Sometimes, just changing a company’s name is enough to profit from a current trend. Right now, investors are falling over themselves to pour money into entities that are apparently linked to cryptocurrencies, even when they actually have little to do with the technology.
The latest example of this practice comes from New York firm Long Island Ice Tea, which, as its name suggests, sells beverages such as iced tea and lemonade. But earlier this week the company announced it was changing its name to Long Blockchain corp. and that it would “leverage the benefits of blockchain technology.” The result? A 500 percent stock price increase in pre-market trading yesterday.
