Why Core Scientific Inc. (CORZ) Skyrocketed Today

We recently published a list of These 10 Stocks Are On Fire Right Now. In this article, we are going to take a look at where Core Scientific Inc. (NASDAQ:CORZ) stands against other Wednesday's best-performing stocks.

Core Scientific extended its winning streak to a third consecutive day on Wednesday, jumping 6.44 percent to end at $12.56 apiece as investors continued to load up portfolios while digesting the potential impact of a new lawsuit against the company.

According to a report by Cointelegraph, Malikie Innovations—a company that hoarded thousands of patents from Blackberry in 2023—sued Bitcoin miners Core Scientific Inc. (NASDAQ:CORZ) and MARA Holdings Inc. for using their Elliptic Curve Cryptography (ECC), which it claims to own.

According to Malikie, the two firms are using ECC-based cryptographic methods covered under the Malikie-held patents to support their Bitcoin mining operations.

What particularly buoyed sentiment was a lawyer’s optimistic comment that the lawsuit is unlikely to hit individual Bitcoin traders even if the patents are found to be valid.

Core Scientific Inc. (NASDAQ:CORZ) and MARA Holdings Inc. have yet to address allegations.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.