Cashing in on crypto cachet
Want your company’s stock price to rocket? Try adding “blockchain” to your name, said Lily Katz in Bloomberg.com. Investors are eager to throw money at any cryptocurrency firm, especially those specializing in the blockchain, the technology that underpins Bitcoin. So when Nasdaq threatened to delist an unprofitable New York–based iced-tea company, the owners settled on an unorthodox plan. On Dec. 21, the Long Island Iced Tea Corp. became the Long Blockchain Corp. Overnight, its market cap nearly tripled to $70 million. It’s hardly alone. In October, Colorado biotech company Bioptix became Riot Blockchain and instantly saw its valuation double. Weeks later, On-Line PLC, a U.K. provider of stock market data, rebranded as On-Line Blockchain PLC; its shares leaped nearly 400 percent. Furniture companies, cigar manufacturers, and sports-bra firms are also rebranding to “cash in” on the cryptocurrency craze.