Shares of Seven Stars Cloud Group Inc. ran up 51% in active morning trade Wednesday, after the Beijing-based video-on-demand service company said it took a 27% stake in The Delaware Board of Trade Holdings Inc. (DBOT), a blockchain-based alternative trading system. Seven Stars said the purchase of the stake was made with 1,627,869 shares of its common stock, which based no Tuesday’s closing price of $4.33 was worth about $7.05 million. Seven Stars will become the largest shareholder of DBOT, which the company said is the only blockchain-based ATS that is fully licensed by the Securities and Exchange Commission. Seven Stars’ stock has rocketed nearly 5-fold year to date, while the S&P 500 has gained 20%.
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