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Activist investor builds stake in Fiserv

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Activist investor builds stake in Fiserv

Activist investor Jana Partners has built a stake in Fiserv and is now pressing the fintech to make moves to boost its share price, according to the Wall Street Journal.

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Jana revealed in a filing that it has bought 2.2 million shares in Fiserv, a stake of less than one per cent. The news sent Fiserv’s share price up by over six per cent.

That rise comes after a 2025 that saw the payments giant’s stock fall more than 67%, prompting CEO Mike Lyons to state late last year: “Our current performance is ​not where we want it to be nor where our stakeholders ‌expect it to be.”

Lyons responded with the launch of the One Fiserv action plan to improve execution and refresh the board, both of the which have Jana’s backing, according to the WSJ, citing sources.

Jana also wants Fiserv to ​speed up expansion of its ‌core banking operations and to begin another strategic review that could include offloading non-core operations, the report adds. However, the investor is not expected to push for a split of the payments and fintech businesses.

Says a Fiserv statement: “During the past several months, we have engaged with many of our shareholders, including Jana Partners. We value shareholder perspectives as we drive progress through our One Fiserv action plan.”

$91M Ethereum Buy: Bitmine Immersion Bets Big On ETH Even As Market Volatility Persists

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$91M Ethereum Buy: Bitmine Immersion Bets Big On ETH Even As Market Volatility Persists

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With shifting narratives and waning ETF flows, the Ethereum price remains under heightened bearish pressure, keeping it just slightly below the $2,000 level. While price has declined sharply, Bitmine Immersion does not seem to be swayed by the pullback as the company makes another big strategic bet on the leading altcoin.

Bitmine Doubles Down On Ethereum With A $91 Million Investment

Institutional sentiment and interest in Ethereum are starting to show signs of renewed strength, with the recent large purchases of the altcoin. At the heart of this underlying strength is Bitmine Immersion, a leading ETH treasury company, following its most recent significant ETH buy.

Amid this renewed bullish sentiment, a post published on the X platform by Milk Road, a macro expert and investor, shows that Bitmine is doubling down on its long-term future by acquiring another stack of ETH worth over $91 million. Even as market volatility continues to intensify, the treasury firm is still scooping up the altcoin at a massive rate, suggesting a strategic approach.

Milk Road highlighted that the purchase was made despite the firm sitting on $8 billion in unrealized losses. The broader sentiment may still be fragile, but Bitmine continues to choose accumulation over caution as indicated by its steady purchase last week, ramping up 45,759 ETH at roughly $1,989 per token within the period.

Ethereum
Bitmine steadily accumulating ETH | Source: Chart from Milk Road on X

Following its latest ETH purchase, Bitmine Immersion’s crypto holdings now boast a total of 4.37 million ETH. Interestingly, this figure represents approximately 3.6% of Ethereum’s entire circulating supply controlled by a single entity.

Considering ETH’s current price, the value of this massive stash is averaging down. Currently, the firm’s blended cost basis is sitting at the $3,821 level, which implies that a 90%+ bounce from the recent price levels is required to break even and flip the firm back into profit. 

ETH Staking Now The Primary Means Of Generating Yield

In the meantime, their strategy remains on generating yield from their ETH staking while they wait, transforming a position that is now weak into useful capital. Over 3.04 million of their ETH is locked away in staking, which is the major long-term unlock. 

Bitmine’s crypto holdings are not just made up of Ethereum. They also hold Bitcoin, $670 million in cash, and stakes in the Beast Industries run by the biggest and most popular YouTuber, Mr. Beast; a move that could see ETH get integrated into his new financial app.

Ethereum investors, especially retail holders, now have a publicly traded company with major skin in the game advocating for the altcoin’s success, and stress-testing whether Strategy’s MSTR model translates to ETH. With a single firm essentially locking up 3.6% of the supply with no plans to sell, this is known as a structural supply reduction that could play a role in shaping the market outlook.

At the time of writing, the price of ETH was trading at $1,998, demonstrating a nearly 2% rise over the past day. Within the same period, its trading volume has increased by more than 7%, according to CoinMarketCap’s data.

