The financial and technology company managed to capitalize on the growing popularity and market dominance of Bitcoin as its stock managed to surge to unbelievable levels. LongFin’s stock managed to surge by a whopping 2,000% after its announcement last week.
LongFin managed to ride the growing popularity of Bitcoin and the digital currency movement as it surges by stellar amount with just days in the market. The company’s market value was also heavily buoyed by the massive surge on their stock price and their overall performance in the market; currently, LongFin’s estimated market value is on a whopping $3 billion.
On an in-depth look, the staggering and probably the best decision the company made last week was the acquisition of a startup company in the form of Ziddu.com. LongFin managed to acquire the startup to help them open their company to Bitcoin trading.
More information about Ziddu.com is that it is one of the startup companies that utilize the use of the blockchain technology ledger accounting technology. This same technology is used by digital currency, and Ziddu uses it to create small digital currency loans.
The company’s acquisition gave them the opportunity to transact and conduct trades through digital coins only; this revolutionary decision was warmly received by the market and most especially the digital currency community. Currently, the company’s performance is heavily tagged with Bitcoin’s performance, and the digital currency is looking to continue its bullish run.
LongFin’s Stock Performance
LongFin was seen trading at $5 last week on Nasdaq, and now the company is hovering somewhere between $143 and $126.66 with price volatility still evident. On yesterday’s market, the company managed to hit a whopping $7 billion on a stock price of $126.66.
More information about the company reveals that, for the first six months of this year, their reported revenue was at $28 million and a net income of $2 million. LongFin also acquired a Singapore-based financial firm Stampede Tradex last June this year.
Since LongFin’s performance is still heavily buoyed by Bitcoin’s performance, we can assume that the company will run bullish alongside the digital currency. Currently, the cryptocurrency is playing around the idea of hitting $20,000 figures just before the year ends. Looking at its performance this year, the digital currency managed to overtake $5,000, $10,000, $15,000, and now it is close to hitting the $20,000 mark.
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