The company’s STORJ token fell 16% to about 6 cents. Almost $20 million worth of the token changed hands against a market value of about $27 million, meaning close to the entire supply turned over in a day. The token is down 79% over the past year and 98% from its March 2021 peak of $3.81.
The restructuring proposal contains a provision rarely seen in bankruptcy: Storj said it plans to share ownership of the reorganized company among management, token holders and investors.
Token holders normally have no legal claim on an issuer and receive nothing in a Chapter 11 process.
The filing extends an unusually heavy week. BitMEX, the exchange that invented the perpetual swap, said on July 23 it would shut down after 11 years, with daily volume down to roughly $400,000 and its BMEX token falling more than 90%.
Its parent, HDR Global Trading, said the platform was not insolvent and that assets exceeded liabilities, pointing instead to a strategic review that followed some $200 million in regulatory fines and a sale process that found no buyer.
BitMart announced its own wind-down on Sunday, halting new deposits and trading orders immediately, ending all trading on Aug. 26 and setting a January 2027 closure, with its BMX token down 58% on the news.