Seagate, Western Union Shares Rise on Speculation of Ripple Ties

Shares of hard disk maker Seagate Technologies (NASDAQ: STX) surged 6.4 percent to $45.71 Monday after a report suggested the company could own over $7 billion worth of Ripple’s XRP cryptocurrency. The stock reached its highest level since May 2015, Bloomberg reported.

ValueStreet Research said in a post Monday that “Seagate may own over 4% of Ripple.”

The tech firm invested in two of Ripple’s fundraising rounds, according to statements on the cryptocurrency company’s website, though it’s unclear whether it still has a stake.

“If Seagate still has its Ripple investment, it could plausibly be worth $7.8B, two-thirds of its market cap,” ValueStreet Research wrote.

The rally comes just days after Western Union (NYSE: WU) climbed as much as 7.8 percent to $22.21 Monday. The shares jumped 5.9 percent Friday, when a website called Ripple News reported an unconfirmed connection between the money-transfer firm and Ripple.