A Flash in the Pan: The Strange Story of Kodak’s Ill-Fated Crypto Venture
Eastman Kodak, a company once synonymous with photography innovation and a century-old business staple, is now facing uncertain times once again. On Monday, the company issued a “going concern” warning, revealing that it could be forced into bankruptcy for the second time since its 2012 bankruptcy filing. This announcement marks another precarious chapter in Kodak’s long history, highlighting the challenges it has faced adapting to a rapidly changing technological landscape.
Kodak’s Financial Struggles
Kodak’s financial troubles have been mounting as the company disclosed that it lacks sufficient financing or adequate cash flow to meet its upcoming debt obligations within the next 12 months. While the company expects to generate approximately $300 million from the cancellation of its pension plan, it remains cautious about its ability to fully meet financial commitments. A Kodak spokesperson emphasized, however, that the company is confident in its capacity to repay a significant portion of its term loan early and plans to amend, extend, or refinance remaining debt and preferred stock obligations.
The Rise and Fall of Kodak’s Crypto Gamble
Following Kodak’s emergence from bankruptcy in 2013, the company shifted its focus to specialty printing technology and chemicals, alongside licensing out its brand. This strategic pivot eventually led Kodak into an ill-timed and ultimately unsuccessful foray into cryptocurrency in 2018. In January 2018, Kodak announced a licensing partnership with WENN Digital to develop KODAKOne, a blockchain-based digital rights management platform for photographers, along with KODAKCoin, a native cryptocurrency tied to the platform. The vision was to empower photographers to register their works on a secure blockchain ledger, monetize their images, and detect copyright infringements through advanced web-crawling software.
The platform’s planned launch was to be funded through an initial coin offering (ICO) of KODAKCoin, which began in May 2018. Kodak’s licensing agreement granted it a minority stake in WENN Digital, 3% of all issued KODAKCoin, and entitlement to royalties from the platform’s operations.
Problematic Structure and Poor Timing
Despite high hopes, the KODAKCoin ICO faced significant structural challenges. To comply with securities regulations, it was limited exclusively to accredited investors — those with a net worth exceeding $1 million or annual income above $200,000. This limitation meant that photographers who would earn KODAKCoins could not easily convert their cryptocurrency earnings into cash without finding wealthy buyers willing to purchase the tokens.
The ICO’s reception was tepid, with a private placement before the offering raising only $880,000 of an expected $6.75 million. Initial crypto market enthusiasm at Kodak’s January announcement caused shares to triple briefly, but this was short-lived as the company’s venture coincided with the onset of the 2018 crypto winter — a sharp downturn in cryptocurrency prices marked by Bitcoin’s drop from nearly $20,000 in late 2017 to under $4,000 by December 2018. ### Incomplete Launch and Decline
By October 2018, KODAKOne had launched a beta version of its licensing portal, which reportedly generated $1 million in licensing claims within the first two months. However, the platform never moved beyond beta, and the KODAKCoin cryptocurrency was never fully integrated into its ecosystem.
Kodak’s last public reference to the project came in August 2019, when it noted cryptocurrency market volatility as a potential risk factor for its stock price. By the close of 2019, the company’s earnings reports no longer mentioned cryptocurrency as part of its risk profile. And by late 2020, the KODAKOne web domain was effectively shut down.
Kodak’s Uncertain Future
Kodak’s brush with cryptocurrency, widely regarded as a cautionary tale of corporate crypto experimentation, underscores the difficulties traditional companies face in adapting to disruptive technologies. The project promised a blockchain-powered revolution for photographers but ultimately stalled due to poor timing, structural limitations, and market conditions.
As Kodak confronts another potential bankruptcy, its crypto venture stands as a curious episode in its history—one that highlights both the allure and peril of chasing the latest technological fads without sustainable foundations.
This article was updated on August 13, 2025, to include the latest comments from Kodak.
Sources:
- Eastman Kodak Form 10-Q (Q2 2025)
- New York Times coverage of Kodak’s cryptocurrency venture
- Official Kodak and WENN Digital partnership announcements
- Confidential Offering Memorandum leaked by blockchain analyst David Gerard
- Breaker Magazine and cryptocurrency market data from Yahoo! Finance
- Various quarterly earnings reports from Kodak Eastman
Colin Laidley is Associate Editor at Investopedia, covering technology and financial news. He holds an M.A. in journalism from The New School and a B.A. in history and political science from McGill University.