Hard disk maker Seagate surges 11% after a report it may own billions of dollars worth of Ripple's XRP cryptocurrency

  • Shares of Seagate Technologies surged 11% Monday after a Seeking Alpha report suggested the hard-disk and memory card maker could own over $US7 billion worth of Ripple’s XRP cryptocurrency, which has surged more than 30,000% in recent months.
  • Seagate invested in Ripple’s Series A and B rounds. Ripple, which created the XRP to facilitate its liquidity and money transfer products, owns 61% of the cryptocurrency.
  • According to Seeking Alpha’s calculations – many of which are based on estimates that could not be confirmed by Business Insider – Seagate could own 4.3% of Ripple and its reserves of XRP. Based on XRP prices at the time of Seeking Alpha’s writing, that could put Seagate’s holdings near $US7.8 billion.
  • XRP currently has a market capitalisation over $US80 billion, making it the third-largest cryptocurrency behind bitcoin and ethereum, according to coinmarketcap.com. Its value has risen by 1,417% in the past year to trade at $US2.276 per coin, up from just $US0.15.
  • Neither company responded to a request for comment.

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