Iced tea company shares surge on shift to blockchain technology

Iced tea company shares surge on shift to blockchain technology

Long Blockchain will focus on "the exploration of and investment in opportunities that leverage the benefits of blockchain technology", according to a statement from the company. The stock is gapping up 225.82% before market open touching $8.15 on a recent bid.

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 chose to become a blockchain player.

Okay, so maybe it's not that easy, but it sure seemed so for the Long Island Iced Tea Corp.

The company said it "intends to request Nasdaq to change its trading symbol in connection with the name change" and has already reserved the web domain "www.longblockchain.com". Thursday morning. The beverage maker announced it would shift its business toward blockchain-the underlying technology behind cryptocurrency that makes it secure-and its stock soared by some 200 percent.

And the Securities and Exchange Commission has recently stepped up enforcement against cryptocurrency-related frauds.

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Company officials did not immediately respond to a message seeking comment.

The Farmingdale, N.Y., company's stock was up almost $193.3% at $7.16 in afternoon trading, moving the firm out of penny stock territory and making it latest company whose financial fortunes have been boosted by recent investor and consumer eagerness for all-things-cryptocurrency.

Other companies which previously focused on making sofas, sports bras and mining for gold have also changed their names and image to include references to bitcoin.

Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. This gauge is crucial in determining whether investors are moved toward the direction of buying more of the stock, or else doing the contradictory side and selling more of the stock. "For speculators today, the game is bitcoin. Get your snark ready".

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