Vinco Ventures (NASDAQ:BBIG) is a company known for leveraging new market opportunities through its B.I.G. (buy, innovate, grow) strategy, a model that has helped give new meaning to the phrase “buying big.” It has made plenty of headlines recently, but this morning, the company released a proxy detailing some big news. As a result, BBIG stock has shot up.
A Month of Growth for BBIG Stock Is Not Over Yet
BBIG stock has had an impressive month. The end of August saw it catapult from less than $3 per share to just over $11 in just a few days, marking a gain of over 220%. The past week was a bit rockier, but since yesterday, the stock has climbed by more than 40%. As of this writing, it is up over 13% on the day.
This growth spurt is likely due to the news that broke this morning when Vinco released a proxy presentation. In it, the company outlined a highly detailed plan for a spinoff. Titled Cryptyde, this spinoff will focus on “leveraging blockchain technologies to disrupt consumer facing industries.”
Investors Take Note
The spinoff will also include E-NFT.com, a venue designed to provide a unique tokenization platform for content creators and help decentralize traditional distribution models The presentation notes E-NFT.com’s initial launch was received well, with the first uploaded album selling over 1 million copies. This makes it the first album in history to reach platinum on the blockchain.
Following a successful dividend spinoff, this newly formed company will be publicly traded under the TYDE symbol. The date on record for shareholders to receive shares of TYDE is listed as Oct. 15, 2021. Cryptyde will trade on the New York Stock Exchange.
The calendar also indicated several key dates through the month of September. Plans are in place to move forward, and this company is wasting no time breaking ground on what could help propel it even further while creating an entirely new publicly traded company.
Big Moves Ahead for BBIG Stock
The recent success of BBIG stock is due in no small part to the constant attention is has received on popular internet forums, chiefly Reddit. In the age of r/WallStreetBets, these forums have the power to thrust a stock into the public eye and keep it there.
If the Cryptyde spinoff takes off, though, and there’s plenty of reason to suspect that it will, Vinco Ventures likely won’t need Reddit to keep it in the spotlight.
The Cryptyde described in the proxy is exactly the type of ventures that Reddit users love to discuss. Its dealings concern both decentralized finance (DeFi) and disruptive blockchain technologies as well as NTFs.
As of now, BBIG stock seems destined to shoot up even further and investors would be wise to simply sit back and watch while also keeping an eye on Cryptyde, a company fast approaching that has tremendous potential for growth.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.