A notorious, low-cost Wall Street company has caused a real boom in the name of Blockchain. BlockChain or Block Chain is the storage technology for Bitcoin Extraction and Transaction data and any digital currency.
Long Island Iced Tea Corp. (LTEA) announced it changed its name to Long Blockchain Corp., and that's why its stock rose more than 200 percent when Wall Street was opened. Closing rates were 183%, CNBC reported.
The share price has reached a maximum of $ 9.49 before closing at $ 6.91 in New York trading at a market opening price of just $ 2.44, Bloomberg said. More than 15 million shares were traded, while in the previous three months the average turnover of the company's shares was 170,000 shares.
Market replication has caused a lot of comments in the US, and most of it was that this is another proof of the ultimate attitude towards everything related to Bitcoin and the virtual currencies.
The company, based in Farmington, NY, has announced that it "redirects its core corporate focus to exploring and investing in opportunities to take advantage of block technology."
Still, the company will continue to produce cold tea and other juices, says the report.
On Wednesday, the market capitalization was $ 23.8 million. For the fiscal year ending in late September, its sales are worth nearly $ 5 billion, according to FactSet.
The company said it "intends to ask Nasdaq to change its name change trade name" and has already retained the "www.longblockchain.com" web site. The new website says the company is only at a "preliminary stage" of evaluating and discussing potential partnerships, investments, or acquisitions of companies working in the field of block technology.
The US Securities and Exchange Commission has refused to comment on the case.