- BBIG stock closes 5% lower on Wednesday at $1.97.
- Cryptyde set to launch under the ticker TYDE.
- BBIG holders get 1 TYDE share for every 10 BBIG shares held.
UPDATE: BBIG stock is crashing on Thursday. Only a day after Vinco Ventures finally separated from Cryptide, which was much awaited from shareholders, BBIG shares are down nearly 37% to $1.25. TYDE is trading down 65% at $2.20. It seems this meme stock – loved by retail, hated by institutions – is dead in the water.
Finally, after some delays, BBIG holders got their bonus spin-off shares in TYDE on Wednesday. The deal had been delayed. BBIG holders had to wait since late May to get their bonus 1-for-10 offer.
BBIG Stock News: TYDE stock distributed to shareholders
Shareholders in BBIG on the record date of May 18 who held those shares had expected the distribution to occur on May 27. However, that distribution was delayed, and BBIG stock fell sharply. Now though the distribution has gone through and TYDE will soon begin trading on the Nasdaq. As of yet, we do not have the first day of trading. We would assume it is imminent, but as of yet the Nasdaq website has not updated to reflect this and shows it as common stock when issued. However, TYDE is already trending across social media. Cryptyde and Vinco Ventures will now be two distinct companies. Cryptyde (Nasdaq: TYDE) is comprised of three business areas: packaging, Bitcoin mining and Web 3. Web 3 is focused on using blockchain technology in the video game and music industry.
We have previously been quite negative toward BBIG stock and again have highlighted some of its filings.
- "As of December 31, 2021, Lomotif had not generated any significant revenues and is likely to continue to experience significant net losses for the foreseeable future."
- "A substantial number of shares of our common stock may be issued upon conversion of our outstanding convertible notes or exercise of our outstanding warrants, and such issuances and any other equity financing we may conduct may significantly dilute our stockholders."
- "$33,000,000 will be due in July 2022, and the remaining $80,000,000 will be due in July 2023."
- "The warrants we issued in November and December 2021 contain certain provisions, which provide that we shall seek to obtain a stockholder approval to increase our authorized shares of common stock to at least 400,000,000."
We have even less information about Cryptyde, but clearly the Bitcoin mining space is a challenging environment currently. Reports that the cost of mining is exceeding the cost of Bitcoin have circulated with Bitcoin falling below $20,000. This is reportedly leading to some mining operations selling for below cost.
We also note the offering prospectus from June 22, so there is the potential for dilution.
BBIG Stock Forecast: Has the TYDE gone out for BBIG?
Now that the spin-off has been distributed, BBIG stock is trading 21% lower in Thursday's premarket at $1.54 at the time of writing. We remain negative with each spike failing at lower and lower levels.
BBIG stock, daily
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD bounces off lows, retests 1.1370
Following an early drop to the vicinity of 1.1310, EUR/USD now manages to regain pace and retargets the 1.1370-1.1380 band on the back of a tepid knee-jerk in the US Dollar, always amid growing optimism over a potential de-escalation in the US-China trade war.
GBP/USD trades slightly on the defensive in the low-1.3300s
GBP/USD remains under a mild selling pressure just above 1.3300 on Friday, despite firmer-than-expected UK Retail Sales. The pair is weighed down by a renewed buying interest in the Greenback, bolstered by fresh headlines suggesting a softening in the rhetoric surrounding the US-China trade conflict.
Gold remains offered below $3,300
Gold reversed Thursday’s rebound and slipped toward the $3,260 area per troy ounce at the end of the week in response to further improvement in the market sentiment, which was in turn underpinned by hopes of positive developments around the US-China trade crisis.
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
Ethereum saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.