New York-based Long Blockchain Corp. will no longer trade on the Nasdaq exchange after receiving a delisting letter from the exchange on Tuesday. The delisting would come nearly five months after the company announced that it was exploring investments in blockchain technology, shifting from its core business of producing nonalcoholic beverages, including tea. Back in December, the business-model change was viewed as further evidence of a frenzy surrounding digital assets like bitcoin BTCUSD, +1.11% with a number of companies altering their names and missions in the hope of capitalizing on the crypto craze. The switch from Long Island Iced Tea Corp. to Long Blockchain Corp. LBCC, -28.71% helped the company at the time surge more than 300%. Blockchain refers to the distributed-ledger technology that underpins most cryptocurrencies. However, the outfit has faced challenges in 2018 as the price of a single bitcoin has collapsed from a peak at nearly $20,000 at the end of 2017 to less than $7,000 in a recent trade. Shortly after announcing it was to purchase bitcoin mining equipment, Long Blockchain announced it was canceling the order and questions were raised about its business outlook. Shares in Long Blockchain last traded at $1.37, down 22% on the day, and off 73%, so far this year. If any consolation, effective April 12, 2018, the company's common stock will be eligible to trade on the OTC Markets Group Inc., or over-the-counter exchange, focused on smaller, sometimes microcapitalization, companies.
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