Stories
Slash Boxes
Comments

SoylentNews is people

posted by janrinok on Thursday January 11 2018, @05:24PM   Printer-friendly
from the did-we-say-that? dept.

Last month we covered the story of the Long Island Iced Tea Company rebranding itself as Long Blockchain as part of a broader shift in corporate strategy. The company's stock price tripled over night.

On Friday, we got the first concrete details of the company's new blockchain strategy. Long Blockchain planned to raise up to $8.4 million with a stock offering and then use some of the money to buy 1,000 Antminer S9 bitcoin mining machines. The machines would be "installed in a world-class third-party data center experienced in cryptocurrency mining and located in a Nordic country."

But today Long Blockchain announced it was scrapping the stock offering. The company says that it's still planning to buy bitcoin-mining hardware. However, Long Blockchain says that it "can make no assurances that it will be able to finance the purchase of the mining equipment."

Source: https://arstechnica.com/tech-policy/2018/01/iced-tea-companys-bitcoin-plans-in-doubt-after-cancelled-fundraise/


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 0) by Anonymous Coward on Thursday January 11 2018, @06:30PM (2 children)

    by Anonymous Coward on Thursday January 11 2018, @06:30PM (#621021)

    7) get sent to federal pound me in the ass prison for insider trading.

  • (Score: 3, Insightful) by Grishnakh on Thursday January 11 2018, @06:59PM

    by Grishnakh (2831) on Thursday January 11 2018, @06:59PM (#621035)

    Nah, those people don't go to the pound-me-in-the-ass prisons, they go to the country-club prisons.

  • (Score: 3, Insightful) by JoeMerchant on Thursday January 11 2018, @07:50PM

    by JoeMerchant (3937) on Thursday January 11 2018, @07:50PM (#621058)

    7) only applies to individuals who are not "too big to fail"

    --
    🌻🌻 [google.com]