Kodak Surges After Announcing Plans to Launch Cryptocurrency Called 'Kodakcoin'By
Kodak’s latest moment has it joining the cryptocurrency frenzy.
Shares in Eastman Kodak Co. more than doubled after the former camera and film heavyweight said it would launch the Kodakcoin, “a photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management.”
The move comes as investors snap up virtually any asset related to digital coins or the blockchain technology that underpins them -- no matter how tenuous the tie. Microcaps previously involved in sports bras, fruit juices and teas have made the move and been rewarded with spikes in their share prices.
Kodak, whose name was once synonymous with photographic film, emerged from bankruptcy in 2013 after selling off most of its patents to companies including Apple Inc. and Microsoft Corp. The Rochester, New York-based company now focuses on digital photography and printing, as well as licensing agreements.
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The shares rose $3.70, or 119 percent, to $6.80 as of 4:22 p.m. in New York, boosting Kodak’s market value to $289.5 million.