( Reuters) – Beverage maker Long Island Iced Tea Corp’s shares jump-start 300 percentage after the company told you so would rebrand itself Long Blockchain Corp, the latest fog U.S. house to sounds into the hysterium smothering crypto currencies.
Long Island Ice Tea said it was changing its primary business strategy to blockchain technology and was in the preliminary stages of evaluating specific opportunities to grow that business.
The company said it would still continue to operate its liquid business, under which it sells Long Island frosted tea and Long Island lemonade.
The surge in the company’s inventory expenditure promoted its market capitalization to $92 million from $23.8 million as of Wednesday’s close.
Several other small-minded U.S. firms in recent weeks have reshaped their business models to capitalize on the hysterium for blockchain technology, which supports cryptocurrency.
Earlier in the working day, furniture manufacturer Nova Lifestyle’s shares likewise jumped after it said it would create a unit focusing on blockchain. Diagnostic fellowship Bioptix’s shares flew 400 percentage after it changed its list to Riot Blockchain < RIOT.O> in October.
( Reporting by Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty)
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