Nintendo shares hit new all-time highs in Tokyo on Thursday. The company’s Nintendo Co Ltd ADR (OTC:NTDOY) American Depositary Receipt (ADR), which trades on U.S. exchanges, spiked from around $18.50 to $19.75 in early trading as preorders for the Nintendo Switch 2 console went live in the U.S.

What To Know: Nintendo stock is soaring on Thursday amid outsized demand for its latest video game console. The company said it received 2.2 million applications in the lottery for its Switch 2 device in Japan, far exceeding expectations.

“We received an extremely large number of applications, approximately 2.2 million people in Japan alone. However, this number far exceeds our expectations, and far exceeds the number of Nintendo Switch 2 consoles that can be delivered from the My Nintendo Store on June 5th,” the company said Wednesday in a translated version of a post on social platform X.

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Nintendo is seeing massive demand for the Switch 2 as the console appears to be sold out at all locations as of the time of writing, while Nintendo stock trades at all-time highs.

NTDOY Price Action: The Nintendo ADR was up 6.43% at $19.70 at the time of publication Thursday, according to Benzinga Pro.

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