Crypto companies whose business model is to stock up on crypto tokens are turning to a novel type of risky equity product, as they seek to tap new investors to raise money at a time when their share prices are floundering.
The so-called crypto treasury craze swept financial markets last year as hundreds of companies globally rushed to buy bitcoin and other tokens, inspired by US billionaire Michael Saylor’s company Strategy, the world’s biggest corporate holder of bitcoin.
Many companies’ share prices initially soared but most have since collapsed as investor sentiment has soured and crypto prices entered a downturn.
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