This (Small-ish) Swiss Cybersecurity Stock Jumped 80% After NFT-Related Press Release

It might be a great business move – or maybe just jumping on the NFT bandwagon; either way, investors appeared to be pleased.

WISeKey (NASDAQ: WKEY), a cybersecurity company based in Zug, Switzerland, announced Thursday it’s developing an application for non-fungible tokens (NFTs), which would be used to authenticate physical and digital objects of value.

Within hours of the announcement, its U.S. shares, listed on Nasdaq, had soared more than 80% in price, the most in TradingView’s price history dating back to 2019.

The price move is unusual for WKEY, which was still trading below its 52-week high of $18.49 at the time of writing. And the company is relatively small, with a market cap of only $244 million, even after Thursday’s price surge – so it’s not exactly a blue-chip, though it’s not a Pink Sheets penny stock either.

But the market reaction is unsurprising given that NFTs have become wildly popular recently, creating millions for digital artists and reaching celebrity status practically overnight. And according to Reuters, all sorts of NFT-related stocks are jumping.