A Blockchain Moment
Today Kodak, keeping it super real, announced they were getting into the crypto game with something called a KodakCoin.
Kodak’s stock nearly tripled in after-hours trading. It opened at $3.10 (where it’s been for a while) and closed at $6.8
Kodak has launched KodakCoin and their stock is up 120%. Somewhere in the world there’s a strategy meeting right now to launch BlockbusterCoin.
— Aaron Levie (@levie) January 10, 2018
This Has Happened Before
On December 21, 2017, the Long Island Iced Tea Corp changed their name to the Long Blockchain Corp.
Why the switch in name and, one assumes, product?
A recent Bloomberg article quotes the CEO saying that there’s a “once-in-a-generation” opportunity to
bandwagon pivot to blockchain.
Turns out a big contributing factor may actually be the NASDAQ exchange telling the tea company that, unless their market cap rose above $35 million and stayed there for two weeks consecutively, they’d be delisted.
Did it work?
After the announcement, Long Blockchain Corp’s stock tripled (and has maintained at least a value of 2x the price per share before the name changed.
Though it has withdrawn plans for a big stock offering, it still plans to buy 1,000 bitcoin mining rigs, install them “in a Nordic country” and mine bitcoin.