BTC Digital Ltd. (NASDAQ:BTCT) stock is up more than 350% today. Here is what we know

BTC Digital Ltd. (NASDAQ:BTCT) stock has jumped more than 350% today with no news or events concerning the company. The company’s market cap was $8.5 million before the increase and has surpassed $30 million today, reaching $44 million with a share price of $17 at one point. This categorizes the stock as a nano-cap stock, which are stocks with market capitalizations of below $50 million. Stocks with such small market-cap are prone to manipulation and dramatic price swings, making them risky for investors.

BTC Digital Ltd. overview

BTC Digital Ltd. (BTCT), formerly known as Meten Holding Group Ltd., is a company involved in blockchain technology with a focus on cryptocurrency mining. The company mines popular cryptocurrencies like Bitcoin and Ethereum and engages in the resale and rental of mining machines. It also constructs mining farms and develops data centers to support its mining operations. The company announced in January that it has bought 2,000 units of T21 miners from Bitmain Technologies for $5.3 million. In March, BTC Digital announced its acquisition of a mining facility in North Carolina for $3.4 million. 

BTC Digital Ltd. history

Meten Holding Group Ltd. was founded in 2006 by Siguang Peng and Richard Guo. Initially, the company operated under the name Meten EdtechX Education Group Ltd., providing English language training services in China. The company went public with an IPO in 2020. Then in 2021, the company fully transformed into a blockchain technology company.
In August 2023, the company rebranded itself to BTC Digital Ltd. Prior to adopting the name BTC Digital Ltd., the company briefly operated under the name DTC Digital Ltd. before finalizing its current identity. The ticker symbol was updated from METX to BTCT on September 29, 2023.

Why is BTCT stock up today

While there is no recent news concerning the company, today’s jump in price may be related to the recent increase in Bitcoin and Ethereum’s value. However, the low market cap makes the stock susceptible to pump and dump schemes, which is another likely reason for the price jump today.