By the time the world found itself in a deep crypto winter in 2022, both companies had suffered dramatic losses. SMI Vantage was put on the SGX watch list for posting pre-tax losses for three consecutive financial years while OIO saw straight years of net losses since 2021.
During the height of the previous crypto bull market, several companies on the Singapore Exchange (SGX:S68
) (SGX) mainboard and Catalist joined the crypto frenzy, aiming to expand their business opportunities.
Mainboard-listed SMI Vantage and Catalist-listed OIO Holdings (SGX:KUX) had gone ahead to acquire mining machines and staking businesses, unaware of the looming crypto winter ahead.
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