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kodak stock price kodakcoin cryptocurrency ico scam
Nexo Logo

Remembering The Kodak Crypto ICO As Stock Prices Soar

Tony Spilotro by Tony Spilotro
2 years ago
in Blockchain, Cryptocurrency news
Reading Time: 2 mins read
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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.

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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.

Related Reading | Why A Stock Market Listing For Coinbase Is Ultimately Ironic For Crypto

Trump said the move was to bring jobs back stateside and to “make America the world’s premier medical manufacturer and supplier.”

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Kodak (KODK) stock prices are up over 2,700% on the week.

kodak stock price KODK

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.

Related Reading | The Great Ethereum Debate: DeFi Versus ICOs

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?

Tags: cryptoICOInitial Coin offeringKodakKodakCoinkodkTrump
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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