Crypto 2018: Stocks that Ran with Coins
t’s not just crypto coins that have skyrocketed over the last year.
In fact, any stock even remotely related to the crypto boom has been just as exciting.
The Long Island Iced Tea Company (LTEA) changed its name to Long Blockchain Corporation LBCC) and rallied from $1.79 to $9.50. Croe Inc. (CRCW), which made fitness apparel changed its name to The Crypto Company and rallied 2,700% in December 2017.
Eastman Kodak (KODK) announced it was launching Kodak Coin, a crypto currency for photographers. As a result, shares exploded from $3.10 to $13 in just days, in January 2018. According to The Verge:
"KodakCoins will work as tokens inside the new blockchain-powered KodakOne rights management platform. The platform will supposedly create a digital ledger of rights ownership that photographers can use to register and license new and old work. Both the platform and cryptocurrency are supposed to “empower photographers and agencies to take greater control in image rights management.”
By simply announcing a relationship with crypto currencies, stocks have exploded.
Look at Riot Blockhain (RIOT), for example.
The company builds and supports various blockchain technologies. The company invests primarily in Bitcoin and Ethereum blockchains. It also granted a license relating to single chain reproductive hormone technology for use in no-human mammals. The company was formerly known as Bioptix, Inc. and changed its name to Riot Blockchain, Inc.
But it wasn’t always a crypto company. At one time, it was a struggling biotech that morphed into a bitcoin investor that now owns 1,200 cryptocurrency mining rigs and equity stakes in Coinsquare and Verady, a cryptocurrency exchange and audit and accounting service provider.
The stock has done nothing but move higher since the change.
In fact, since September 2017, RIOT rallied from a low of $3.43 to a high of $46.20.
Or, we can look at Overstock.com (OSTK).
What’s interesting about OSTK is that it was the first retailer to accept bitcoin and even made the coin offering through its exchange, tZero, according to CNN. In fact, according to analysts at DA Davidson, “Overstock stands head and shoulders above the others, when it comes to having developed a portfolio of companies with significant efforts to exploit blockchain technology.”
In December 2017, Overstock CEO Patrick Byrne made things a bit more exciting when he say he may want to sell OSTK’s e-tailing operations and put even more cash into speeding up the blockchain-business instead.
Since August 2017, the stock has exploded from a low of $14.30 to $90.
While some of the stories have been a bit nuts (Riot Blockchain, for example), it just shows how infatuated the investing public had become with crypto madness.