Long Island Iced Tea will now be known as Long Blockchain

Long Island Iced Tea will now be known as Long Blockchain

Long Island Iced Tea will now be known as Long Blockchain

During the internet bubble, some companies were able to boost their stock prices simply by inserting a "dot-com" in their names or, virtually overnight, refashioning themselves as e-commerce companies. (NASDAQ:LTEA) by some 77,099 shares, 2 decreased positions by 5,706 and 2 held positions by 87,930.

The "Long Blockchain Corp" name change is just the latest in a line of companies making questionable moves to ride the euphoria surrounding bitcoin and the blockchain technology backing it.

Shares were trading near $13 - or roughly 433% above Wednesday's closing price - prior to Thursday's opening bell. It had a market cap of $64.38 million. Just say the words blockchain or Bitcoin and-poof-stocks will soar. Average daily volume is 170,220 shares.

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.

Long Island Iced Tea had a net loss of $US3.9 million on sales of $US1.6 million in the three months ended September 30.

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The company is in "the preliminary stages" of examining investment opportunities in software and technology solutions to serve financial markets and the financial services industry as well as a "new smart contract platform", it said.

But there's a catch.

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". Many investors will take notice if a company posts a much larger earnings beat or miss than expected. Future FinTech shot up by more than 200 percent after traders noticed its name change (which it originally announced back in June) from "SkyPeople Fruit Juice".

The stock surged almost 200% on the news.

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. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

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