Here’s a great example of just how crazy people are going for blockchain. Long Island Iced Tea Corp. (NASDAQ:LTEA) announced that it is planning on changing its name to Long Blockchain Corp. The change hasn’t even happened yet, and already the stock has soared almost 200%.
At the time of writing, the stock is going at $7.08, which is up $4.64, or 190% from yesterday’s close of $2.44 – and it keeps changing every few seconds, up or down a few cents, but climbing overall. Long Island Iced Tea Corp. is one of the top movers today, all because it wants to get into blockchain.
This morning the stock rose as high as $9.23, which are levels the company hasn’t seen since 2016.
Long Island Iced Tea is a company which focuses on, you guessed it, iced tea (and other ready-to-drink non-alcoholic beverages) and that doesn’t immediately scream blockchain technology to me, but the connections between the two do not seem to matter to everyone else.
The company now plans to focus on emerging opportunities in the blockchain industry. It wants to become a part of the space which provides blockchain exchange and infrastructure services to the finance industry and it also wants to develop a new smart contract platform – a far cry from soft drinks.
I already said that this stock is soaring before any of these changes have even occurred, and in fact, it goes a little further than that. The company has gone as far as stating that these changes may not even end up happening at all. In the past, the company has said that it plans to expand its drink business into Australasia and Europe, and even now it is still saying that it intends to continue its business in the drink industry. So, where exactly does blockchain fit into all of this?
Such is the power of blockchain. Even a tiny drinks company can benefit from it.
Featured Image: twitter
