Analysis: How firms that pivoted to blockchain in 2017 fared in 2019

Amid the cryptocurrency mania of 2017, we saw an abundance of firms unconnected to the cryptocurrency and blockchain industry begin to rebrand and pivot their businesses to take advantage of market euphoria. Many firms that pivoted also made flashy announcements and name changes to clearly denote that they are, indeed, blockchain-focused businesses. In return, investors helped push the stock prices of these firms to astronomical heights. Take Long Island Iced Tea Corp, for example. After the company rebranded itself as Long Blockchain Corp, its stock spiked as much as 289%.

After the 2017 excitement subsided, many firms and investors experienced the nauseating aftermath of riding a hype cycle. Some firms got subpoenaed by the SEC, while others were threatened with delistings from stock exchanges. The Block has tracked 27 firms swept up by the 2017 cryptocurrency mania, primarily trading and headquartered in North America, to examine their current standings in the public markets. For the sake of simplicity, we will label these firms “Blockchain Pivot Firms” in our charts.