Blockchain It! Companies Rename Themselves To Bump Up Share Price

The craze continues as companies begin changing their name to include the word “Blockchain[1]” and watch their share price soar. As The Verge reports[2], a spate of renaming shenanigans has seen Long Island Drinks Corp become Long Blockchain, immediately causing its stock to surge 200%.

Likewise, a California-based vaping startup Vapetek changed its name to the unlikely Nodechain, while offering only vague promises about its Blockchain-inclusive future plans.

The practice continues what has become a curious phenomenon. In October, Cointelegraph reported[3] on how a veteran yet little-known UK telecommunications company reinvented itself as a notionally Blockchain-centric outfit, adding the term to its company name. Its stock swiftly took off, jumping from £15 ($20) to a high of £84 ($112) in days.

The trend continues in Asia, with Hong Kong tea manufacturer Ping Shan Tea Group now becoming the tenuously tea-linked Blockchain Group Co. How Blockchain impacts the company’s operations or product remains uncertain, with its website[4] making no mention of the technology other than in its new name.

In Russia, cryptocurrency-related consumer marketing has taken a more mainstream turn, with Cointelegraph noting[5] how a sushi restaurant chain rolled out an ICO-themed drinks menu, even including a reference to China’s ban[6].

Burger King outlets in the country have also experimented with their own token, which the fast food giant dubbed ‘Whoppercoin[7].’