Short-Sellers Pounce Ahead of KodakCoin’s ICO
- Imaging company to launch digital token for blockchain use
- Negative stock bets quadrupled to over 30% in the past month
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The skeptics loaded up on negative bets against Eastman Kodak Co. when the once-dominant photography company filed for bankruptcy in 2012. Now they’re back with a vengeance as its successor prepares to move into the cryptocurrency world.
About one-third of Kodak’s shares are traded as short positions, according to financial analytics firm S3 Partners. That compares with less than 8 percent on Jan. 8, the day before the Rochester, New York-based company said it would offer a digital token called KodakCoin and use blockchain technology to help photographers protect the rights to their work.