Seagate is an investor in Ripple, but the size of that investment could not be verified by CNBC. Seagate and Ripple did not immediately respond to requests for comment.
The data storage company's stock rose as much as 16 percent shortly after the market open before paring its gains to 6.5 percent.
The market cap of the ripple cryptocurrency is more than $80 billion even after a drop on Monday, according CoinMarketCap. It is the third-largest digital currency in the world.
The start-up owns 61 percent of the 100 billion XRP coins in existence, which are also referred to as ripple.
Seagate's investment in Ripple has been widely covered in previous years. It is listed as one of Ripple's investors on the company's website.
The data storage company invested in Ripple's Series A financing round in May 2015. It also participated in a Series B investment in September 2016. There were no details given on the size of Seagate's investments in Ripple's press release.