WNDR stock spikes on first day of 2024 trading

Shares of Wonderfi Technologies (Wonderfi Technologies Stock Quote, Chart, News, Analysts, Financials TSX:WNDR) are near the top of the gainers list the TSX today on the first day of trading in 2024.

At press time, shares of WNDR, were up 11.9 per cent ot $0.33. The company had no news today but had a packed slate in December, including the announcement of a partnership with BitGo Trust Company’s Go Network. Before that, the company announced that its wholly owned subsidiary, Coinsquare Capital Markets, had partnered with MeetAmi Innovation to work on “educational content development”.

And on December 6, the company announced that it had passed a billion dollars in client cash and digital assets.

“After completing the third quarter with combined client assets under custody of $695-million, we are encouraged by improving industry conditions and increased activity across the Bitbuy and Coinsquare platforms,” CEO Dean Skurkasaid. “As two of Canada’s largest and most trusted cryptocurrency exchanges, Bitbuy and Coinsquare continue to be the preferred partners for Canadians looking to access and purchase digital assets in a safe and secure way.”

In October, Haywood Securities analyst Gianluca Tucci identified WNDR as a very interesting Canadian player in the space.

“With crypto prices surging over 25% the last few weeks to ~US$35k, WNDR is well positioned to grow as Canada’s regulated crypto trading platform,” he argued. “There is market speculation that a BlackRock bitcoin ETF is in the works, which would mark a significant catalyst for the industry – the BlackRock ETF now appears on the website of the Depository Trust & Clearing Corp., a key market utility in the U.S. that processes all securities transactions. A crypto/bitcoin ETF would make it significantly easier to buy the asset, likely materially increasing the pool of potential investors. We remind readers that WNDR owns 3 of the 10 registered retail crypto trading platforms in Canada and maintains an early mover competitive advantage in the market. We also remind readers that WNDR’s infrastructure generated $118M in proforma 2021 revenue, highlighting the positive correlation its business has to crypto asset prices.”