Companies that pivoted to blockchain are getting whacked amid the crypto bloodbath (LBCC, RIOT, LFIN)

pulse

January 17, 2018 2:21 PM

The cryptocurrency bloodbath is not limited to the currencies and tokens.

The cryptocurrency bloodbath is not limited to the currencies and tokens.
Many companies that pivoted to crypto are getting whacked as well.

Like adding "dot-com" to your company's name during the tech bubble of the late 1990s, simply adding the word "blockchain" has recently become a popular way to send a stock soaring. But, as most of the major cryptocurrencies post double-digit losses for the second day in a row on Wednesday, many of the pivot-to-crypto companies are getting whacked as well.

Many of the companies that decided to pivot to blockchain had no prior relation to the technology. As bitcoin hovers around the psychologically-important $10,000 mark, and Ethereum tests $1,000, many of the blockchain-pivoters have followed the currencies' decline.

Some companies' pivots make more sense than others. Kodak, the historic photo company, announced a new blockchain tech that would allow users to track down their copyrighted images on the web. Kodak, however, has fallen like the rest of them and is down 2.70% in early trading.

Many companies that pivoted to blockchain were hit on both Tuesday and Wednesday, as many cryptocurrencies were down heavily on both days.

Here's a roundup of some of the most notable companies and their moves.

pulse