There were a variety of ways to go “long” on crypto yet avoid exposure. One dominant strategy: don’t do an initial coin offering (ICO). In short, the prevailing wisdom is companies should build for crypto without exposing their payroll and rent money to its volatility. One advantage to going the route of traditional fundraising: the money comes in fiat.
Source: We Asked 66 Startups Just How Bad This Crypto Winter Has Been – CoinDesk, Brady Dale, January 31, 2019