Everything that is happening to ThreeD Capital (CSE:IDK) (OTC:BWSOF) right now is a prime example of just how volatile the stock market can be.
For the past two weeks, I have been keeping a relatively close eye on the stock of ThreeD Capital, a Toronto-based company. My interest was first sparked when the company started to trade up almost 40% on January 5, after it disclosed that it had developed a special purpose division, in order to further its engagement with cryptocurrencies.
Then things got interesting. A week later, ThreeD Capital made another announcement regarding cryptocurrencies, stating that it had commenced purchases in a portfolio of cryptocurrencies. To my surprise – and most likely the company’s as well – ThreeD Capital started to drop, trading down as much as 13.33% on the Canadian Securities Exchange.
Now, this week, ThreeD Capital is trading up as high as 30% for no reason in particular. Do you see what I mean when I say that the market can be volatile?
ThreeD Capital is a Canadian venture capital company, which focuses primarily on junior biotechnology, resources, and technology marketplaces. Currently, it has a market capitalization of $29.23 million and a price to book ratio of 2.464.
As of this writing, ThreeD Capital is trading at $0.34, putting the stock up $0.09, or 32.69%.
There is no direct reason for the jump today, so I’m wondering if perhaps investors have just come around to last week’s announcement. ThreeD did state that part of its special purpose division is to purchase ICOs, so when it announced that it had already started that process, maybe investors were taken back by how quickly that happened, which caused the near 20% drop, and now, they are finally starting to wrap their heads around it.
Or, the company just got lucky today. Every day is different on the market, so it will be worth watching on Monday to see the direction the stock heads in after the opening bell rings.
Featured Image: twitter
