It’s been a big few days on the ASX for Treasury Wine. Here are all the details.
The post Here’s why the Treasury Wine (ASX:TWE) share price popped some corks to a new 5-week high appeared first on The Motley Fool Australia. –
The Treasury Wine Estates Ltd (ASX: TWE) share price is having a great run lately, spurred on by exciting news.
Yesterday, Treasury Wine announced a $432 million acquisition that will see it selling luxury Californian chardonnay.
Today, Treasury Wine’s iconic brand, Penfolds, has announced it will be selling non-fungible tokens (NFTs). Though, Penfolds’ NFT likely hasn’t affected its parent company’s share price.
As of Friday’s close, the Treasury Wine share price is $12.01, 4.07% higher than it was at the end of Thursday’s session.
Earlier today, the Treasury Wine share price was boosted up to $12.18, representing a 5.5% surge. That’s the highest the Treasury Wine share price has been since mid-October.
For context, the S&P/ASX 200 Index (ASX: XJO) finished the day up 0.23%.
Let’s take a closer look at the latest news from Treasury Wine.
Treasury Wine share price hits 5-week high
Yesterday was a good day for the Treasury Wine share price after the company announced it is acquiring a popular Californian vineyard.
Frank Family Vineyards – located in the Napa Valley – embodies two vineyards, a winery, a tasting room, and a direct-to-customer wine subscription model. All that will be Treasury Wine’s after the $432 million acquisition, set to be finalised next month.
The acquisition was the latest step in the company’s plan to divest Treasury Americas’ low-margin businesses and replace them with bolt-on luxury assets.
The Treasury Wine share price gained 2.5% on the back of yesterday’s news.
And just for fun, Penfolds is launching an NFT
Today, Treasury Wine is back in the headlines with news its Penfolds brand is partnering with BlockBar to produce NFTs.
According to Penfolds, Blockbar is a leading NFT marketplace for luxury wines and spirits.
On 24 November, the platform’s users will be able to purchase a limited edition NFT tied to a rare barrel of Penfolds Magill Cellar 3 wine.
The barrel contains vintage 2021 and will soon be available for purchase for US$130,000, payable in either Ethereum (CYRPTO: ETH), credit card, or wire transfer.
The single barrel NFT will be converted into 300 bottle NFTs when the wine is bottled in October 2022. Those bottle NFTs will then be able to be swapped for a physical bottle in October 2023.
Each bottle will be stored at BlockBar’s facility until its purchaser redeems their NFT.
Additionally, whoever owns the barrel NFT at the time of bottling will get a personalised barrel head. They will also be able to participate in some special experiences.
The post Here’s why the Treasury Wine (ASX:TWE) share price popped some corks to a new 5-week high appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Ethereum. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.