Eastman Kodak stock doubles with cryptocurrency unveiling
Shares of Eastman Kodak more than doubled on Tuesday after the one-time leader in photography became the latest company to jump on the cryptocurrency bandwagon.
The storied Rochester, New York-based company said in a statement it is launching a cryptocurrency called “KODAKCoin” for photographers, as part of an image rights management platform.
The platform uses blockchain technology, the backbone of bitcoin and other digital currencies that have surged in recent months and raised fears of a price bubble.
The stock was last up 92 percent at 5.95 US dollars in mid-afternoon trading on the New York Stock Exchange, off an earlier high at 6.65 US dollars.
The film pioneer which was founded over a century ago has struggled to transform itself into an imaging software and technology company. Kodak was a Dow Jones Industrials .DJI component until April 2004, and its stock has slumped 90 percent since it emerged from bankruptcy in 2013.
Several other companies in recent weeks have been rewarded with sharp rises in share price after announcing their transformation into cryptocurrency businesses.
Riot Blockchain shares have tripled since October when the former biotechnology firm changed its name and said it was revising its business focus to bitcoins.
Soft drinks maker Long Island Iced Tea has more than doubled since it said it was shifting its focus to blockchain technology and changing its name to Long Blockchain Corp.
Also on Tuesday, indoor positioning and consulting company Inpixon surged 40 percent after the data analytics company announced it would adopt blockchain technology.