The Long Island Iced Tea Corporation is an American company with a very predictable business model; they sell bottled iced tea and lemonade. However, in a bid to cash in on the latest cryptocurrency frenzy, its renamed itself the “”Long Blockchain Corporation”.
The company, in a press release, said it’s “shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology.”
“Emerging blockchain technologies are creating a fundamental paradigm shift across the global marketplace,” it continued. The weird part is that the strategic move has actually worked. The company opened the stock market this Thursday at prices 200 percent higher than it closed the previous night.
That being said, the company isn’t getting out of the iced tea business. It says it will continue to operate the beverage brand as a subsidiary, but will also invest or form partnerships with other blockchain companies. Another plan in the works is to build a new “smart contract platform for building decentralized applications.”
As weird as it sounds, this kind of business move has actually been used before. Other unrelated companies have recently seen stock prices rise after declaring an affiliation with blockchains. In fact, even way back during the 90s, companies saw their trading improve when adding a simple “.com” to their names.