As reported by Bloomberg, Long Island Iced Tea Corp. shares rose as much as 289 percent after the New York-based company rebranded itself Long Blockchain Corp.
In fact, the shares rose to a high of $9.49 before closing at $6.91 in New York trading, compared with $2.44 Wednesday. More than 15 million shares were traded compared with average daily volume of about 170,00 shares over the prior three months.
Long Island Ice Tea said it was changing its business strategy, shifting it primarily to blockchain technology, and was also in the preliminary stages of evaluating specific opportunities to grow that business.
The company will continue operating its beverage business and selling Long Island iced tea and Long Island lemonade, but will seek to partner with or invest in companies that develop the Blockchain tech. It has reserved the web domain www.longblockchain.com
Recently, multiple other small U.S. firms have been reorienting their business models to benefit from the hype around the Blockchain technology.