Shares of Eastman Kodak Co (KODK.N) 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, part of “KODAKOne,” an image rights management platform in a licensing partnership with WENN Digital.
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 in midafternoon trading on the New York Stock Exchange, off an earlier high at $6.65.
The film pioneer founded over a century ago has struggled to transform itself into an imaging software and technology company. Kodak was a Dow Jones Industrials .DJIcomponent until April 2004, and its stock has slumped 90 percent since it emerged from bankruptcy in 2013.
The Kodak logo is shown on a booth during the 2017 CES in Las Vegas, Nevada, U.S., January 6, 2017. REUTERS/Steve MarcusSeveral other companies in recent weeks have been rewarded with sharp rises in share price after announcing their transformation into cryptocurrency businesses.
“This is getting ridiculous,” said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas. “From a fundamental point of view, none of this makes sense.”
Eastman Kodak unveils cryptocurrency
Shares of Eastman Kodak Co (KODK.N) 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