>> Eastman Kodak, yes, it still exists, on Tuesday, announced it's unveiling its own cryptocurrency, sending shares of the one-time leader in photography up more than double in value. Reuters Breakingviews columnist Tom Buerkle.>> Yeah, it's pretty wild. I mean, we've seen currencies come out from a whole number of outfits, but this is the first one from at least what was a major industrial company.
Unusual to be coming from a company, like Kodak, but they're going to be coming out with a coin called KODAKCoin. Clearly, they're trying to get a benefit from the whole buzz surrounding cryptocurrencies. I mean, we saw a year where BitCoin jumped almost 14 fold in value last year.
Other smaller currencies, like Ethereum and Ripple, jumped even far more than Bitcoin. So a lot of companies are looking to cash in on it. A lot of these are startups. In Kodak's case, a struggling business, if you can sell it, a coin offering, I mean, why not? It just seems like a kind of a hail Mary pass on behalf of the business.
And that to me is more of a sign of both the company's dire straights and the whole bubble atmosphere around cryptocurrencies.>> Kodak has struggled to transform itself into an imaging software and technology company. Its stocks slumped 90% since it emerged from bankruptcy in 2013. While the crypto buzz may have turned the stock price around, Buerkle says it's unlikely to actually solve Kodak's real problem, reviving falling sales and profit.