Are Public Companies Buying Bitcoin, or Just Diluting Shares to Get It?
Satsuma Technology, a British Bitcoin treasury firm, concluded a $217 million fundraising round today. More than half of these funds, however, consisted of direct BTC donations, which Satsuma exchanged for company stock. By avoiding the open market, these trades become difficult to measure through BTC demand and may dilute retail investors’ own shares. It’s unknown…
