Iced Tea Company Changes Name To 'Long Blockchain' Increasing Stocks By 289 Percent

A bottle-tea maker in New York is cashing in on the cryptocurrency craze by rebranding itself completely. In a move likely inspired by Bitcoin, Long Island Iced Tea Corporation has renamed itself Long Blockchain Corporation. According to Bloomberg, the move proved successful, because the brand's shares rose by 289 percent with a high of $9.49 before closing at $6.91 in New York trading on December 21, compared with its $2.44 value the day prior.

While the company's most recent move proved useful for selling stock, it hasn't had much success selling tea. Long Island Iced Tea had posted a loss of $11.6 million on sales of only $3.9 million in the first three quarters of the year.

While Long Blockchain's shares may be benefitting from the announcement, it's unclear at this time whether or not the company will actually partner with any blockchain firms. Bloomberg reports "there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated."

People seem willing to believe anything to join the cryptocurrency fad these days; recently, a completely fake story about Chuck E. Cheese tokens being sold as Bitcoins went viral. If you were late to jump on the Bitcoin bandwagon and have to entertain yourself using a meager supply of U.S. dollars, take a look at our list of cheapest places to travel each month.