Immutable has cut the exercise price of employee share options from $900 to $300.
The cut could indicate a fall in company valuation, but Immutable denies this.
A senior VC says blockchain start-ups are having their valuations cut harder than other start-ups.
Australia’s most prominent and heavily backed blockchain start-up, Immutable, has slashed the price of its shares for employees by almost two-thirds as the crypto sector reels from a series of blows, and start-up valuations fall.
Immutable – whose co-founders Robbie and James Ferguson have recently been feted as “billion-dollar brothers” by Forbes Australia – had been charging its employees $900 to exercise their share options, but dropped that to $345 this month.
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Nick Bonyhady is a technology writer for the Australian Financial Review, based in Sydney. He is a former technology editor, industrial relations and politics reporter at the Sydney Morning Herald and Age. Connect with Nick on Twitter. Email Nick at nick.bonyhady@afr.com
