Steven Ehrlich
@Steven_Ehrlich
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Executive Editor @unchained_pod; Fmr Research Director @ForbesCrypto, @krakenfx @Citi, @BoozAllen, US Dept of Defense | @columbiaSIPA @teppercmu #flyeaglesfly
Pennsylvania, USA
Joined February 2011
RT @jacqmelinek: Bloomberg Terminal has switched its scale to show Bitcoin in Millions. It's currently 0.112M for one Bitcoin https://t.co/….
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RT @diogrante: 🧾 It's hard to stay silent after these numbers. As @Steven_Ehrlich recent investigation revealed how several crypto-related….
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RT @BeeestMod: $SRM.#SRM Entertainment . Thank you again .@laurashin @Steven_Ehrlich . I was able to do some research 🧐 and narrate the tim….
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It turns out investors may have sold off prematurely🫤. Read more to find out why these treasury company stocks are giving people the jitters:
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And in fact, the shares sold in the $250 million PIPE must be registered separately with the SEC to be sold.
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On Wednesday, it closed a $250 million PIPE (private investment in public equity) deal that would 13x its outstanding supply. But that raise had already been announced, and the filing Wednesday didn’t immediately dilute the share count.
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BitMine had been enjoying healthy gains after naming permabull Tom Lee of Fundstrat as its CEO.
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Such stocks, like Sharplink and Upexi, have crashed when new shares held by private investors became sellable on the market, but that wasn’t the case here. So what happened?🤔.
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On Wednesday, Ethereum treasury company BitMine Immersion Technologies (BMNR) fell 39% 📉.
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Up until Wednesday BitMine had been an investor darling, as its stock surged by almost 3,000% after the company announced its new strategy and brought on famed crypto bull Tom Lee as board chairman.
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The filing comes on the same day that the company officially closed a $250 million private placement round known as a PIPE (private investment in public equity) from institutional investors meant to kickstart its transition into a crypto holding firm.
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In my big investigation yesterday into the vulnerabilities of crypto treasury companies which relied on PIPEs for fundraising to price crashes, BitMine was one of the firms highlighted. Guess what happened just a few hours after publication…
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RT @Unchained_pod: BitMine crashed 39% after it announced plans to raise $2 billion to buy more Ethereum. @steven_ehrlich reports. https:/….
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RT @laurashin: BitMine plunged 39% today due to plans to raise $2 billion that would dilute existing investors. @steven_ehrlich reports. h….
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RT @BeeestMod: @laurashin @Steven_Ehrlich Wow. Great information. It means it’s dilution time for SRM. We retail investors were so excited….
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RT @ltabb: @Steven_Ehrlich @timmassad lol, so an ex car dealer is going toe to toe with the ex head of the CFTC, who has also been research….
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I have no idea what Moreno is talking about. @timmassad is one of the smartest people that I know in the space.
JUST IN: 🇺🇸 US Senator Bernie Moreno educates former CFTC Chair Timothy Massad on Bitcoin after he calls it a "token."
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RT @laurashin: 🚨 Some crypto treasury companies are using a funding mechanism called a PIPE, private investment in public equity. What in….
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