Markets Insider
- Shares of Seagate Technologies surged 11% Monday after a Seeking Alpha report suggested the hard-disk and memory card maker could own over $ 7 billion worth of Ripple’s XRP cryptocurrency, which has surged more than 30,000% in recent months.
- Seagate invested in Ripple’s Series A and B rounds. Ripple, which created the XRP to facilitate its liquidity and money transfer products, owns 61% of the cryptocurrency.
- According to Seeking Alpha’s calculations — many of which are based on estimates that could not be confirmed by Business Insider — Seagate could own 4.3% of Ripple and its reserves of XRP. Based on XRP prices at the time of Seeking Alpha’s writing, that could put Seagate’s holdings near $ 7.8 billion.
- XRP currently has a market capitalization over $ 80 billion, making it the third-largest cryptocurrency behind bitcoin and ethereum, according to coinmarketcap.com. Its value has risen by 1,417% in the past year to trade at $ 2.276 per coin, up from just $ 0.15.
- Neither company responded to a request for comment.
