7 companies whose stocks surged — then slumped — after jumping on the

7 companies whose stocks surged — then slumped — after jumping on the crypto bandwagon

Marko Ahtisaari/Flickr

Bitcoin is in the midst of its worst weekly sell off since 2013, and almost every other major cryptocurrency slumped on Friday.

That’s especially bad news for the handful of companies who recently announced a pivot to blockchain or another crypto focus. Their stock prices skyrocketed after announcing their pivots to the red-hot space, but most have settled back down — some even lower than where they were trading ahead of the announcements.

Business Insider rounded up the companies who recently announced pivots to see how much the share prices initially jumped — and where the dust settled after Friday’s slump:

Bioptix

Markets Insider

Ticker: RIOT

New name: Riot Blockchain

New focus: Blockchain

Initial spike: +375%

Current price: $ 22.92

Change since announcement: +278%

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World Poker Fund Holdings

Markets Insider

Ticker: WPFH

New name: n/a

New focus: The company acquired a digital cryptocurrency wallet.

Initial spike: +100%

Current price: $ 0.43

Change since announcement: -5.88%

Full story>>

The Long Island Iced Tea Corporation

Markets Insider

Ticker: LTEA

New name: Long Blockchain

New focus: “The exploration of and investment in opportunities that leverage the benefits of blockchain technology.

Initial spike: +432%

Current price: $ 5.71

Change since announcement: +146.53%

Full story>>>

See the rest of the story at Business Insider

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