Long Island Iced Tea will now be known as Long Blockchain

Lucy Hill
December 22, 2017

The surge in the company's stock price lifted its market capitalization to $92 million from $23.8 million as of Wednesday's close. Shares spiked as much as 500 percent in premarket trading, eventually settling at a 275-percent gain, never mind that the company plans to maintain its focus on ready-made, grab-and-go drinks, and thus far has little to show for its supposed aspirations to expand into blockchain technology.

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.

Bitcoin mania has reached a new level of insanity.

Because "blockchain" is one of the hottest corporate buzzwords you can summon in 2017, Long Blockchain's stock "zoomed" almost 200 percent after the Thursday announcement. 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.

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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.

A CNBC source mentioned Future Fintech as a possible blockchain play on Tuesday, and the stock has rallied ever since. The SEC suspended the trading in the company until January, citing "concerns regarding the accuracy and adequacy of information".

One thing is sure, though, this type of activity reflects a very weird and wild crypto ride this year.

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