Ethereum
ETH trading at $2,004 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Pixabay, chart from Tradingview.com

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ETH Denver 2026 Opens With Builder Energy Despite Crypto Slump

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ETH Denver 2026 Opens With Builder Energy Despite Crypto Slump

In brief

  • ETH Denver founder says the market downturn has trimmed hype and sharpened builder focus.
  • Conference attendees describe a more intimate, return-on-investment-driven crowd.
  • Beyond tech, ETH Denver also places a focus on art and mental wellness.

Crypto prices may be down, but the mood inside ETH Denver on opening day is up.

Despite the cold, a line formed outside the new venue, the National Western Center, well before doors opened.

For ETH Denver founder John Paller, the event reflects a year’s worth of work that began immediately after last year’s event. 

“A lot of people think this is the beginning, but for our team, we actually didn’t stop from last year,” he told Decrypt, describing the first day as “the crescendo.”

While the cryptocurrency market downturn has dominated headlines, Paller said ETH Denver thrives during downturns.

“ETH Denver has always benefited from bear markets,” Paller said, noting that sponsors narrow their event budgets and concentrate spending.

Paller did, however, acknowledge that attendance is expected to fall short of peak years. 

“Instead of 25,000, there’s only going to be 10,000 or 8,000 people or something,” he said, but added that compared to earlier editions, the event has continued to expand. “From 2020 we were at 2,500, so it’s still grown, the core nucleus, and the signal has grown.”

ETH Denver 2026. Photo: Decrypt

“The noise to signal ratio is going to be much better,” he said. “Just a lot less noise, a lot higher signal. The people who are here are serious, and they care deeply about the future of web three and the user owned Internet.”

Russell Castagnaro, founder of Unicorn.eth, said the change in the vibe is noticeable.

“There are a lot more people who are seriously interested,” Castagnaro told Decrypt. “It got so big over the last two years that everyone just had to be there. Now, when they come, they really want to get ROI for themselves. They want to make sure they’re meeting people, building, and getting exposed to all the new technologies. It’s a lot more back to its roots in many ways, but in an evolved state.”

For some first-time attendees like Tyler Gentry, founder of fintech consultancy firm NEED-AID, the appeal of coming to ETH Denver lies in observing how decentralized communities operate.

ETH Denver
ETH Denver 2026. Photo: Decrypt

“I came to ETH Denver to see how a DAO cooperative community comes together in real time and to explore how NEED-AID can use that blueprint to democratize giving for nonprofits and unlock the next generation of donors,” he said.

But the vibe around ETH Denver isn’t all about the latest trends in AI or crypto markets. In the Zen Zone, located near the entrance, centers on art and mental wellness before panels and networking begin.

“The vibes are what kept me coming back,” Shana Douglas, co-founder of blockchain education and outreach project NFT CLT, said. “I’ve been here since four or five years when we’re at the castle and it was super intimate. So this isn’t as intimate as that, but it’s definitely setting the tone for a strong builder community and making sure we’re all vibing nicely.”

ETH Denver 2026. Photo: Decrypt
ETH Denver 2026. Photo: Decrypt

NFT CLT co-founder Tony Bravado, said this year’s ETH Denver feels “more intimate.”

“In order for us to build community, we’ve got to have tight knit places where people can gather, where people can share other ideas, as well as people can grow wellness,” he said. “You have AI, you have wellness, all together, and it just feels good to be here.”

While prices remain well below prior highs, ETFs shed millions, and sentiment on Crypto Twitter has turned decidedly bearish, the attendees of ETH Denver, while a smaller gathering than in years past, appear focused on building not only new technologies but a stronger community going into 2026.

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Ethereum 50% staking figure by Santiment draws criticism from researchers

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Ethereum 50% staking figure by Santiment draws criticism from researchers

Ethereum has crossed a symbolic threshold, with more than half the total ether (ETH) issued now held in its proof-of-stake (PoS) contract for the first time in the network’s 11-year history, Santiment said in a post on X that has been met with criticism.

The onchain analytics firm on Tuesday said that 50.18% of all ETH issued historically is now sitting in the staking deposit contract. The figure reflects cumulative ETH that has flowed into the contract since staking was introduced ahead of the network’s 2022 transition from proof-of-work to PoS.

According to CoinDesk data, the total supply of ether is 120.69 million tokens. Bitmine, the world’s largest ether-focused treasury firm, has 4.29 million ETH, of which 2.9 million is staked. According to Arkham data, the largest holder is the Eth2 Beacon Deposit Contract with 77.1 million or over 60% of the total supply. It holds the most because it serves as the central, mandatory gateway for staking to secure the blockchain. Beacon is followed by Binance with 4.1 million ETH, BlackRock with 3.4 million and Coinbase with 2.9 million.

