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The course of action of a British company exploded after adding the word "blockchain" to its name.
According to Bloomberg, the action of the English Information Society and Internet On-line Plc (LON: ONL) jumped 394% Friday after the company had published a major announcement: she changed her name to "On-line Blockchain Plc". This is the largest gain in a single day for the company, listed since 1996. In addition, the volume of transactions on a single day has been multiplied by more than 16 times compared to the previous year. ;last year. .
The Essex-based company had announced the change in a statement released Thursday, explaining that she had been "working" in blockchain and cryptocurrency space for some time:
"Blockchain technology and cryptocurrencies are a new and exciting field that we have been working on for quite some time," the company said. "We believe it is time to rename the company to reflect these developments, where we believe that future growth will be in our industry."
The price of On-line Plc action climbed almost immediately, reaching $ 85 this morning, according to data obtained from Yahoo Finance. However, shares fell to $ 46 after the company issued a follow-up statement stating that the development of its first blockchain product is still at an early stage. Still, stocks are still up 173% for the day.
It would be a humorous incident if we looked at it in isolation, but it is also the latest data point of a growing trend. Earlier this month, a biotechnology company named Bioptix (NASDAQ: BIOP) saw its price double after announcing that it was changing its name to "Riot Blockchain", selling its biotechnology patents and investing in crypto startups. .
The hype about blockchain technology is even more evident among companies whose shares are traded off-exchange (OTC). In August, the US Securities and Exchange Commission (SEC) temporarily suspended the negotiations of an OTC company, First Bitcoin Capital, after its shares have seen a 6,000% increase since the beginning of the year.
But the trend is not limited to the actions of microcapsules and OTC. Shares for the online retailer Overstock have tripled in value over the past year, largely because of investor optimism about its investments in the blockchain. Just this week, Overstock shares rose 30% after CEO Patrick Byrne revealed that one of the company's blockchain subsidiaries will seek to raise $ 500 million when from an initial offer of coins.
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