Shifting to crypto cash, NY iced tea maker sees shares triple


The surge in the company's stock price lifted its market capitalization to $92 million from $23.8 million as of Wednesday's close.

The stock closed yesterday at $2.46 per pop and skyrocketed to as much as $7.45 this morning after news broke of its name change. It had a market cap of $64.38 million. Literally just say the word "blockchain", apparently. Average daily volume is 170,220 shares.

X In the latest evidence that the shared record-keeping technology is this year's quickest way to give a stock an amphetamine-like jolt, Long Island Iced Tea (LTEA) - which sells iced tea and what have you - said on Thursday that it is changing its name to Long Blockchain.

"Blockchain is the new iced tea, and also the new ".com". It even rebranded to "Long Blockchain Corp.", reserved the affiliated web domain, and announced plans to seek a ticker change to accommodate the shift.

But there's a catch. 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".

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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 worldwide scale". In fact, just two months ago, the company inked agreements to expand this business in Australasia and Europe. It's gotten more worrisome as more companies have changed their names.

Shares in a NY beverage company almost tripled by midafternoon Thursday after it announced it was shifting into cryptocurrency-related investments.

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.

In an unrelated statement on Thursday, the US Financial Industry Regulatory Authority, a private industry body with regulatory power, warned about potential scams given the explosion of interest in bitcoin.