Pop Culture Group Co Ltd. (NASDAQ:CPOP) shares retraced after-hours on Wednesday following a double-digit rally in the regular trading session.
Company Aims To Build Crypto Fund Pool
The stock fell 2.47% in the after-hours session, wiping out some of the gains earned earlier in the day.
Shares popped to a high of $2.13 shortly after trading commenced, marking a 47% increase from the previous day's close. However, the rally cooled down as the day progressed.
The moves after the China-based entertainment company purchased 300 Bitcoin (CRYPTO: BTC), worth $33 million, to kickstart what it described as a "diverse cryptocurrency fund pool" that will also include other coins like Ethereum (CRYPTO: ETH) and Hyperbot (BOT).
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The Purpose Of The Fund
The funds aims to invest in "promising cryptocurrencies" in the Web3 pan-entertainment track and projects with "high growth potential."
"Our strategic cryptocurrency investment marks the beginning of a vision to build not only a pan-entertainment platform, but a global Web3 pan-entertainment super ecosystem," said Huang Zhuoqin, the company's CEO.
Price Action: Pop Culture shares fell 2.47%% in after-hours trading after closing 12.50% higher at $1.62 during Wednesday’s regular trading session, according to data from Benzinga Pro. The stock has skyrocketed 179% in the last six months.
As of this writing, the stock demonstrated a very high Momentum score. Visit Benzinga Edge Stock Rankings to see how it compares with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (AMEX:BMNR), two of the biggest cryptocurrency treasury companies on Wall Street.
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