I wanted dislike the new that Kodak has pivoted towards crypto. The news sent the stock up over 200% at the time of this writing. I’ve mentioned other examples earlier which seem ridiculous. The ridiculousness is not necessarily in companies trying to get into crypto – its the reaction in stock prices (disclosure – I may be long or short KODK). In this instance Kodak seems to have a plan to develop its own currency and mining equipment. Kodaks a tech company and (should) have the resources to get this together. (As opposed to Rich’s cigars).
Lets be honest though – to me this stock has no business being up over 200% on this news. There is major risk to this venture for a myriad of reasons. And in my mind this is actually one of the better crypto-related ideas I’ve seen from a listed company. Sure Kodak could succeed and return to glory with this business plan. But we’re along way from some speculative tech and major profit. Much like cryptos with no intrinsic or extrinsic values the price shoots up through the roof just on the idea that new buyers will come in and push up the prices.
This isn’t investing, its gambling – at best speculation.