In mid-December Bantams owner Stefan Rupp revealed he had received an email bid from WAGMI offering to buy the League Two club the day after telling The Yorkshire Post there had been no offer at that stage.
"That is all I have received, nothing more, and no further action has taken place," said Rupp at the time.The offer was rejected days later when Rupp took account of the backlash in some quarters to the plans.
Cryptocurrency is a controversial topic within football because it relies on a market which is hugely volatile and unregulated. Some clubs sell virtual "fan tokens" to bring in revenue, but WAGMI suggested they intended to go further as part of ambitious plans to buy a lower-league football club and take it into the Premier League.
The group includes businessman Daryl Morey, president of National Basketball Association side Philadelphia 76ers, businessman Gary Vaynerchuk and TikTok personality Bryce Hall but little experience or even knowledge of football.
WAGMI disputed Rupp's version of events, accusing him of "rescinding our purchase agreement" and claiming there had been "productive and confidential negotiations with Mr Rupp to purchase Bradford City since early November".
Rupp threatened legal action to test "assertions which could generously be described as being wide of the mark" but that threat has now been dropped.
The positive from the whole situation is that an organisation close to the club's heart ever since the Valley Parade fire of 1985 will be significantly better off.
In a statement WAGMI said: "WAGMI United thanks Stefan Rupp for his leadership in arranging this opportunity to support such an important cause. The matter is now closed and both parties can move forward and concentrate on the success of their respective ventures.”