It wasn’t hard to see it coming. The stocks had soared too fast, the promises had gotten too big, and the math had gotten too weird. These new companies — public firms built to buy crypto and often doing little else — were supposed to offer investors a lucrative way into the digital-asset boom. Instead, as their stock prices fall and market confidence slips, the question isn’t whether the model is under pressure. Increasingly, it’s how, and how quietly, it could fall apart.
