VanEck's digital asset director: The threat of low market capitalization listed companies establishing large-scale encryption reserves can be seen as eyewash.

BlockBeats news, on June 14, recently, a wave of companies (many of which have very small market capitalization) announced their intention to purchase large amounts of popular alts like XRP and Solana. These companies typically come from seemingly unrelated corners of the business world. Matthew Sigel, head of digital assets at VanEck, stated that these so-called moves are likely just attempts to pump the stock prices of small-cap companies, many of which trade on Nasdaq. Sigel said, “Many are insiders trying to pump and dump, and if the market capitalization is minimal and no new investors are disclosed, I would consider this an eyewash.”