(Reuters) - Many obscure companies are pivoting operations or changing their names to cash-in on the cryptocurrency wave, in a trend reminiscent of the dotcom boom.
Beverage maker Long Island Iced Tea Corp on Thursday became the latest to jump on the bandwagon, changing its name to Long Blockchain Corp, helping its shares increase nearly four times.
In the last few weeks, a barrage of companies have seen their shares sky-rocket, largely on words such as "crypto" or "blockchain" in their names.
Following is a list of companies that have moved into crypto or blockchain businesses, or changed their names. The list also captures the surge in market value since the close on Oct. 11, a day before bitcoin crossed the $5,000 mark.
The cryptocurrency, meanwhile, has more than tripled in price during the same period.
Riot Blockchain Inc:
Formerly known as Bioptix Inc, the biotech company has changed its name and strategy to become an investor in blockchain technology, with a focus on bitcoin and ethereum.
Market cap as of Oct. 11: $68.6 mln
Market cap as of Dec. 21: $266.6 mln
Digital Power Corp:
The power system solutions provider has launched cryptocurrency mining operation.
Market cap as of Oct. 11: $10.98 mln
Market cap as of Dec. 21: $97.2 mln
Crypto Co:
The U.S. SEC on Tuesday halted trading in shares of the company, which began as women's apparel maker, after they rose more than 2,700 percent this month. The regulator highlighted concerns about accuracy of information regarding the company.
The company's market value had surpassed $11 billion, almost equaling that of home appliances maker Whirlpool Corp or railroad Kansas City Southern.
Future FinTech Group Inc:
Formerly SkyPeople Fruit Juice Inc, a juice maker, the company changed its name in May this year, "to reflect commitment to e-commerce and agricultural commodities trading".
Market cap as of Oct. 11: $10.3 mln
Market cap as of Dec. 21: $16.8 mln
Xunlei Ltd:
The cloud computing company, which has most of it operations in China, has soared along with the surge in cryptocurrencies.
Market cap as of Oct. 11: $288.1 mln
Market cap as of Dec. 21: $891 mln
Marathon Patent Group Inc:
Shares in the intellectual property licensing and management company have zoomed after announcing a deal to buy cryptocurrencies miner Global Bit Ventures Inc.
Market cap as of Oct. 11: $17.8 mln
Market cap as of Dec. 21: $54.5 mln
Social Reality Inc:
The internet advertising firm in October said it planned an Initial Coin Offering of Blockchain Identification Graph tokens (BIGtokens). Most recently, the firm said it would offer a cryptocurrency dividend.
Market cap as of Oct. 11: $28.4 mln
Market cap as of Dec. 21: $52.2 mln
Net Element Inc:
The online payment processor launched a blockchain-focused unit on Wednesday, in partnership with Bunker Capital.
Market cap as of Dec. 19: $12.8 mln
Market cap as of Dec. 21: $46.0 mln
Nova LifeStyle Inc:
The furniture maker launched a blockchain-enabled unit, called "I Design Blockchain Technology Inc" on Wednesday and said it planned to accept bitcoin and other cryptocurrencies on the platform.
Market cap as of Dec. 19: $60.8 mln
Market cap as of Dec. 21: $78.6 mln
Intercontinental Technology Inc:
Formerly Rich Cigars Inc, the company changed its name in December to pursue cryptocurrency mining.
Nodechain Inc:
Formerly Vapetek Inc, an e-cigarette maker, the company filed an 8K on Wednesday to reflect the name-change and transform into a cryptocurrency miner.
(Compiled by Pushkala Aripaka, Pranav Kiran and Aparajita Saxena in Bengaluru)
Disclaimer: No Business Standard Journalist was involved in creation of this content
