Iced tea company kills plan to buy bitcoin mining rigs [CNN]
LONG BLOCKCHAIN CORP COMMON (LBCC)
US:NASDAQ Investor Relations:
investors.longislandicedtea.com
Company Research
Source: CNN
Iced tea company kills plan to buy bitcoin mining rigs Bitcoin prices have been in free-fall mode. And so have many bitcoin-related stocks, including a tiny beverage company that just changed its name and business model in December. Long Blockchain ( LBCC ) , which used to be known as Long Island Iced Tea before it went all-in on cryptocurrencies, soared nearly 200% the day that it announced its new business model. But shares have plunged nearly 55% since then. And it appears that the company is having a tough time making the transition from a maker of bottles of non-alcoholic Long Island Iced Tea (uhh, what's the point?) to blockchain powerhouse. Long Blockchain said Friday it was abandoning a previously announced plan to buy bitcoin mining equipment and would focus instead on a merger with the UK-based firm Stater Blockchain. But the decision to not go ahead with the purchase of the bitcoin mining rigs is a bit curious. After all, Long Blockchain said when it announced the State
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