The price of Bitcoin came close to $20,000 this month, leaving investors willing to throw money at anything that seems cryptocurrency-related. Including drinks.
This week, two beverage companies—Long Island Ice Tea Corp and SkyPeople Fruit Juice—saw huge stock gains after renaming their companies with cryptocurrency terminology.
Long Island Ice Tea Corp, now called Long Blockchain, saw a stock boom of more than 500% today (Dec. 21), and SkyPeople Fruit Juice, which rebranded to Future FinTech in June, saw an investment boom of more than 200% on Monday (Dec. 18), according to FactSet.
Long Blockchain will still sell non-alcoholic fruit juice, but will also now explore partnering and investing in blockchain technology, according to Bloomberg.
Future FinTech expects to apply its agricultural expertise to commodities trading and e-commerce platforms, per a CNBC report, but its November presentation to investors didn’t include anything related to cryptocurrencies.