Remembering The Kodak Crypto ICO As Stock Prices Soar
Bitcoin’s signature volatility is finally returning, but not even the crypto market has been pumping like Kodak stocks. The photography powerhouse surged Wednesday as high as 500% intraday following news the Trump administration tapped the firm to produce generic pharmaceuticals.
The film and photography brand’s share prices surging brings back memories of the now-defunct KodakCoin initial coin offering the company proposed years ago. With Kodak (KODK) stocks back in the news once again, let’s take a walk down memory lane to remember the ICO that never came to be.
Kodak (KODK) Stocks Soar Over 1,000% In a Week On Trump Pharma News
Kodak was trending on Google yesterday and all over social media. The reason is that the United States has tapped the photography giant to produce generic drugs in response to the pandemic.
In response, the stock price soared as high as 570% yesterday and closed out the session with a 318% gain. Circuit breakers were tripped and trading was halted 20 times due to the explosive volatility.
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Trump said the move was to bring jobs back stateside and to “make America the world’s premier medical manufacturer and supplier.”
Kodak (KODK) stock prices are up over 2,700% on the week.
KODK Stock Price 2,700%+ Weekly | Source: TradingView
KodakCoin Retrospective: The Promising Blockchain Project That Never Was
Kodak was once a pioneer in the photography space, but failure to adapt to the digital age caused the company to file for bankruptcy in 2012. The brand has been struggling to find its niche since, and big pharma may be it.
Prior to this week’s stock surge, the last time KODK stocks made headlines for suddenly rising, was also the last time the company attempted to reinvent itself.
After falling victim to the digital photography era, the brand was hell-bent on not missing out on the blockchain bandwagon.
In 2018, as the crypto market bubble burst, the firm announced plans for an initial coin offering for a crypto asset dubbed KodakCoin.
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KodakCoin would underpin a rights-management platform for photographers based on blockchain. The idea had real merit, but eventually, interest in cryptocurrencies faded, ICOs became a target for US regulators, and the launch never took place.
It is not uncommon for brands to hop on a bandwagon as soon as it starts trending. During the crypto boom, Long Island Iced Tea changed their company name to the Long Blockchain Company, and stocks quadrupled as a result.
ICOs and the blockchain buzz have since disappeared, but what remains is Kodak on the search to find its footing as a business once again. Is this time finally it for the former film producer?