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Long Island Iced Tea will now be known as Long Blockchain

22 December 2017

Other companies which previously focused on making sofas, sports bras and mining for gold have also changed their names and image to include references to bitcoin.

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. Literally just say the word "blockchain", apparently.

The company said Thursday that it plans to ask the Nasdaq to change its trading symbol from its current "LTEA", but didn't disclose what it wants the symbol changed to.

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Long Island Ice Tea said it was shifting its primary business strategy to blockchain technology and was in the preliminary stages of evaluating specific opportunities to grow that business.

Shares took off, exploding 164% to 6.45 in the stock market today after hitting 9.49 intraday.

Long Island Iced Tea is just the latest small company to change its business model in an attempt to latch on to the bitcoin and cryptocurrency wave.

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Overstock.com's (OSTK) CEO has floated selling its online retail business to fund developments in blockchain.

In what is the most 2017 thing ever, company shares soared by as much as 500 percent in pre-market trading this morning after the company announced the name change, settling back to about a 275 percent gain.

It's unclear what actions, if any, the SEC would take for Long Blockchain, however.

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Here's a great example of just how insane people are going for blockchain. It even rebranded to "Long Blockchain Corp.", reserved the affiliated web domain, and announced plans to seek a ticker change to accommodate the shift.

Long Island Iced Tea will now be known as Long Blockchain