This tea company added 'blockchain' to its name and saw stocks soar 200%

After a Farmingdale, N.Y.-based beverage maker Long Island Iced Tea Corp. pivoted its business structure toward blockchain technology, which included revising its name to include the word "blockchain," its stock spiked more than 200 percent at the open of trading, CNBC reports.  

The company will now be known as "Long Blockchain Corp.," and is "shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology," while still making iced tea and other beverages.

The company "intends to request Nasdaq to change its trading symbol in connection with the name change" and it already purchased the web domain, according to CNBC. The website states it is only in the preliminary stages of evaluating and discussing partnerships, investments or acquisitions of blockchain ventures.

As of Wednesday, it had a market value of just $23.8 million, but in the 12 months ended in September, the company had about $5 million in sales.

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