"But it's also eerily similar to the internet stock craze in the late 1990s when several companies that weren't destined to become the next Amazon simply added a dotcom suffix or "e" prefix to their name and watched their stocks soar", Paul La Monica wrote.
Several other small US firms in recent weeks have reshaped their business models to capitalize on the craze for blockchain technology, which supports cryptocurrency. Yes, the iced-tea company had formally pivoted to blockchain.
The well-established beverage firm announced an abrupt change in focus favoring blockchain technology.More news: Evan Longoria, the Rays' Stalwart, Is Traded to the Giants
Here's a great example of just how insane people are going for blockchain.
The Long Island Iced Tea Corporation is exactly what it sounds like: a company that sells people bottled iced tea and lemonade. "Even when legitimate companies enter a hot, new sector, con artists nearly always follow suit", Gerri Walsh, FINRA's senior vice president for investor education, said in the statement.
The company, which will ask Nasdaq to change its trading symbol in connection with the name change, said it will continue to focus on the ready-to-drink segment of the beverage industry.More news: Sen. McCain returning to Arizona, will miss tax bill vote
The company said it is in "preliminary" discussions to buy a blockchain software developer working on infrastructure for the financial services industry, as well as a London-based provider of foreign exchange services that is building blockchain and cryptocurrency technology solutions.
"We view advances in blockchain technology as a once-in-a-generation". As of Wednesday, the company had a market value of just $23.8 million, but at one point in pre-market trading had 9.76 million outstanding shares, giving the company a market value of close to $138 million.More news: Japan's Shinzo Abe Approves Ballistic Missile Defense Expansion