Iced tea company's stock shoots up after adding blockchain to its name

Posted December 24, 2017

Though evidence of blockchain-based business dealings is relatively small for some of these businesses, simply changing names or domain names was enough to skyrocket their market shares.

This is the latest in a near-daily phenomenon sweeping the stock market, where obscure microcap companies reorient to focus on some aspect of the mania sparked by bitcoin's 1600 per cent rally this year.

Amid the hype around the cryptocurrency market, an iced tea company has managed to triple its value after adding the word "Blockchain" to its name.

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Long Island Iced Tea Corp changed their name to Long Blockchain Corp, seeing their pre-market trading prices rise by a huge 500% before stabilizing to a 275% gain.

Blockchain is the technology behind the Bitcoin phenomenon, enabling any type of encrypted data - from electronic money to medical records - to be shared between members of a closed network.

Long Blockchain is just the latest in little-known micro cap stocks capitalizing on blockchain to spin heads on the trading floor, leaving some investors anxious about possible fraud and unmerited valuations.

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In a press release, Philip Thomas, the CEO of the NY company, assured folks they would still make drinks, stating the company was "incredibly proud of what we have accomplished in the beverage industry and we are committed to growing our business both on a national and global scale".

Long Island Iced Tea Corp (NASDAQ:LTEA) 52-week high price stands at $6.68 and low price stands at $1.70, its price distance from 52-week high is 3.41% while its distance from 52-week low price is 306.47%.

Long Island Ice Tea isn't the only firm engaging in this practice. It has no agreements with any blockchain firms, and says "there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated". The company could not be reached at this time and so far we have not heard back from the SEC for comment.

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