Investing

Kodak shares have more than tripled since company announced its new cryptocurrency 'KodakCoin'

Key Points
  • One day after the 130-year-old industrial company announced plans for a new digital currency, the stock has more than tripled.
  • KodakCoin will be introduced as the currency on a new digital photography rights and royalties tracking system.
130-year-old Estman Kodak just joined the crypto craze with its 'KodakCoin'
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130-year-old Estman Kodak just joined the crypto craze with its 'KodakCoin'

Investors really love Eastman Kodak's makeover.

One day after the 130-year-old industrial company announced plans for its own cryptocurrency, shares rose 57 percent. On Tuesday, they more than doubled.

KodakCoin will roll out after an initial coin offering later this month, Kodak said Tuesday. Blockchain, the technology underpinning popular digital currencies like bitcoin, is going to be used to build KodakOne, the company's new photo rights and royalties tracking product for digital photographers. KodakCoin will be the currency used on that platform.

Kodak shares were around $3.13 before the announcement was put out and closed on Wednesday at $10.70.

It is another step in the evolution of the faded American brand, once synonymous with film cartridges, paper and camera equipment. Kodak entered bankruptcy six years ago and emerged with a new focus on digital printing and packaging. But it still struggled to regain momentum.

Like many old-line companies it has embraced cryptocurrencies and blockchain to remake its image, and time will tell whether that will stick.

Shares of Long Blockchain Corp. doubled after the beverage company changed its name from Long Island Iced Tea Corp. in December. The company had faced a delisting warning in October by Nasdaq because its market value had fallen below $35 million. The biotech equipment maker Bioptix got a similar boost when it changed its name to Riot Blockchain last year.