BHP Capital Just Bought Cryptyde Stock Ahead of New Distribution Date

  • BHP Capital purchased 1.5 million shares of Cryptyde (TYDEV).
  • The purchase is equivalent to a 7.9% stake.
  • Meanwhile, the Vinco Ventures (BBIG) share dividend distribution date has been finalized to June 29.
Concept art of crypto mining with little figuring and a Bitcoin (BTC) token.
Source: Shutterstock

Shares of Cryptyde (NASDAQ:TYDEV) stock are in focus today following an institutional purchase from BHP Capital. Cryptyde currently trades on the Nasdaq under “TYDEV,” but the ticker will change to “TYDE” once Vinco Ventures (NASDAQ:BBIG) distributes its share dividend.

Yesterday, Vinco finalized its share distribution date after several delays. The distribution date will now fall on June 29, although it had been originally scheduled for May 27. Shareholders will receive one share of TYDE stock for every ten shares of BBIG stock they own.

The date of record occurred on May 18, so any new investors seeking to receive the dividend are out of luck. Investors can still purchase TYDEV if interested in owning Cryptyde, however.

After the dividend distribution, Vinco will continue to trade as BBIG stock. BBIG will also be added to the Russell 3000 Index on June 27. The index tracks the 3,000 largest stocks in the U.S. and will provide the company with increased liquidity and exposure. Membership lasts one year and will be up for review after that.

With that in mind, let’s get into the details of the recent BHP purchase.

BHP Capital Buys 1.5 Million Shares of BBIG Stock

According to a filing received by the U.S. Securities and Exchange Commission (SEC), BHP purchased 1.5 million shares of TYDEV on June 16. After the purchase, BHP now has a 7.9% stake in the company. In addition, BHP used a 13G form for the transaction. This means that the firm seeks to maintain a passive position in the company.

Based on a 13G filing from February of last year, BHP also owns 1.71 million shares of BBIG stock, which translates to a 9% stake. In fact, according to 13G filings, BHP owns a total of three positions, with the third position being Dais (OTCMKTS:DLYT). WhaleWisdom notes that BHP has not submitted any 13F filings and “does not appear to be an investment advisor.”

Looking forward, Cryptyde will focus on blockchain, cryptocurrency and Web 3.0 opportunities for consumer-facing industries. It will also provide Bitcoin (BTC-USD) mining equipment as well as custom packaging for a “wide variety of products.”

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On the date of publication, Eddie Pan did not hold (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.


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