Caliber Stock Jumps Over 2000% Pre-Market – Here’s Why

Shares of Caliber (CWD) surged more than 2000% in pre-market trade on Tuesday after the company announced it had completed its initial purchase of Chainlink (LINK) tokens.

However, the company did not specify how many LINK tokens it had purchased or for what amount. It said that the initial purchase was only a part of its system test transaction. The move comes after Caliber announced that it would be pivoting to a digital asset treasury (DAT) system focused on LINK tokens last month. The company said its plan was to accumulate LINK in increments with consistent purchases over time. It is the first to announce a Chainlink-backed DAT strategy.

At the time of writing, Caliber’s stock had jumped 2174%. If pre-market gains hold, this could be the biggest one-day gain for the stock on record. Retail sentiment on Stocktwits jumped to ‘bullish’ from ‘bearish’ territory over the past day. Meanwhile, Chainlink’s price rose 2.5% in the last 24 hours, with retail sentiment on Stocktwits around the token trending in the ‘extremely bearish’ territory over the past day. 

“We have made our first purchase to test our systems and ensure we are well-positioned to manage the custody, tax, accounting, governance, and similar considerations underpinning our internal infrastructure,” said Caliber’s chief executive, Chris Loeffler.

Earlier this month, the company also announced that it was bringing on Michael Trzupek as the inaugural member of its newly established Crypto Advisory Board (CCAB). The board will provide strategic oversight and guidance as Caliber executes its crypto treasury plans. 

Caliber’s stock has fallen more than 80% this year. If pre-market gains hold, the stock is poised to open at a more than two-year high, erasing those losses.

Read also: Dogecoin Price Jumps As Major Crypto Tokens Edge Higher, Bitcoin Calm At $112K In Run-Up To US Inflation Data Release

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