Shares in camera company Kodak have tumbled after it delayed the launch of its own version of bitcoin.
KodakCoin had been expected to be available to buy today, however, many wannabe investors were left frustrated after Kodak revealed that only accredited investors earning over $200,000 would be able to buy the tokens.
And the verification of potential investors – over 40,000 – will take several weeks, the company said in an update.
— KODAKOne (@KodakOne) January 30, 2018
A spokesperson for Wenn Digital, the company with which Kodak is working on KodakCoin, said that the ICO is "proceeding without delay" and that "we are in the accredited investor validation phase".
The more than 100-year-old company shocked many by announcing that it would be jumping into the cryptocurrency world at the start of the year. It said it would be working with Wenn Digital to create a blockchain platform for digital rights management of photographs. KodakCoin will function as a "new economy for photography" it said. The move sent shares flying more than 200 per cent.
Shares tumbled more than 15 per cent on Wednesday when markets in New York opened, after the further details of the ICO were revealed. The stock is now off its recent highs of between $10 and $11 and was trading at $7.75 at pixel time. That's still up more than 150 per cent on the price of the stock the day before the initial announcement.
The stock has also been targeted by short sellers, Bloomberg revealed. A third of its stock is now traded as short positions. Meanwhile, one of the creators of KodakCoin said the share price rise had been a "terrible distraction".