Amid the cryptocurrency mania, several companies have launched initiatives to take advantage of the burgeoning assets, from retailer Overstock.com to photo group Kodak. Some much smaller firms have rebranded themselves completely, adding “bitcoin” or “blockchain” directly to their name.
In some cases, the companies’ share prices soared in the US, Germany, and Hong Kong after this crypto-tweak. For example, Bitcoin Services, formerly known as Tulip BioMed, saw its stock increase by as much as 42,500% last year.
Companies have been changing their names to chase the latest craze for years. In the 1990s, adding “.com” to company names was a popular gambit (pdf).
More recently, the US Securities and Exchange Commission warned investors about marijuana-themed investments. As for Bitcoin Services, the company has in fact gone through several names over the years: Before it was Tulip Biomed, it was Cell Bio-Systems, Direct Music Group, BMX Holdings, and JLL Miami Enterprises.
It stands out from the other recently rebranded companies because it changed its name to Bitcoin Services all the way back in 2016, according to OTC Markets, yet its shares didn’t catch fire until last year. The stock’s ascent started around November, when the bitcoin boom was in full force. Read more from qz.com…
thumbnail courtesy of qz.com