Long Island Iced Tea Corp of Farmingdale, New York - which says it now produces the soft drink with a proprietary recipe - announced Thursday it was changing its name to "Long Blockchain Corp" and would explore investments in the technology underlying cryptocurrencies like bitcoin. Just say the words blockchain or Bitcoin and-poof-stocks will soar.
The beverage company - which, by the way, has reserved the web domain www.longblockchain.com - says it'll shift its primary focus toward the "exploration of and investment in opportunities that leverage the benefits of blockchain technology".
Long Island Iced Tea, a Hicksville, New York, manufacturer of iced tea and lemonade, said it plans to ask the Nasdaq exchange to change its trading symbol from its current "LTEA", but didn't disclose what it wants the symbol changed to.
But for now, it remains a tiny beverage company based in Farmingdale that reported total sales of just $1.6 million in its latest quarter and whose stock was down more than 40% this year before it made a decision to become a blockchain player.
The moves mark the latest pivot to blockchain and crypto, though Bitcoin prices are continuing to retreat. It now trades up 126 percent over its pre-announcement value.
Shares of the company were up nearly 200 per cent to $7.20 in early afternoon trading.
LongFin, a financial tech firm that recently went public, has skyrocketed after announcing that it bought a blockchain microlender.
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