One chapter of the 2017 bitcoin craze ended this week, with shares of Long Blockchain Corporation delisted by the SEC on Monday, according to a filing first seen by Bloomberg.
Long Blockchain, a company based in Farmingdale, New York, saw its shares delisted from the OTC exchange after it failed to file its financial reports in a number of years. The company’s last financial report was submitted to the SEC in 2018.
Long Blockchain was formerly known as Long Island Ice Tea Corp., but the company made a pivot to blockchain and changed its name amid the epic rally in cryptocurrencies in 2017. The company was subsequently kicked off the Nasdaq exchange following volatile swings in its share price.
The SEC said in its order that Long Blockchain’s supposed pivot to the crypto technology failed to materialize. Long Blockchain agreed to have its share registration revoked without admitting or denying the SEC’s findings, according to the order.
Long Blockchain’s fortunes would have likely been reversed if it managed to successfully pivot to the crypto space, given that bitcoin is more than double its peak 2017 price of nearly $20,000 this year, even after falling more than 17% this week.