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Market reels but penny stocks stage surprising rally
By: thestreet|2025/05/16 01:00:11
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Though the stock market opened in the red zone on May 15, there are a few tiny stocks planning to hold cryptocurrencies in their treasuries that have shown resilience. Wellgistics Health (Nasdaq: WGRX) is a healthcare firm that recently announced its plan to acquire XRP to add to its corporate treasury. The stock was trading at $2.34 at press time, up 30% since the last day's close.Another public company planning to add crypto to its balance sheet is Classover Holdings (Nasdaq: KIDZ). It is an edtech company that earlier this month announced a sale of $400 million worth of shares to buy Solana. Its stock was trading at $3.05 at the time of writing, up 18% since the last day's close.However, not all such stocks could brave the market sell-off. Amber International Holdings (Nasdaq: AMBR), a leading provider of institutional crypto financial services, recently announced the launch of $100 million worth of a strategic treasury reserve consisting of Bitcoin, Ethereum, Solana, XRP, etc. The stock was trading at $11.10 at press time, down 2% since the last day's close. GD Culture Group (Nasdaq: GDC), an AI firm with operations in China, announced a $300 million funding deal to acquire Bitcoin and the Official Trump meme coin.The stock skyrocketed to $5.97 as it surged more than 240% following the announcement on May 12. However, it quickly slipped to its previous level; at press time, it was trading at $2, down 4% since the last day's close.All the above-mentioned companies are trying to follow in the footsteps of Michael Saylor's MicroStrategy (Nasdaq: MSTR), which has been acquiring Bitcoin as its primary treasury asset since 2020. It is the largest corporate Bitcoin holder in the world, holding 568,840 BTC worth $58.5 billion as of now.However, the MSTR stock was also down by 3% since the last day's close, trading at $403.77 at the time of writing.As per Kraken, Bitcoin was trading at $102,519 at press time, down 0.8% a day.
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