Iced Tea Company's Stock Soars 500% After Name Change

The company is pivoting from tea to tech

The company is pivoting from tea to tech

During the internet bubble, some companies were able to boost their stock prices simply by inserting a "dot-com" in their names or, virtually overnight, refashioning themselves as e-commerce companies. Over the past year, shares have traded between $1.70 and $9.49. Those opportunities, which as of now haven't turned into solid partnerships or agreements, include a blockchain infrastructure developer in financial services, a London-based foreign-exchange services provider developing blockchain and cryprocurrency technology for financial markets, and a smart-contract platform.

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. As a result, trading opened this morning more than 200 percent higher than last night's closing price.

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A blockchain is public ledger secured using cryptography that enables digital currency transactions.

A company now called Riot Blockchain has soared since it changed its name from Bioptyx and changed its business model from biotech to bitcoin. Even a tiny drinks company can benefit from it.

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"We view advances in blockchain technology as a once-in-a-generation".

The Long Island Iced Tea Corporation is known for its bottled beverages that, despite the company's name, contain no alcohol. It's gotten more worrisome as more companies have changed their names. It has no agreements with any blockchain firms, and says "there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated".

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