first listed on public sharemarkets last year, it was quite the moment for the crypto exchange itself and for the digital assets industry more broadly – the moment crypto was allowed behind the velvet rope and into the Wall Street establishment.
The stock has been a dud from the start. Investors who got in on day one were already down 25 per cent by the time this year began. But after a truly grim week marked by drab first-quarter earnings and a disclosure flub that forced chief executive Brian Armstrong to apologise and deny the company was about to go bankrupt, shares are now down 80 per cent from their opening price on debut.
Perhaps the biggest storytellers in crypto, though, are operators of so-called stablecoins, which are meant to be pegged one-to-one to the dollar. Generally, this is done by amassing reserves to match the value of tokens in circulation. But details on what those reserves consist of have been lacking, especially from tether, the biggest player in this space.
The new mood among investors means that companies face greater urgency to shift from grand plans for disruption to old-fashioned cash generation.
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