← Back to the club

Paxos

Crypto/fintech infraUSA
✂️ Markdown
Peak $2.4 BillionToday
~-50%
from peak
  1. 🦄
    Became a unicorn
    Apr 2021
  2. 📈
    Peak valuation
    $2.4 Billion ’21
  3. 💔
    Became a Unitard
    ~2023
  4. 💸
    Last valuation
    ~$1.2B
Current status
Fallen unicorn est.

How it happened

Paxos is a US regulated crypto and blockchain infrastructure firm providing stablecoin issuance and settlement services, valued around $2.4B in 2021. Regulatory pressure, including an SEC notice and a regulator-ordered halt to its BUSD stablecoin in 2023, weighed on the business. PitchBook estimates put its value down roughly 50%, placing it below the $1B unicorn threshold, though as a private firm this reflects a third-party markdown.

Source: CNBC/PitchBook