Blockchain It! Companies Rename Themselves To Bump Up Share Price
Adding Blockchain to a company’s name appears to reliably increase its stock price, as the most recent examples demonstrate.
The craze continues as companies begin changing their name to include the word “Blockchain” and watch their share price soar. As The Verge reports, a spate of renaming shenanigans has seen Long Island Drinks Corp become Long Blockchain, immediately causing its stock to surge 200%.
Likewise, a California-based vaping startup Vapetek changed its name to the unlikely Nodechain, while offering only vague promises about its Blockchain-inclusive future plans.
The practice continues what has become a curious phenomenon. In October, Cointelegraph reported on how a veteran yet little-known UK telecommunications company reinvented itself as a notionally Blockchain-centric outfit, adding the term to its company name. Its stock swiftly took off, jumping from £15 ($20) to a high of £84 ($112) in days.
The trend continues in Asia, with Hong Kong tea manufacturer Ping Shan Tea Group now becoming the tenuously tea-linked Blockchain Group Co. How Blockchain impacts the company’s operations or product remains uncertain, with its website making no mention of the technology other than in its new name.
In Russia, cryptocurrency-related consumer marketing has taken a more mainstream turn, with Cointelegraph noting how a sushi restaurant chain rolled out an ICO-themed drinks menu, even including a reference to China’s ban.
Burger King outlets in the country have also experimented with their own token, which the fast food giant dubbed ‘Whoppercoin.’