Tiny tech stock spikes 80% on Bitcoin news

WPCS says it is developing a trading platform allowing users to trade on the currency's most popular exchanges.

By MSN Money Partner Dec 27, 2013 12:57PM
Credit: © luismmolina/E+/Getty Images
Caption: BitcoinsBy Rob Wile, Business Insider

Shares in a little-known tech company were up nearly 80 percent Friday after it announced it was preparing to launch a beta version of its Bitcoin trading platform

Pennsylvania-based WPCS (WPCS) says it recently acquired BTXTrader, which is developing what it says is the first trading platform allowing Bitcoin users to "access market data and execute orders on the five most popular Bitcoin exchanges in a single application." 


"Obviously, we are still in development mode, but we're on schedule to release both web and mobile versions of our platform by early 2014," BTX Trader Chief Operating Officer Ilya Subkhankulov said in the release.


The firm's shares surged more than 20% to $1.81 on heavy volume in after-hours trading Thursday. We first saw the story on Marketwatch as reported by Wallace Witkowski.


Very little has been written about WPCS, which bills itself as a communications infrastructure firm. It IPO'd in 2003 at more than $140 and spent the next 10 years going to practically zero.


This past January it received a delisting warning from NASDAQ for failing to comply with the minimum $1 per share rule, but ultimately got a reprieve. Its market cap is a little more than $2 million.


This kind of thing is common, as no-name penny stock companies frequently jump on hot trends in hopes of stoking interest.


The "tour" of the Bitcoin platform is a series of GIFs. We've reached out to the company for comment.


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4Comments
Dec 27, 2013 2:49PM
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"... WPCS, which bills itself as a communications infrastructure firm."  Why not?  A concept with no substance.  Shades of the shadow dot.com "companies" conceived at the end of the dot.com crash in the 1990s.  Better yet ... shades of "twitter" and "facebook."   Concepts with no substance. 
Dec 27, 2013 3:24PM
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I still don't know what a bitcoin is...read a little about them but the concept just isn't clear to me. Sounds like a lot of vaporware...
Dec 27, 2013 3:37PM
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Ha, a million bitcoins.....POOF,.....whaaaaattt?


arf, arf, arf.

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