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."
(Score: 1, Funny) by Anonymous Coward on Thursday January 11 2018, @06:24PM (1 child)
"The company's stock price tripled overnight" and it "can make no assurances that it will be able to finance the purchase of the mining equipment."
Yeah, that wasn't a totally massive scam or anything...
Step 1: Announce blockchain launch!
Step 2: Profit
I guess on the plus side we're eliminating the pesky "..." what do we do for increased profits part. Efficiency is king! Just hand your money over for no good reason, best capitalistic enterprises yet!
(Score: 0) by Anonymous Coward on Thursday January 11 2018, @10:48PM
They should have done it with more pizazz like Kodak, who announced at CES [cnbc.com] and had their stock triple.