The Fatfish Group Ltd (ASX: FFG) share price is going gangbusters today. At the time of writing, shares in the global tech investment company have rocketed a whopping 155.43% higher to 24 cents a share.
With no fresh news from the company, let’s look at what else may have lit the Fatfish share price on fire today.
What’s been happening lately?
Yesterday, we rang in that the Fatfish share price jumped 74%. The price spike came after Fatfish investee iCandy Interactive Ltd (ASX: ICI) announced the conditional sale of iCandy Digital to Rightbridge Ventures for $4.8 million.
The transaction does not drive any material change to Fatfish’s interest in iCandy, so it’s not necessarily a share price mover.
The company maintains that its share price rally has been set off by the buy now, pay later (BNPL) frenzy that the market’s witnessed lately via companies like Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P).
Both the Afterpay and Zip Co share prices have more than doubled in the past 6-month period.
Investors will likely be keeping an eye on the Fatfish share price on Thursday, 18 February 2021, when the company officially launches its new Smartfunding BNPL service.
Fatfish share price flies following Bitcoin boom
Since last Wednesday, when we talked about how Fatfish is invested in Bitcoin, shares in the company have leapt around 560%.
Fatfish is exposed to Bitcoin via interests through its Sweden-based subsidiary company, Abelco Investment Group AB.
These investments include crypto mining company Minerium and the digital assets platform provider Kyptos-X.
Fatfish CEO Kin Wai Lau is scheduled for an interview later this week on the InvestorStream program. He will discuss the cryptocurrency price trend and the company’s impending transaction with Abelco Investment Group via the InvestorStream program.
Over the past 12 months, the Fatfish share price has smashed more than 920% higher.
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Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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