While the tokens are staked, they cannot be transferred or traded. Withdrawals have been enabled since the Shanghai upgrade in 2023, allowing validators to exit and return ETH to circulation.

That distinction prompted some analysts to caution against interpreting the 50% figure as a permanent supply lock.

‘Inaccurate and materially misleading’

“The post is inaccurate, or at least materially misleading,” Luke Nolan, senior research associate at CoinShares, told CoinDesk. “It references the one-way deposit contract used for ETH staking, but does not account for withdrawals. While ETH is sent into that contract when validators stake, it is not a permanent sink.”

Since withdrawals were enabled, ETH can exit the validator set and re-enter circulation, meaning that looking at the deposit contract balance alone can overstate the amount effectively staked, Nolan said.

“There is also an important nuance around the numbers being cited,” he added. “It is not correct to suggest that over 80 million ETH are currently staked. Roughly 80 million ETH have passed through the staking contract historically, but the amount actively staked today is closer to 37 million ETH, which is around 30% of the current circulating supply. That distinction materially changes the narrative.”

Aleksandr Vat, BizDev at Ethplorer.io, agreed with Nolan and provided CoinDesk with supporting data reinforcing that distinction.

The Beacon deposit contract balance on the Etherscan tracker, currently around 80.97 million ETH, reflects cumulative deposits since launch and does not decrease when validators exit. Withdrawals are processed by minting ETH back to execution-layer addresses rather than subtracting from the deposit contract itself, Vat said.

According to active staking metrics, approximately 37,253,430 ETH are presently staked, based on data from Ethplorer and CryptoQuant, implying that staking represents 30.8% of the total supply.

Santiment’s 50% figure appears to compare the cumulative Beacon contract balance to historically issued supply prior to EIP-1559 burns, Vat said. While that may be mathematically consistent depending on the denominator used, it does not represent the amount of ETH currently locked or removed from circulation, he noted.

Ethereum matures into ‘digital bond’

Even so, the milestone highlights how central staking has become to Ethereum’s economic design, Vineet Budki, partner and CEO at Sigma Capital, told CoinDesk. As participation rises, a larger share of ETH earns yield through validator rewards, reinforcing its positioning as a yield-bearing crypto asset, he said, adding he sees the development as evidence of Ethereum’s maturation into what he called a “digital bond.”

“Ethereum’s milestone of 50% staked supply marks its evolution into a digital bond, where the network’s security is fueled by long-term conviction rather than short-term speculation,” Budki said. “By locking half the total issuance in a one-way vault, the protocol has engineered a structural supply crunch.”

Budki also pointed to accelerating network activity, including a 125% year-over-year increase in daily transactions, a doubling of daily active addresses and an increase in tokenized real-world assets, much of it occurring on layer-2 networks that settle back to Ethereum’s base layer.

Nolan noted, however, that recent validator growth has been concentrated among large participants.

“A significant portion of recent validator entries has been driven by large entities such as Bitmine and U.S.-listed ETFs, which have taken up a notable share of the entry queue,” he noted.

With staking levels continuing to climb, the debate shows just how Ethereum’s supply metrics, and how they are presented, can significantly shape market narratives, Budki concluded.

Optimism’s OP token falls after Base moves away from the network’s ‘OP stack’ in major tech shift

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Optimism’s OP token falls after Base moves away from the network’s ‘OP stack’ in major tech shift

Coinbase’s Ethereum layer-2 network, Base, is changing the technology that powers it, stepping back from relying on Optimism’s OP Stack, the toolkit it originally launched on.

In a blog post titled “The Next Chapter for Base,” the team said it plans to take more control over its own code and infrastructure. Instead of depending on multiple outside teams for key upgrades and changes, Base will consolidate everything into a Base-managed codebase.

In simple terms, Base was built using Optimism’s technology, but now it wants to steer more of its own ship. Optimism is a layer-2 blockchain on top of Ethereum that aims to reduce settlement times and transaction costs.

Base launched in 2023 and quickly became one of the most widely used Ethereum layer-2 networks, with $3.85 billion locked in the protocol today. When the network went live, the Optimism and Base teams shared that Base could earn up to approximately 118 million OP tokens over six years. It is unclear as to what that means for that agreement.

