British company On-line Plc jumped as much as 394% on Friday after announcing plans to change its name to On-line Blockchain Plc, following an initial climb of 195% on Thursday when it first announced the news, Bloomberg reported.
“Blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time,” the Essex-based company said in a statement on Thursday.
“We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector,” it added.
The shares pared gains after the company published a follow-up release on Friday, cautioning investors that the development of its blockchain product is still at an early stage.
Still, the 238% rise as of 2:36 p.m. in London leaves the company’s market value of $5.8 million at its highest since 2005.
It’s the biggest one-day gain for the small-cap company since its December 1996 listing. The trading volume that reached 2.9 million shares by early afternoon in London is equal to more than 16 times the entire year’s trading before the last two days.