On the first day of trading investors lost about $650m. Some have called it the worst initial public offering (IPO) ever.

在交易首日，投资者损失约6.5亿美元。一些人称它是有史以来最糟糕的首次公开发行股票（IPO）。

These newer cryptocurrency companies, they're doing something that looks a little bit like an IPO and, I mean, they even used to call it an initial coin offering, an ICO.

这些较新的加密货币公司，他们正在做的事情看起来有点像首次公开募股，我的意思是， 他们甚至过去称其为首次代币发行，即 ICO。