Shares of Cryptyde (NASDAQ:TYDE) are up today after the company released a roadmap for the next year that includes expanding awareness and adoption of Web 3.0.
Cryptyde, which was recently spun off of Vinco Ventures (NASDAQ:BBIG), focuses on Bitcoin (BTC-USD) mining, Web 3.0 and non-fungible tokens (NFTs). In a news release, the company outlined several corporate objectives for the remainder of this year and into 2023. It included several measures aimed at growing Web 3.0, as well as the launch of a BTC Tokenization Platform the company says will “revolutionize consumer focused mining.”
The corporate objectives appear to have investors excited, which is why TYDE stock is up today. Even with today’s move higher, Cryptyde stock is down more than 90% since being spun off from Vinco Ventures.
What Happened to TYDE Stock
In addition to the Web 3.0 growth measures and BTC Tokenization Platform, the 2022 to 2023 corporate objectives outlined by Cryptyde also include the next step in the launch of Freescape, its “content driven metaverse.” The company is also aiming for “diversification across multiple Web3 industries leveraging smart contract and tokenization technologies” and “continued focus on creating shareholder value through strategic partnerships and acquisitions.”
In the news release, Cryptyde chief executive officer (CEO) Brian McFadden said: “As events unfold, we intend on being transparent with the marketplace. At the time each one of the above opportunities is met or materially advanced, we plan to broadcast these events to the Web3 community and our investors.”
Why It Matters
The update on corporate objectives represents the first significant public communications from the newly created Cryptyde. Investors appear to have digested what the company had to say, and judging from the upward momentum in TYDE stock today, they like what they heard.
In its news release, Cryptyde also highlighted some recent accomplishments at the company. Some examples include the completion of equity-based financing at a price of $8.00 per share and the delivery of Bitcoin mining equipment to the resale market.
It’s not surprising that TYDE shareholders and investors are keen to hear from Cryptyde management about where they want to take the company and what their objectives are for the next 12 months. Being a public company requires regular disclosures and information to the market.
Much of the news that is provided can sway a company’s share price. It is also a positive sign that McFadden emphasized the company’s plans to continue being transparent going forward.
What’s Next for TYDE Stock
At one point today, TYDE stock was up as much as 22%. While a one-day increase of that amount in the share price is positive, investors should keep in mind that Cryptyde’s stock is still down 90% year-to-date and trades as a penny stock. Continued volatility should be expected, especially given the company’s exposure to the downtrodden cryptocurrency sector.
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On the date of publication, Joel Baglole 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.