Brendan McDiarmid/Reuters
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The crypto company's former chief executive officer, Mike Putre, resigned from his position earlier this month, according to a company filing.
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His holdings in the company made him a billion-dollar businessman in December, according to The Wall Street Journal.
The CEO of a crypto technology company that was born out of a reverse takeover of a fitness clothing company has stepped down, company filings show.
The Crypto Company's former CEO, Michael Putre, resigned from the company on May 14. He was replaced by former president James Gilbert.
The Crypto Company made headlines during the cryptocurrency boom of late 2017, when Bitcoin soared to nearly $20,000 a coin and The Crypto Company's stock price soared 1,600%. Putre, who owned a fifth of the company on paper, became a multibillionaire at its peak, according to a Wall Street Journal report. The paper said Putre was worth $3.9 billion.
Bitcoin is currently trading at around $7,600 per coin.
The crypto company's over-the-counter shares were up 111% as of Wednesday afternoon. The stock was trading at around $42.50, down from an all-time high of more than $640 per share.
The Crypto Company, which developed technology for cryptocurrency market structuring, was born out of a reverse acquisition of fitness wear company Croe Inc. Croe was developing a new type of sports bra.
“Our strategy is to invest in crypto capital markets infrastructure,” Putre told Business Insider in a December interview.
Then, as first reported by Business Insider, the company announced plans to split its shares into 10. Regulators rejected that request, according to the filing.
“On March 1, 2018, we received a letter from FINRA rejecting the stock split due to deficiencies and in the interest of protecting investors, the public interest, and maintaining fair and orderly markets,” the filing said.
Putre, a former stockbroker, was suspended by FINRA for two years in 2010.
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