Companies that pivoted to blockchain are getting whacked amid the crypto bloodbath

Seems like some companies pivoted a bit too fast. Getty

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 $US10,000 mark, and Ethereum tests $US1,000, 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.

Read more about each company’s pivot here.