to centralized social platforms, investors may be confusing the two, thereby driving up the stock price of Bluesky Digital Assets.”
