(Reuters) - Beverage maker Long Island Iced Tea Corp’s
Long Island Ice Tea said it was shifting its primary business strategy to blockchain technology and was in the preliminary stages of evaluating specific opportunities to grow that business.
The company said it would still continue to operate its beverage business, under which it sells Long Island iced tea and Long Island lemonade.
The surge in the company’s stock price lifted its market capitalization to $92 million from $23.8 million as of Wednesday’s close.
Several other small U.S. firms in recent weeks have reshaped their business models to capitalize on the craze for blockchain technology, which supports cryptocurrency.
Earlier in the day, furniture maker Nova Lifestyle’s shares
(Reporting by Siddharth Cavale in Bengaluru; Editing by Saumyadeb Chakrabarty)