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US economic magazine Forbes once called Olga Feldmeier (45) the crypto queen. He should have been stripped of his crown by now at the latest. According to online portal Tippinpoint, Feldmeier was forced to delist Smart Valor this week. The company is a cryptocurrency custody and exchange service provider.
In February 2022, Feldmeier took the first Swiss crypto company, Smart Valor, public on Nasdaq First North, an alternative marketplace to the US technology exchange Nasdaq.
At the time of the IPO, the shares were still worth 37 Swedish krona; which was around 3.20 francs. Soon the price rose to almost 45 crowns (3.90 francs), but then a long decline began. At the beginning of this week, a share was worth just 8 cents. Anyone who invested in the IPO is currently at a 97.5 percent loss. So it’s almost a total loss. The stock market adventure was a complete fiasco.
As expected, things are a little different with Feldmeier. As with many corporate bosses in the modern age, even the biggest fiasco is seen as a positive. Smart Valor, which learned new things thanks to the public offering, expanded its finance department and performed a full financial audit for the first time, informs its investors about some milestones in a letter. He explains the stock market crash with the difficult timing of the IPO. The crypto industry experienced turbulent times at the beginning of 2022. And then war broke out in Ukraine.
However, no one accepts their own mistakes. Instead, there are a few technical explanations for the Swedish stock market. Trading on Smart Valor is only possible to a limited extent.
The shares are expected to be permanently listed on the stock exchange in May. The securities will then likely be converted back into registered shares under Swiss law. According to Tippinpoint, Feldmeier is evaluating whether Smart Valor shares will be traded on an alternative exchange in the future.
Feldmeier founded the company in 2017. He is extremely positive about the future: “Given the positive developments and a return to the bull market for cryptocurrencies in 2024, we look forward to regaining momentum and achieving new important milestones.” (smt)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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