In a move that caused double takes on Wall Street trading floors and prompted comments on Twitter about how this must be the top of bitcoin mania, a little-known micro-cap stock called Long Island Iced Tea Corp. (LTEA) said Thursday that it's now "Long Blockchain Corp.," and its stock leaped more than 200 percent at the open of trading. Shares closed up 183 percent.
The Farmingdale, New York-based beverage maker said in a release that it is "shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology."
The company, however, is still going to make iced tea and other juice beverages, it said. As of Wednesday, it had a market value of just $23.8 million. In the 12 months ended in September, the company had about $5 million in sales, according to FactSet.