7 companies whose stocks surged — then slumped — after jumping on the crypto bandwagon

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bitcoin mining supercomputersA cryptocurrency mining supercomputerMarko Ahtisaari/Flickr

Bitcoin is in the midst of its worst weekly sell off since 2013, and almost every other major cryptocurrency slumped on Friday. 

That’s especially bad news for the handful of companies who recently announced a pivot to blockchain or another crypto focus. Their stock prices skyrocketed after announcing their pivots to the red-hot space, but most have settled back down — some even lower than where they were trading ahead of the announcements.  

Business Insider rounded up the companies who recently announced pivots to see how much the share prices initially jumped — and where the dust settled after Friday’s slump:

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Ticker: RIOT

New name: Riot Blockchain

New focus: Blockchain

Initial spike: +375%

Current price: $22.92

Change since announcement: +278%

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World Poker Fund Holdings

Ticker: WPFH

New name: n/a

New focus: The company acquired a digital cryptocurrency wallet. 

Initial spike: +100%

Current price: $0.43

Change since announcement: -5.88%

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The Long Island Iced Tea Corporation

Ticker: LTEA

New name: Long Blockchain

New focus: “The exploration of and investment in opportunities that leverage the benefits of blockchain technology.

Initial spike: +432%

Current price: $5.71

Change since announcement: +146.53%

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SkyPeople Fruit Juice

Ticker: FTFT

New name: Future FinTech Group

New focus: “Financial technology solutions to operate and grow its businesses. The Company is actively leveraging e-commerce and new technology platforms, and is building a regional agricultural products commodities market with the goal to become a leader in agricultural finance technology.”

Initial spike: +530%

Current price: $2.88

Change since announcement+84%

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Ticker: LFIN

New name: n/a

New focus: Longfin is a small import-export financier that was little known before buying Ziddu, a blockchain company specializing in business-to-business warehouse payments.

Initial spike: +2,400%

Current price: $39.86

Change since announcement: +655%

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2. Veltyco

2. Veltyco

Ticker: VLTY

New name: n/a

New focus: “to offer its customers the use of a crypto wallet that can be used across the platforms of all of Veltyco’s partners, allowing customers access to each platform without having to make separate deposits on the individuals platforms as well as enabling Veltyco to cross-sell the different platforms to its customer base.”

Initial spike: +21%

Current price: $81.50

Change since announcement: +11%

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Cannabis Science

Ticker: CBIS

New name: n/a

New focus: “We have been studying the industry for some time now, we certainly believe that we have found something special for this blockchain arena, not just for the cannabis industry, but for so many unexplored industries and applications,” President & CEO, co-founder, Raymond Dabney said in a release. “This endeavor is outstanding for Cannabis Science for a number of reasons as our blockchain currency can be backed with real-world assets for additional ICO trading security and comfort.”

Initial spike: +6%

Current price: $0.06

Change since announcement: unchanged

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