The rush to get rich from the crypto asset boom has turned sour for investors who bought into meme-coins, crypto ETFs, or sharemarket floats Coinbase and Iris Energy in 2021.
Eschewing the IPO process of a bookbuild allowed sellers to cash in on prices determined by a market hooked on wild enthusiasm for crypto as a one-way bet higher. The NFT market for digital images like Bored Apes, Cool Cats, and Crypto Punks soared to $US27 billion in 2021. It’s controversial though, as arguably buying an NFT is equivalent to walking into a real art gallery and instead of paying $10,000 for a physical painting, you agree to pay for the paper receipt to take home and stick in a draw.proved more damp squib than Holy Grail, for now at least.
It raised $US232 million from IPO investors last November at $US28 per share, but the stock plummeted as low as $US12.50 in December, before recovering a little to $US12.99 on January 6. The exact cause of the diabolical performance is unclear, although bitcoin’s December wobble is the most likely suspect.made a loss of $US0.4 million on EBITDA of $US6 million for the three months ended September 30, according to its prospectus.
Tom sounds pretty bitter about this. Did he buy Doge coin at its ATH?