• About & Contact Us
  • SEO Community

Ulancer.com

    • Latest Stories

      What is new?

    • Meet the startups that pitched at EF’s 10th Demo Day in London

      September 27, 2018

    • Rally Rd., the app that lets you invest in classic cars, raises $7M Series A

      September 27, 2018

  • News
  • How to’s
  • Writing
  • Startups
  • Jobs
  • More
    • CMS Tools
    • APPS
    • Web Resources
      • Advertising
      • Firefox
      • Scripts
      • Tools

The iced tea company that changed its name to include ‘blockchain’ retracts on bitcoin mining operation

  • by Ulancer Contributor
  • In News
  • — 2 Feb, 2018


Remember the iced tea company that changed its name to Long Blockchain and immediately shot up by 500 percent on the stock market? Well, it turns out it may not be getting into the blockchain after all.

The company has decided to backoff from its pledge to buy 1,000 bitcoin mining machines — just six weeks after it said it would be doing so.

Of course, six weeks ago bitcoin was worth a whole lot more than it is now — it’s currently trading at $10,000 less than it was at the beginning of the year. That’s not to say it won’t go up again but investors are rightfully skittish at this point.

That slump has affected Long Blockchain’s shares, which have plunged 50 percent since it reached its dizzying height, causing the company’s market cap to sink below the $35 million minimum value required to list on Nasdaq’s exchange.

“While we continue to believe in the value of mining equipment to the blockchain ecosystem, the purchase of these machines – which was negotiated as a no-risk option to the Company – was just one of the multiple strategic avenues we have been considering,” Shamyl Malik, head of the Company’s Blockchain Strategy Committee, said in a statement.

Instead, Long Blockchain says it will “continue to evaluate the purchase of mining equipment for Bitcoin and other digital currencies as part of our larger blockchain initiative” as it moves ahead on completing a merger with British firm Stater Blockchain, which works on “developing and deploying globally scalable blockchain technology solutions in the financial market,” according to its website.

Note, however, Long Blockchain was already in a pickle before adding blockchain to the name. Shares dipped by 24 percent over the last 12 months and the company received a warning letter from Nasdaq in October, prompting the zany strategy to change its name to a zeitgeisty buzzword.

As it turns out, glomming on to the trend of the moment to boost your value can only hold you for so long. There’s no word on when the merger will be complete but one thing is clear — Long Blockchain is not likely to see the type of gains it once did simply by changing its name.

Featured Image: bhofack2/Getty Images


News source

You might also like...

  • Brand new ‘Star Wars’ trilogy coming from ‘The Last Jedi’ director Rian Johnson 10 Nov, 2017
  • 15 awesome gifts for your awesome Mom and Dad 17 Nov, 2017
  • Travis Kalanick reportedly plans to sell about 29% of his Uber shares 5 Jan, 2018
  • With Ethereum wallets under constant attack, Jibrel Network decided to build their own 23 Nov, 2017
  • Previous story Die With Me is a chat app for sharing your phone’s last gasp
  • Next story Sure looks like China has a ship-mounted railgun
  • RSS
    Receive Freebies & Latest Posts Directly To Your Email - it's Free!

    • Recent Posts
    • Most Popular
    • Comments
    • 7hrCggmJ-AMMeet the startups that pitched at EF’s 10th Demo Day in LondonSeptember 27, 2018
    • oNo38LV2tQIRally Rd., the app that lets you invest in classic cars, raises $7M Series ASeptember 27, 2018
    • Nearby.gifBerkanan is a Bluetooth-powered group messaging appSeptember 27, 2018
    • 2122.pngVinay Gupta to talk about Mattereum at Disrupt BerlinSeptember 27, 2018
    • slider_wp_03Best collection of WordPress Slider PluginsJuly 5, 2010
    • Joomla template builderTop 8 Free Joomla Template GeneratorsJuly 19, 2011
    • 40+ Best WordPress Plugins for Comments40+ Best WordPress Plugins for CommentsJune 18, 2011
    • wptheme2A Collection of Free WordPress ThemesJuly 11, 2010
    • Jason Hall on:Circle launches its stablecoin
    • Jason Hall on:Circle launches its stablecoin
    • Bharat Sarkari Naukri on:Spotify acquires online music studio Soundtrap as it goes after creators
    • PMP on:Online learning platform Unacademy gets $21M Series C from Sequoia India, SAIF and Nexus
  • Staff Picks

    • slider_wp_03Best collection of WordPress Slider PluginsJuly 5, 2010
    • Joomla template builderTop 8 Free Joomla Template GeneratorsJuly 19, 2011
    • 40+ Best WordPress Plugins for Comments40+ Best WordPress Plugins for CommentsJune 18, 2011
  • Recent Posts

    • Meet the startups that pitched at EF’s 10th Demo Day in London
    • Rally Rd., the app that lets you invest in classic cars, raises $7M Series A
  • Search Our Blog

  • Ulancer is an insightful freelance blog and resource site. We provide intuitive articles that cover Photoshop tutorials, time-saving management tips covering a broad range of topics. We also have an active freelance community forum, there you can meet other freelancers that share your common interest, socialize and chat about freelance trending news as the occurred.

© Copyright 2013 Ulancer.