Long Blockchain Cashes In on Crypto Craze With Stock Offering
Bitcoin: What’s Coming in the Year Ahead
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The legion of microcaps that have booked massive share-price gains after changing their business to focus on the crypto craze are now looking to cash in.
Long Blockchain Inc., the company known as Long Island Iced Tea until Dec. 21, waded into the secondary market Friday with an offering of 1.6 million shares at $5.25 apiece. That’s more than double the closing price on Dec. 20, and would raise more than $8 million in proceeds if successful. The announcement sent the stock tumbling 20 percent to $5.10 as of 2 p.m. in New York.