They took loans against 1/3rd of their bitcoin holdings and have been liquidating their holdings (15 in March, 18 in April) to fund outrageous salaries and general operations.
They didnt sell any in May because they sold 300 S21 miners that were brand new to raise cash. Never installed them. Liquidated.
So they have been liquidating miners and bitcoin to fund salaries and power.
They need the warrant exercise to fund the business. There is a 5M float now, and 5M in warrants pending at 2.97 exercise.
Analyst just pegged this to hit 4. It may briefly, but dilution with double the float and the stock will settle again around $1.
$1 times 10-11M shares will keep their market cap around the same.
IMO.
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