Long Island Ice Tea renames itself Long Blockchain, shares to rocket

Image Long Island Iced Tea Corp  Gizmodo

Long Island Iced Tea Corp's shares - which rose by as much as 432% at one point - appear to have spiked on the back of the name change alone, as Long Blockchain has not actually invested in or partnered with any firms involved in cryptocurrencies. It will continue to run Long Island Brand Beverages LLC, which concentrates on the ready-to-drink segment of the beverage industry. But earlier this week the company announced it was changing its name to Long Blockchain corp. and that it would "leverage the benefits of blockchain technology".

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.

In terms of Buy, Sell or Hold recommendations, Long Island Iced Tea Corp (NASDAQ:LTEA) has analysts' mean recommendation of 0. The stock exchanged hands 15.03 Million shares versus average trading capacity of 170.23 Million shares, yielding a market cap of $67.1 Million. 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.

According to its website, the company "is already in the preliminary stages of evaluating specific opportunities involving blockchain technology".

Bitcoin-related stocks like NVIDIA and AMD are capitalizing on the craze, but so are little-known companies like Riot Blockchain, which was a struggling biotech company that had gone through several name changes (most recently Bioptix) but saw a smaller, yet phenomenal rise in share price after switching focus to crypto and adding "blockchain" to the name.

It's unclear what actions, if any, the SEC would take for Long Blockchain, however.

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