Shares in Kodak soared nearly 120% after it revealed its blockchain-based initiative, KodakCoin.
The photo firm said at CES 2018 that it will be teaming up with London-based Wenn Media Group to carry out the initial coin offering, helping photographers control their image rights.
“This is a phenomenon we saw back during the dot-com days in the late 1990s where traditional companies would mention some kind of internet strategy and their stock price would jump up,” commented Garrick Hileman, University of Cambridge (BBC).
“When you see stock prices moving like this it does appear to be troubling – it’s hard to say if there’s a bubble but it certainly is indicative of a frothy investment market.”
Kodak also explained its plans to install rows of Bitcoin mining rigs at its headquarters in Rochester, New York.
Written by Leah Alger