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Nasdaq to delist Long Blockchain Corp, underlining fading bitcoin fervor

New York-based Lengthy Blockchain Corp. will now not commerce on the Nasdaq change after receiving a delisting letter from the change on Tuesday. The delisting would come almost 5 months after the corporate introduced that it was exploring investments in blockchain know-how, shifting from its core enterprise of manufacturing nonalcoholic drinks, together with tea. Again in December, the business-model change was considered as additional proof of a frenzy surrounding digital property like bitcoin , with numerous firms altering their names and missions within the hope of capitalizing on the crypto craze. The swap from Lengthy Island Iced Tea Corp. to Lengthy Blockchain Corp. helped the corporate on the time surge greater than 300%. Blockchain refers back to the distributed-ledger know-how that underpins most cryptocurrencies. Nonetheless, the outfit has confronted challenges in 2018 as the worth of a single bitcoin has collapsed from a peak at almost $20,000 on the finish of 2017 to lower than $7,000 in a current commerce. Shortly after saying it was to buy bitcoin mining gear, Lengthy Blockchain introduced it was canceling the order and questions had been raised about its enterprise outlook. Shares in Lengthy Blockchain final traded at $1.37, down 22% on the day, and off 73%, up to now this yr. If any comfort, efficient April 12, 2018, the corporate’s frequent inventory shall be eligible to commerce on the OTC Markets Group Inc., or over-the-counter change, centered on smaller, typically microcapitalization, firms.

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