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Laura Shin
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One popular method of raising money for crypto treasury companies has already caused major drops for two firms. Another four could be on the way.
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Unchained LIVE July 10: Why Bit Digital Is Going All In on ETH
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In today's Unchained Daily: 🔥 BTC shorts nuked as price nears ATH 🪙 https://t.co/K2pCykwr1R ICO called a “grift” 🇺🇸 WLFI vote: 99% say make it tradable 🧨 GMX hack exposes $40M hole 💸 BitMine tanks 39% after ETH raise news ⚡ Read today’s biggest crypto news… and subscribe for more!
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BitMine plunged 39% today due to plans to raise $2 billion that would dilute existing investors. @steven_ehrlich reports https://unchainedcrypto.com/bitmine-crashes-39-after-it-files-to-raise-2-billion-for-more-eth/
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🚨 Some crypto treasury companies are using a funding mechanism called a PIPE, private investment in public equity. What investors may not know is that this can inflate the share supply an incredible amount -- Sharplink's was inflated by 8,893% 😳 This means when private investors are able to sell, the price can dump 💩 Both Sharplink and Upexi saw this happen -- both tokens dropped ~70% at the time they registered, which is when those shares became eligible for share. See this chart to find out how much supply was inflated for others using PIPEs, including Strive, Nakamoto, Bitmine, SRM Entertainment and others 👇 Great work by @Steven_Ehrlich finding all this info, which was hidden in all kinds of documents in SEC filings and other places 👏
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📉 “There is no onchain activity.” 🪙 Institutions want a few assets. The rest? Struggling. @HadickM on why crypto’s product-market fit crisis is hitting hard 👇
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