U.S. Markets close in 43 mins

Now More Established Companies Are Getting Gripped by Crypto Mania

Lily Katz
Motherboards used for cryptocurrency mining sit on operating shelves at the SberBit mining 'hotel' in Moscow, Russia, on Saturday, Dec. 9, 2017. Photographer: Andrey Rudakov/Bloomberg

It’s one thing for a small iced-tea business or a little-known furniture company to reap massive returns from touting ties to digital currencies, but now household names are joining in on the fun, and it’s getting weird.

In the past week, at least four companies you may have heard of have seen their stocks skyrocket after either saying they’re considering an initial coin offering or after Internet speculation convinced investors that they’re working with the company behind one of the hottest cryptocurrencies. Here’s the latest:

More from Bloomberg.com: Classified Military Satellite Goes Missing After SpaceX Launch

  • Shares of Eastman Kodak Co. are up about 70 percent pre-market after doubling Tuesday. The former camera and film heavyweight said yesterday that it would use blockchain technology and launch a “photo-centric cryptocurrency” called Kodakcoin. Chief Executive Officer Jeff Clarke then told Barron’s that “this doesn’t change the fundamentals in a way that means the stock should double.”
  • Executives from Helios and Matheson Analytics Inc., the majority owner of film subscription service MoviePass Inc., said in a Yahoo Finance interview Tuesday that they would consider an initial coin offering and have been examining blockchain technology. The stock is up 12 percent pre-market.
  • Shares of Seagate Technology Plc, the largest maker of computer drives, surged as much as 16 percent Monday after a little-followed blog contributor suggested the company may have a stake in Ripple, the company behind the third-most-valuable cryptocurrency. Seagate hasn’t commented on the rumor.
  • Western Union Co. shares climbed as much as 6.1 percent Friday, the biggest gain since July 2015, after a website called Ripple News reported an unconfirmed connection between the money-transfer firm and Ripple. Western Union declined to comment.

Related: Juices, Bras and E-Cigs : No Past Too Weird for New Crypto Firms

More from Bloomberg.com

Read Now More Established Companies Are Getting Gripped by Crypto Mania on bloomberg.com