First it was Western Union Co. investors who got ripple fever. Now its stockholders of Seagate Technology Plc who are cashing in on speculation that the firm has ties to one of the hottest digital coins.
Shares of Seagate, the largest maker of computer drives, are surging after a little-followed blog contributor suggested the company may have a stake in Ripple, the company behind the third-most-valuable cryptocurrency. The stock’s rally comes just days after Western Union was the subject of similar Internet conjecture.
“Seagate may own over 4% of Ripple,” wrote ValueStreet Research, a Seeking Alpha contributor with fewer than 100 followers, in a post Monday. “If Seagate still has its Ripple investment, it could plausibly be worth $7.8B, two-thirds of its market cap.”
Shares of Seagate rose 6.4 percent to $45.71 at 2:06 p.m. Monday in New York, after gaining as much as 16 percent. The stock reached its highest level since May 2015.
The tech firm invested in two of Ripple’s fundraising rounds, according to statements on the cryptocurrency company’s website, though it’s unclear whether it still has a stake. A Seagate spokeswoman didn’t immediately respond to a message seeking comment…