If looking at % of the whole, and not the amount, Coinbase looks to be the winner here?
One good example would be old mining companies that went bankrupt. Their value cratered to zero, AND now the corporate overlords that ended up acquiring them are spending neverending millions of dollars spent to clean up Superfund sites decade after decade. There are some liabilities that simply cannot be discharged.
You may as well ask why someone buys a stock that then goes down. You didn't think it would go down when you bought it, obviously, but you were wrong.
Now, these companies have pretty good access to capital, and retail getting ripped off is no problem. The interesting part of this glacier is the pre-IPO ecosystem that is bleeding money and trying to avoid similar markdowns.