Matthew Sigel, head of digital assets at VanEck, says many Nasdaq low-cap companies claim to be buying hundreds of millions of dollars worth of tokens, such as XRP and SOL, but this is likely to be a means of bidding up share prices. "A lot of it is insiders trying to drive up shipments," he says. "If the market cap is minimal and no new investors are disclosed, I would consider it a scam."
Earlier this month, educational technology company Classover Holdings Inc. (NASDAQ-listed, with a market cap of less than $100 million and a share price of less than $4) announced plans to raise up to $500 million to build a Solana vault.
VanEck executives: Low-cap companies claim plans to buy XRP or SOL may be an attempt to bid up share prices
2025-06-13 18:59:12
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