Officially entered y2k bitcoin
So - Riot blockchain.
A formerly failing biotech changed their name 6 weeks ago and spend 2.5 million buying mine rigs.
Stock up 1000%. 140 million market cap. 15-20 million in cash and 2.5 million in mining rigs and a few legacy poorly performing bio royalties.
Mara - up 300% one day. Heavily indebted. Said they buying mining rigs.
Had a friend making 80k on riot. I guess it’s legal to participate in what seems like a complete pump and dump is it ethical? I feel like if a trader had to go to the bar like a lawyer and explain a trade like that they would be disbarred.
Also have a friend with a similar set up to riot. They purchased mining equipment a couple months ago. They just got it running last week. 1000 mining rigs (riot has 1200 rigs). Is it a no-brainer for him to find a shell company and do a reverse merger? Ipo would take too long. He told me the all-in costs were 2.8 million to set up the operations. What is the legalese on dumping you shares within a month of being public? Assume it’s legal so long as your disclosures are factual.
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