Long Blockchain Corp has officially been delisted by SEC

Published at: Feb. 22, 2021

Shares of Long Bitcoin Corp (LBCC), a beverage company turned cryptocurrency mining company, have been officially delisted by the United States Securities and Exchange Commission, or SEC. 

The company was ordered to delist its stock after failing for years to produce any financial reports. Long Bitcoin Corp’s last earnings report was for the quarter ending Sept. 30, 2018, according to Bloomberg.

Long Bitcoin Corp is registered in the state of Delaware, according to SEC filings.

Originally known as Long Island Ice Tea, Long Bitcoin rebranded during the height of crypto euphoria in January 2018. That was shortly after Bitcoin (BTC) peaked in price and right around the time that altcoins hit new all-time highs. At the time, Long Blockchain said there “can be no assurance” that it will be successful in developing distributed ledger technology.

According to the SEC, the company’s shift from beverages to blockchain never materialized. Under the conditions of the SEC’s order, Long Blockchain agreed to have its shares revoked without admitting or denying the regulator’s findings.

As Cointelegraph previously reported, Long Blockchain was in financial trouble long before the rebranding. The tech-heavy Nasdaq exchange delisted the company in April 2018 due to low market capitalization.

As of Friday — presumably, its final trading day — Long Blockchain Corp was worth $1.12 per share, for a total market value of $32.7 million.

LBCC share prices surged during the height of the 2017 to 2018 bull market before declining precipitously over a four-month period. The company was essentially a penny stock between 2018 and 2020.

Tags
Sec
Business
Cryptocurrencies
Nasdaq
Security
Related Posts
SEC vs. Ripple: A predictable but undesirable development
The U.S. Securities and Exchange Commission has not been kind to crypto in the past year. In March 2020, in the SEC v. Telegram case, the Commission won a worldwide injunction against the proposed issuance of Grams by Telegram, undoing years of innovative work even in the absence of any allegations of fraud. Then, on the last day of September 2020, Judge Alvin K. Hellerstein dashed the hopes of Kik Interactive by ruling in favor of the SEC’s motion for summary judgment in SEC v. Kik Interactive, finding that Kik had sold securities when it issued its Kin crypto tokens. …
Technology / Dec. 27, 2020
Brazilian fund manager and Nasdaq to launch world's first Bitcoin ETF
Regulated Brazilian fund manager Hashdex has inked a deal with Nasdaq to launch the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX). The stock exchange announced it had approved the ‘Hashdex Nasdaq Crypto Index’ on September 18, revealing that 3 million Class E shares will be issued for trade on the platform. Cointelegraph Brazil confirmed the Nasdaq partnership and ETF with Hashdex’s chief executive, Marcelo Sampaio According to local media outlet Infomoney, the fund should be live and trading on the BSX by the end of the year. The report notes that Hashdex chose to …
Etf / Sept. 22, 2020
INX exchange taps Israeli crypto startup GK8 for crypto custody
INX, a cryptocurrency firm holding the first-ever token initial public offering approved by the Securities and Exchange Commission, has chosen a digital asset custody provider. According to an announcement Thursday, INX has enlisted Israeli crypto startup GK8 for digital asset custody for its upcoming crypto exchange. INX tweeted that the platform will use GK8's end-to-end platform for managing and safeguarding digital assets. The platform includes GK8’s patented “air-gapped vault that can create, sign, and send blockchain transactions while staying 100% offline,” INX noted. Based in Gibraltar, INX is planning to raise $117 million from its ongoing security token IPO targeting …
United States / Sept. 17, 2020
M31 Capital is looking to launch a new Bitcoin hedge fund
M31 Capital, a New York-based global investment firm, has filed paperwork with the United States Securities and Exchange Commission, or SEC, to launch a new Bitcoin (BTC) hedge fund. The proposed fund, dubbed M31 Capital Bitcoin Access Fund, is a limited partnership hedge fund based in Delaware, according to a Form D SEC filing submitted on Tuesday. The minimum investment from any outside investor has been set at $10,000. Details about the fund’s structure were not disclosed. M31 Capital is focused exclusively on cryptocurrencies and blockchain technology. The company also operates M31 Ventures, whose investment thesis is based on uncovering …
Sec / Feb. 23, 2021
Stablecoins not the target in BUSD crackdown: Matrixport head of research
Crypto financial services Matrixport's head of research believes the recent scrutiny of Paxos and its Binance USD (BUSD) token is not a direct attack on stablecoins themselves. In a Feb. 14 analysis, Matrixport's Markus Thielen suggested that Paxos Trust Company, the issuer of the Binance USD (BUSD), may not have been stringent enough with its oversight of the token. He added that the issue "does not appear to be around stablecoins" in itself. "Paxos had violated its obligation to conduct tailored, periodic risk assessment and due diligence of Binance and Paxos-issued BUSD customers," Thielen argued. On Feb. 13, the New …
Regulation / Feb. 14, 2023