A major WonderFi shareholder is calling for an “urgent change” to the cryptocurrency’s board as the company’s stock falls despite a bull run in Bitcoin.

In a news release Wednesday, KAOS Capital, a Miami-based hedge fund leading the call for board upheaval, said it already has the support of shareholders totalling 22 per cent of the company. This includes Mogo Inc., the release said, which owns 13 per cent and is the company’s largest shareholder.

“KAOS’s call for change in the Board reflects its dissatisfaction with WonderFi’s lifeless stock performance and its failure to capitalize on its position as the only fully regulated crypto exchange in Canada,” KAOS wrote in the release.

“The current Board has overseen extremely poor performance as compared to other public securities in the global crypto space during the strongest bull run in history for crypto currencies like Bitcoin.”

Overall, the company hopes to nominate “five highly experienced individuals” to the board during WonderFi’s annual general meeting on May 21.

“KAOS is confident that new leadership will enable WonderFi to realize its significant upside potential and gain traction within the re-accelerating crypto marketplace,” the release continues.

“KAOS has recognized that the current weak leadership is not capable of capitalizing on opportunities in the marketplace and is holding the company back, resulting in the stock trading significantly below its comparable peers and company’s intrinsic value.”

WonderFi is the only cryptocurrency platform listed on the Toronto Stock Exchange. Its stock has fallen 16 per cent in the past four months, while the price of Bitcoin is up more than 60 per cent in the same time frame.

“WonderFi has been unable to seize the opportunities presented by the cryptocurrency rebound,” KOAS wrote. “Comparison of WonderFi's performance with Coinbase and other industry peers highlights significant divergences and underscores ample room for improvement.”

In a statement, a spokesperson for WonderFi said KAOS’ statement comes as “no surprise” to board members.

“WonderFi’s board is committed to acting in the best interests of the company and all of its stakeholders and regularly engages with shareholders as part of the company’s efforts to drive sustainable long-term value,” the statement reads. “The coordinated action between KAOS Capital and Mogo comes as no surprise to the board. It appears to be part of a years-long attempt by Mogo to gain control of WonderFi (and its predecessor, Coinsquare) without paying its fellow shareholders a premium.”