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Long Island Iced Tea changing name to Long Blockchain

Long Island Iced Tea changing name to Long Blockchain

The Long Island Iced Tea Corp., which is a beverage company, changed its name to the Long Blockchain Corp. and expressed their hope to get around partner companies that invest in blockchain, the technology behind bitcoin.

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.

Long Blockchain Corp.is still in development, but is expected to pursue opportunities including building blockchain infrastructure or software for financial services.

Long Blockchain plans to follow in a similar path. Although it's quite a shift for a company used to making lemonade and other soft drinks, it seems to have made a big impact on speculators, with its market capitalisation rising from $23.8 million up to $92 million. It seems that the "dominos effect" is going to both crypto and non-crypto companies.

The new trend brings to mind the dot-com bubble of the late nineties, when companies tried to boost their stock price and encourage investment by adding.com to the end of their names.

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According to its website, the company "is already in the preliminary stages of evaluating specific opportunities involving blockchain technology".

Currently Long Island Iced Tea Corp (NASDAQ:LTEA)'s shares owned by insiders are 1.5%, whereas shares owned by institutional owners are 1.8%.

The U.S. Securities and Exchange Commission has been clamping down on other small stock companies that've profited from crypto name changes. The SEC suspended the trading in the company until January, citing "concerns regarding the accuracy and adequacy of information".

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