Please ensure Javascript is enabled for purposes of website accessibility

Why WISeKey's Shares Popped 24.3% on Monday

By Travis Hoium - Mar 29, 2021 at 4:40PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

A famous timepiece is going up for auction with an NFT.

What happened 

Shares of digital security company WISeKey International Holding (WKEY -1.31%) jumped as much as 24.3% in trading on Monday after the company announced details of an NFT, or non-fungible token, auction. Shares didn't stay at their high and closed up just 7.5% for the day. 

So what

Last week, WISeKey's shares were up sharply just on the news that it would hold an NFT auction. But the item to be auctioned off wasn't known, except that it was going to be a watch.

Bigger Bang All Black Tourbillon Chronograph “Special piece”.

Image source: WISeKey.

Today, the company announced that Jean-Claude Biver will be selling the Bigger Bang All Black Tourbillon Chronograph "Special piece," which it calls a "historic timepiece." Biver is a well-known watchmaker who was involved with brands like Blancpain, Omega, TAG Heuer, and LVMH. The watch and associated NFT verifying authenticity will go up for auction March 31, 2021, at 4 p.m. CET, 10 a.m EDT. 

Now what

Simply being in the NFT business seems to be enough to push stocks higher today and WISeKey is a big beneficiary. But the company also seems to have found a valuable use case for NFT technology as a digital ownership authentication method. This is a business I'll be watching closely as NFTs gain traction, even if I'm not buying today's pop. 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

WISeKey International Holding AG Stock Quote
WISeKey International Holding AG
WKEY
$1.51 (-1.31%) $0.02
LVMH Moët Hennessy - Louis Vuitton, Société Européenne Stock Quote
LVMH Moët Hennessy - Louis Vuitton, Société Européenne
LVMUY
$117.70 (-1.27%) $-1.51
LVMH Moët Hennessy - Louis Vuitton, Société Européenne Stock Quote
LVMH Moët Hennessy - Louis Vuitton, Société Européenne
LVMHF
$591.26 (-0.29%) $-1.74
The Swatch Group AG Stock Quote
The Swatch Group AG
SWGAY
$11.81 (-1.34%) $0.16

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
334%
 
S&P 500 Returns
117%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/24/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.