Can This Be Possible? Canadian Listed Company Bluesky Digital Assets Sees Stock Price Soar by 1500% This Week, but Executives Are Clueless About the Reason.
(Previous Context: Matrixport: Bitcoin to Remain Strong in December, Three Major U.S. Events May Act as Market Catalysts)
(Background Supplement: Taiwan’s Bitcoin Frenzy: Bitopro Sees Record Highs in Registrations and Trading Activity, APP Ranks Second in Finance Category)
The stock price of Canadian tech company “Bluesky Digital Assets” surged unexpectedly 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 day before the rally began (the 11th), the stock saw an astonishing 1500% increase over three days. However, strangely enough… the company’s executives do not know the reason behind the surge.
In response to 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 justify the stock price increase.
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. Despite this, the stock price corrected sharply downward by 47.14% on Friday, closing at CAD 0.37.
Coincidence? The Stock Ticker 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 the same abbreviation as Bitcoin, which recently hit a record high of $93,000 this week due to the Trump election trend. However, it remains uncertain 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 networking platform Bluesky, co-founded by Twitter founder Jack Dorsey in 2019.
Currently, Bluesky has gained widespread attention in the community, with many X users reportedly dissatisfied with Elon Musk’s heavy use of X to support Trump, and are now migrating to Bluesky en masse after the Trump 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 5. In September, the platform had around 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 have confused the two, driving up the stock price of Bluesky Digital Assets.”
