Rich Cigars just made the ultimate pivot: from high-end cigars and tobacco products to cryptocurrency.
The Miami-based company announced Thursday it had become Intercontinental Technology, Inc., and was phasing out the cigar part of the business -- aka its entire premise.
Instead the company is jumping into two very not tobacco-related industries: patents and "aggressive cryptocurrency mining." And it initially seems to be paying off.
SEE ALSO: Bitcoin is a victim of its own successWith Bitcoin, Ethereum, LiteCoin and other cryptocurrencies rallying like crazy in the past few days this seems like a smart move. Who needs a fancy cigar when there's Bitcoin to be mined at nearly $17,000 per coin?
The seemingly random pivot attracted some attention online. One person called the move "insanity at the very best."
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The new cryptocurrency business closed way up following the news of the massive business shift.
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DJ Khaled was a fanboy of the cigars. In a video from April he's on a plane asking for a Rich Cigar and then presented with a box. He was reportedly an ambassador for the brand. No word yet if the music producer is following the company into the crypto-mines.
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Cryptocurrency mining may be lucrative in the short-term, but keep an eye on Intercontinental Technology. They are bullish on cryptocurrency's staying power, but it might be a close-but-no-cigar situation.
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