Why Shares of 500.com Limited Popped 75% Today
Shares of 500.com Limited (NYSE: WBAI) jumped as much as 75% in trading on Tuesday after announcing an acquisition and as Bitcoin (CRYPTO: BTC) briefly climbed to over $50,000. Shares settled at a 38.9% gain as of 3:20 p.m. EDT.
500.com announced that it will issue 44.4 million Class A shares to acquire the Blockchain Alliance, amounting to about 10% of the company's shares outstanding. This includes the acquisition of BTC.com and the mining pool business of Bitdeer Technologies.
Image source: Getty Images.
Source Fool.com
