The past few months, we have seen a re-branding of publicly traded companies, reminiscent of the re-branding we saw during the .com bubble in the late 90s. So far, we have seen everything from a medical supply company, to a virtual reality platform, to an Iced Tea distributor add the word “blockchain” to their company only to see a surge in their stock price.
- Riot Blockchain, formerly a medical company known as BiOptix Diagnostics, saw over a 486% surge after changing their name and investing in cryptocurrency mining equipment.
- LongFin, saw a 2600% surge in price after acquiring a blockchain micro-lending company.
We’re contemplating adding “Blockchain” to our name so we’ll increase our followers by 70,000 percent. — SEC Fort Worth (@FortWorth_SEC) January 8, 2018
While these companies have announced efforts to work with blockchain or, at the very least, mine cryptocurrencies, investors should be weary and consider the high possibility of these stocks being overvalued.