Blockchain technology is huge. Some even call it the mastermind behind digital currency Bitcoin (available on Coinbase); so are we really surprised that dozens of companies are starting to move into the Blockchain industry? Not really. Blockchain Technology within the Corporate World Not only is working with Blockchain going to prove to beneficial for companies in the long-run, as some of, like ChinaNet Online Holdings (NASDAQ:CNET), plan to use the technology to create a variety of products that will lead to massive gains, the companies that have announced a pivot into Blockchain have already started to reap the benefits, happening as quickly as the hours that follow the initial announcement. This happened to both Long Island Iced Tea – now Long Blockchain Corp. (NASDAQ:LTEA) – and Delta Technology (NASDAQ:CISAU) in the first couple weeks of 2018. Now, the latest two companies that have announced that they will be moving into the Blockchain sector stem from the energy industry, starting with SPI Energy (NASDAQ:SPI) who made the official announcement on Monday, Jan. 15, and Recon Technology (NASDAQ:RCON), who announced the move today. Like all of the other companies that announced a move into Blockchain, the stocks of both SPI Energy and Recon Technology started to soar today as investors reacted to the news. SPI Energy was trading at $1.025 at one point during the trading session, which put the stock up $0.3899, or 61.39%. Meanwhile, Recon Technology was seen trading at $3.35, which means the stock was up $1.64, or a whopping 96.48%.
With all that being said, some companies that have moved into Blockchain witness a drop in stock price a couple days after the announcement and the initial jump, so it will be interesting to see if SPI Energy and Recon Technology follow a similar pattern. Check back in at the end of this week and we’ll check out where the stocks are sitting. Featured Image: Depositphotos/© peshkov