NEW YORK, NY / ACCESSWIRE / January 10, 2018 / Long Blockchain Corp. as well as Eastman Kodak Company both saw significant gains on Tuesday on positive bitcoin announcements. Both stocks saw significant volume compared to usual after investors digested that Eastman Kodak has launched an initial coin offering for its KODAKCoin cryptocurrency yesterday and Long Blockchain Corp. has entered into an agreement to buy 1,000 bitcoin mining equipment.
RDI Initiates Coverage on:
Long Blockchain Corp.
Eastman Kodak Company
Long Blockchain Corp. shares closed up 19.59% on Tuesday with a little over 5.3 million shares traded. Though there was no significant news yesterday, the company announced last Friday that it has entered into an agreement with certain third parties to purchase bitcoin mining equipment. The purchase is for 1,000 Antminer S9 mining rigs and 1,000 APW3++ PSUs. The equipment is manufactured by industry leader Bitmain and is expected to be shipped in January 2018 directly to a secure data center in the Nordic region to immediately commence mining operations. CEO Philip Thomas commented, "We view this transaction as an important and validating initial step in the Company's progression into blockchain technology. The commencement of our mining operations places us on a path to generating blockchain-related revenue through the accumulation of bitcoin. This platform will help support our longer-term strategy of engaging in partnerships, investments and acquisitions in the blockchain ecosystem."
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Eastman Kodak Company shares broke out in Tuesday trading and closed the day with nearly 119% in gains. Trading volume at a little over 71 million shares was colossal compared to the stock's average trading volume of just about 243,000 shares. The big move came after it was revealed that the 130 year old company has launched an initial coin offering for its KODAKCoin cryptocurrency. The company said, "Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform." CEO Jeff Clarke said in an interview with Barron's Tiernan Ray that blockchain "is going to be tremendously significant," in years to come.
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