As the crypto investing boom was reaching a fever pitch in 2021, crypto payment startup MoonPay—known for its flashy celebrity endorsements—was barreling toward a blockbuster fundraising. Investors including Tiger Global Management and Coatue Management invested $555 million at a whopping $3.4 billion valuation in a deal that allowed CEO Ivan Soto-Wright and his inner circle to cash out $150 million of their own stock.
But things played out very differently for rank-and-file employees. Soto-Wright and other executives had recruited them with the promise of equity that would have significant upside when MoonPay raised its first outside money. However, MoonPay failed to issue some people options at a relatively low strike price before it started talks with venture investors. That put it in a blackout period for issuing new options until after April of last year. By then, enthusiasm for buying crypto was already starting to fade, which was hurting MoonPay’s business.
0 Commentaires