AiRWA Inc. made its name in sports technology – for example, selling the Slinger Bag portable tennis ball launcher and acquiring AI coaching firms like Gameface and PlaySight ts2.tech. CEO Mike Ballardie had steered the company toward sports-AI and wearables, a market growing 23% annually ts2.tech ts2.tech. However, in mid-2025 Connexa dramatically shifted strategy into Web3. In late August 2025 it quietly filed an SEC joint-venture indicating that it and Singapore-based JuCoin Capital would each put up $250M to launch AiRWA Exchange, a cryptocurrency platform for trading real-world assets ts2.tech. This $500M crypto partnership triggered a sell-off – on Aug 29 the stock plunged ~46.8% to ~$2.03 amid investor uncertainty ts2.tech.