Kodak shares have more than tripled since announcing new cryptocurrency 'KodakCoin'

Liz Moyer | CNBC

Show Caption Hide Caption Kodak announces plans to launch ‘Kodakcoin' Joining the cryptocurrency craze.

Investors really love Eastman Kodak's planned makeover.

One day after the 130-year-old industrial Rochester, N.Y.-based company announced plans for its own cryptocurrency, its shares have more than tripled in value.

KodakCoin will roll out after an initial coin offering later this month, Kodak said on Tuesday. Blockchain, the technology underpinning popular digital currencies like bitcoin, is going to be used to build KodakOne, the company's new photo rights and royalties tracking product for digital photographers. KodakCoin will be the currency used on that platform.

Kodak shares rocketed more than 57% higher on Wednesday, closing at $10.70 after trading above $11 earlier in the trading session.

More: Kodak creating KodakCoin, develops its own cryptocurrency system

More: J.P. Morgan Chase CEO Jamie Dimon says he regrets calling bitcoin a fraud

It is another step in the evolution of the faded American brand, once synonymous with film cartridges, paper, and camera equipment. Kodak entered bankruptcy six years ago and emerged with a new focus on digital printing and packaging. But Kodak still struggled to regain momentum.

Like several old-line companies, Kodak has embraced cryptocurrencies and blockchain to remake its image. Time will tell whether that will stick.

Shares of Long Blockchain Corp. doubled after the beverage company changed its name from Long Island Iced Tea Corp. in December. The biotech equipment maker Bioptix got a similar boost when it changed its name to Riot Blockchain last year.

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