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

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The effect on the company's stock price was nearly instantaneous.

"Blockchain is the new iced tea, and also the new ".com".

Shares in a tiny United States soft drinks firm, Long Island Iced Tea Corp, have quadruple in value in just one day after it changed its name to Long Blockchain Corporation, the latest move by a string of obscure companies rebranding themselves in an attempt to ride the bitcoin bubble.

Long Island Iced Tea, a Hicksville, New York, manufacturer of iced tea and lemonade, said it plans to ask the Nasdaq exchange to change its trading symbol from its current "LTEA", but didn't disclose what it wants the symbol changed to.

As with numerous recently christened crypto companies - a list that includes former makers of juice, sports bras and sofas - Long Blockchain so far has little to show for its aspirations.

Several other small USA firms in recent weeks have reshaped their business models to capitalise on the craze for blockchain technology, which supports cryptocurrency.

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280% 625% in the pre-market after the company announced it was rebranding itself as Long Blockchain Corp.

Riot Blockchain on Tuesday announced a $37 million private placement, money that would go toward growing its Bitcoin mining operations and other investments.

This morning the stock rose as high as $9.23, which are levels the company hasn't seen since 2016.

The Long Island Iced Tea Corporation is known for its bottled beverages that, despite the company's name, contain no alcohol.

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. Just change your name to something blockchain.