- Bluesky Digital stock pumped 10-fold last week.
- Investor confusion likely drove the price spike.
- Crypto-linked stocks have soared since Donald Trump’s election victory.
What’s in a name?
For Bluesky Digital, it’s a 1,767% stock price rally over the past month.
In a case of name recognition gone wrong, Toronto-based blockchain firm Bluesky Digital’s stock price surged in November as investors may have mistaken it for social media platform Bluesky.
Since Donald Trump’s election on November 5, Bluesky Digital’s stock price has shot up from $0.06 to $0.56, or about 833%.
The stock moves come amid a surge in users for the Bluesky platform.
One portfolio manager told Bloomberg that the jump in share price “may be driven by name confusion” with the social media platform.
At the prompting of Canadian regulators, Bluesky Digital clarified in a filing that the moves were not linked to corporate actions.
The blockchain firm said…
