Long Island Iced Tea Corp changes name to Long Blockchain

Dianna Christensen
December 22, 2017

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. Bitcoin's value skyrocketed well over 1,000 percent ahead of this month's debut of futures trading on a major market.

But apparently the CEO also wants the iced tea brand-which plans to change its name to Long Blockchain Corp. -to look into making acquisitions or finding development opportunities in blockchain.

But none posted a run almost as spectacular as Long Island Iced Tea Corp (NASDAQ: LTEA), which struck all-time highs on a 528-percent spike.

Long Blockchain is just the latest in little-known micro cap stocks capitalizing on blockchain to spin heads on the trading floor, leaving some investors anxious about possible fraud and unmerited valuations.

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On Oct. 4, a biotech-oriented company called Bioptix - whose business included a license to develop and eventually sell hormone products for cattle and other animals - said it was changing its name to Riot Blockchain (RIOT), with the intent of investing in the blockchain space.

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.

There's a new leader in the sweepstakes for the zaniest name change in the crypto craze.

This week shares in a company formerly known as SkyPeople Fruit Juice jumped by more than 200% after a popular TV finance reporter pointed out that it had changed its name to Future FinTech and said its future lay in bitcoin technology. The SEC suspended the trading in the company until January, citing "concerns regarding the accuracy and adequacy of information".

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