Shares in Eastman Kodak soared nearly 120% after it revealed plans to mint its own currency, the KodakCoin. The firm said it was teaming up with London-based Wenn Media Group to carry out the initial coin offering (ICO). It is part of a blockchain-based initiative to help photographers control their image rights.
Kodak also detailed plans to install rows of Bitcoin mining rigs at its headquarters in Rochester, New York. Details of this second scheme – which is being branded the Kodak KashMiner – were outlined at the CES tech show in Las Vegas. Customers will pay up-front to rent mining capacity.
Kodak is the latest in a series of companies to see its value jump after revealing plans for blockchain-related activity.
"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 from the University of Cambridge.
"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."