Remember the iced tea company that changed its name to Long Blockchain and immediately shot up by 500 percent on the stock market? Well, it turns out it may not be getting into the blockchain after all.
The company has decided to back off from its pledge to buy 1,000 bitcoin mining machines - just six weeks after it said it would be doing so.
Of course, six weeks ago bitcoin was worth a whole lot more than it is now - it’s currently trading at $10,000 less than it was at the beginning of the year. That’s not to say it won’t go up again, but investors are rightfully skittish at this point.
That slump has affected Long Blockchain’s shares, which have plunged 50 percent since it reached its dizzying height, causing the company’s market cap to sink below the $35 million minimum value required to list on Nasdaq’s exchange.
“While we continue to believe in the value of mining equipment to the blockchain ecosystem,” Shamyl Malik, head of the Company’s Blockchain Strategy Committee, said in a statement,“[Long Blockchain] will “continue to evaluate the purchase of mining equipment for Bitcoin and other digital currencies as part of our larger blockchain initiative”
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