There have been a number of companies that made a similar pivot to try to catch the crypto wave, including a different beverage company.
Long Island Iced Tea Corp (NASDAQ:LTEA) shares traded 183.2% up during most recent session to reach at the closing price of $6.91. The company will also continue its "ready-to-drink segment" of the business.
Hicksville-based Long Island Iced Tea Corp.is changing its name to Long Blockchain Corp., saying it wants to focus on blockchain, the technology behind bitcoin, the company said in a press release Thursday.
The developments are a notable one, given that the past days have seen numerous reports about little-known firms - some of which specialized in the sale of, say, iced tea or electronic trading tools - that see their stock prices jump virtually overnight once they announce that they are moving to develop products or services around the tech.
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Existing businesses, like Long Blockchain Corp., are leveraging their current reputations and assets to redirect focus on the blockchain market.
During the internet bubble, some companies were able to boost their stock prices simply by inserting a "dot-com" in their names or, virtually overnight, refashioning themselves as e-commerce companies.
After announcing the re-brand, the company's shares rose by a whopping 300% as investors backed the opportunity.
As reported by Bloomberg, there's also Nodechain Inc., formerly vaping firm Vapetek inc.; Intercontinental Technology Inc., whose old name was Rich Cigars; biotech company Bioptix Inc., which is now called RiotBlockchain; and Ping Shan Tea Group Limited, now named Blockchain Group Co Ltd. The company could not be reached at this time and so far we have not heard back from the SEC for comment.