Iced Tea Company Rebrands Around Cryptocurrency, Stock Price Triples

Beverage company Long Island Iced Tea Corp’s stock skyrocketed Thursday on the news that the company would pivot to cryptocurrency. Shares spiked more than 300 percent after the company said it would rename itself Long Blockchain Corp, Reuters reported. Despite the shift in business strategy the beverage maker has no previous experience with blockchain technology. It will still continue its core business of selling Long Island iced tea and Long Island lemonade. Several Twitter users have drawn comparisons to the dot-com bubble of the late ’90s when simple adding “.com” to an otherwise benign business name would result in a jump in stock price of around 74 percent.