A small U.S. beverage company’s share price has increased by more than 400% in a single day after rebranding to include the word ‘blockchain’ in its name. The company, formerly known as Long Island Iced Tea Corp, is now called Long Blockchain Corporation. A Hong Kong-based beverage company formerly-named Skypeople Fruit Juice has also seen a dramatic spike in share price since rebranding to Future Fintech Group earlier this year.
Also Read: Indian Couple Asked to Be Gifted Bitcoin at Wedding
Long Blockchain Corporation’s Share Price Increased by 432% in a Single Day After Rebranding
The company has stated that although it will continue to produce iced tea-based beverages, it is “shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology.”
The company’s chief executive officer, Philip Thomas, stated “We view advances in blockchain technology as a once-in-a-generation opportunity, and have made the decision to pivot our business strategy in order to pursue opportunities in this evolving industry. We will, in the coming weeks and months, be taking a series of steps related to our efforts to assemble a world-class team of industry professionals to help us realize this vision. We are pursuing our new direction in a thoughtful and deliberate manner.”
Long Blockchain Corporation Has Not yet Partnered With nor Invested in Any Entities in the Cryptocurrency or Distributed Ledger Technology Industries
Despite the confident rhetoric, there is little evidence indicating that Long Blockchain Corporation’s “pivot” will comprise anything more than a change in name. Although the firm states it is seeking “potential partnerships, investments or acquisitions” in the blockchain industry, the company’s press release states that “The discussions are only in the preliminary stages,” and “There is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated.”
Skypeople Fruit Juice Share Price Doubles After Renaming to Future Fintech
Earlier this week, CNBC reported the Hong Kong-based beverage company’s shares had doubled in value amid a frenzy of Twitter-based speculation that the firm’s June rebrand was intended to reflect a newfound focus on cryptocurrency on blockchain technology. Although the company attributed its name change to a desire to focus on financial technology, CNBC reported that “there is no mention of ‘blockchain,’ ‘bitcoin’ or anything crypto-related in the release or the company’s November presentation to investors.”
Future Fintech’s website states that the company’s mission is to “develop a highly integrated agricultural products and finance company that promotes healthy living through […] high-quality nutritious products.”
Do you think that Long Blockchain Corporation will make good on its claims and invest in the distributed ledger technology space? Or will the company’s focus remain on producing iced tea? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
Need to calculate your bitcoin holdings? Check our tools section.