The Crytpo Company describes itself as a business that “offers a portfolio of digital assets, technologies, and consulting services to the blockchain and cryptocurrency markets” with plans for a “rollout of a full scale, high frequency cryptocurrency trading floor.” Shares of The Crypto Company (CRCW) have surged nearly 160% in the past five days, more than 1,800% in the past month and 17,000% in the past three months, as investors and traders have bid up the price of bitcoin (XBT) higher and higher.
That stunning rise has lifted the company’s market value to more than $11 billion. To put that in perspective, that’s higher than the market value of well-known brand name companies like Macy’s (M), The New York Times (NYT) and Under Armour (UAA).
Related: Regulators worried about bitcoin euphoria The SEC move comes shortly after The Crypto Company announced plans to split its stock 10-1 to try and push the price lower and make it more affordable for average investors. Shares had surged to a price of $575 before the SEC suspended trading.
A 10-1 split would have increased the number of total shares by a factor of ten and lowered the price to $57.50. So the value of the company would not have changed. Read more from money.cnn.com…
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