It’s not just cryptocurrency prices that have been dropping off this year. Companies that were once keen to talk up their involvement with digital assets have also gotten quieter about those efforts.
“The spikes we see in transcripts with mentions of crypto terms in both 2018 and 2020/2021 are closely related to the big crypto price run-ups,” Nick Mazing, the director of research at Sentieo/AlphaSense, said in an email to MarketWatch. “Of course, very few companies discussed crypto during the 2019 bitcoin price drop. We are seeing the same pattern now.”
Executives at DraftKings Inc. DKNG, -2.11% mentioned terms like blockchain, cryptocurrency, and nonfungible tokens on the company’s earnings call in August and during investor conferences that month, but they haven’t mentioned such terms more recently, according to a transcript analysis conducted through Sentieo.
Mazing compared the drop-off in mentions of crypto to “other formerly popular corporate call topics over the years such as zero-based budgeting, gluten-free diets, and, more recently, NFTs.”