Bitcoin Euphoria Drives Return of Penny Stock Crypto Operations
Penny stocks looking to pounce on the cryptocurrency buzz are enjoying a renaissance triggered by Bitcoin’s new momentum.
For example, MGT Capital Investments Inc. — which trades for less than 10 cents per share — on Tuesday announced plans to resume Bitcoin mining operations, citing the cryptocurrency’s now 12-day rally to top $8,000. That pushed shares up as much as 15% on Tuesday, as traders funneled money back to the stock; market cap was about $16.2 million versus a 2017 peak of nearly $350 million.