NEW YORK (TheStreet) -- Shares of MGT Capital Investments (MGT) are spiking 23.62% to $1.57 on heavy trading volume on Thursday afternoon as the company said it acquired ownership interest in technology incubator Round House.
Opelika, AL-based Round House offers co-working space, accelerator services and angel investment.
The acquisition of membership interest provides MGT with "valuable" pipeline, including equity in first aid kid start-up RecMed First Aid, the company said in a statement earlier today.
Additionally, several companies within the Round House portfolio are cybersecurity related, offering MGT an early look into possibly disruptive technologies in file sharing, chat and other applications, the company noted.
Through its subsidiaries, Harrison, NY-based MGT is engaged in acquiring, developing and monetizing intellectual property assets.
Its portfolio currently includes social casino and gaming platforms and ownership stakes in fantasy sports wagering platforms.
About 53.73 million of the company's shares were traded so far today compared to its average volume of 1.98 million shares per day.