Company's stock increases 394% after adding 'blockchain' to its name

The shares of British company On-Line Plc jumped up by 394% in a single day on Friday, hot on the heels of a more modest climb on Thursday, when the company first announced the name change to 'On-Line Blockchain Plc', Bloomberg reports.

Needless to say, this is the best day on record for the company since its initial listing in December 1996.

A British company that has been investing in internet and information businesses is having its best day on record.

“Blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time,” the company said in a statement on Thursday. “We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector.”

Although the company published a follow-up release on Friday, warning that its blockchain development is in its early days, the company's market value remained at its highest since 2005.