The OP token is down 4% over the past 24 hours following the announcement.

OP Token (CoinDesk)

The team said that the change doesn’t mean Base is cutting ties with Optimism entirely. The company said it will still work with Optimism for support and will remain compatible with OP Stack standards during the transition. For everyday users and developers, nothing should immediately change.

The team said the shift is happening because, if it controls its own stack, Base can ship upgrades faster and simplify how the network operates behind the scenes, aiming to double its pace of major upgrades to about six per year.

For now, the transition is mostly technical.

“This unification does not mean Base will be built in isolation. The protocol remains public and specified in the open, and alternative implementations are welcome and encouraged,” the team wrote in their blog post.

“We’re grateful for our three-year partnership with Base, and proud to have helped it become one of the most successful Layer 2 deployments in history,” an OP Labs spokesperson told CoinDesk.

“Our focus remains on delivering enterprise-grade blockchain infrastructure to our ecosystem, and we will continue to serve Base as an OP Enterprise customer while they build out their independent infrastructure.”

UPDATE (Feb. 18, 2026, 18:06 UTC): Adds OP Labs statement + background info on 118M OP token agreement.

Read more: Coinbase Officially Launches Base Blockchain in Milestone for a Public Company

Previsico on the Next Era of Flood Intelligence for Insurers

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Previsico on the Next Era of Flood Intelligence for Insurers

At ITC London 2026, Stephanie Hendries from Previsico discusses how the business is helping insurers get ahead of flood risk. Previsico already works with key insurance players including Liberty, Zurich and Generali, and the team is keen to dig into the nuances of surface water flooding.

A major focus for Previsico right now is moving forecasting to what the company calls Flood Intelligence 2.0 and Hendries explains that this takes flood forecasting from a single, deterministic “one outcome” view to a probabilistic one. This means that customers can see the likelihood and severity of flooding, instead of a simple yes/no. Hendries also highlights growing interest in parametric solutions, and points to Previsico’s partnership with Descartes, saying partnerships like this matter because they can support better insurance outcomes across the process.

To bring it to life, Hendries shares Previsico’s work with Balfour Beatty VINCI on HS2, on a complex Birmingham-area site built on a floodplain. After a multi-million-pound flood loss two years ago, the site implemented Previsico’s forecasting plus live IoT sensor monitoring and during a later flood event, they had enough warning to move expensive equipment and materials, thus avoiding damage and mitigating that risk.

Looking ahead, Hendries notes the rising loss projections for insurers by 2050, driven by extreme weather and Previsico’s two-day warning window is positioned as a practical way to reduce that risk. Following a Series A funding round late last year, Hendries says the priorities are continuing to improve the product (including Flood Intelligence 2.0) and expanding further in the US, where Previsico is already operating.

Kresus secures $13M investment from Hanwha to scale wallet and RWA tokenization tech

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Kresus secures $13M investment from Hanwha to scale wallet and RWA tokenization tech

Wallet infrastructure firm Kresus Labs has raised approximately 18 billion won ($13 million) in investment from Hanwha Investment & Securities, one of South Korea’s largest financial institutions.

The investment follows a memorandum of understanding signed in December at Abu Dhabi Finance Week and is aimed at expanding Kresus’ enterprise digital wallet infrastructure, real-world asset (RWA) tokenization platforms and onchain financial workflows.

The wallet and blockchain infrastructure firm develops digital asset tools for both consumers and institutions, including “seedless” wallet recovery technology and multi-party computation (MPC)-based security systems.

Seedless recovery refers to the means of restoring access to a digital asset stored in a wallet without having to use the traditional stream of 12-24 random words, which could prove a barrier to entry for some.

Kresus also operates wallet infrastructure and tokenization platforms designed to meet institutional compliance and operational requirements.

Hanwha plans to use Kresus’ technology to enhance its client-facing digital asset services and to develop tokenized versions of traditional financial products. For established financial firms, wallet security and compliant tokenization frameworks remain key barriers to deeper engagement with blockchain-based markets.

The raise underscores how capital continues to flow into infrastructure providers even when broader crypto markets are volatile. Rather than backing speculative tokens, institutions are increasingly targeting custody, security and tokenization layers that can plug into existing financial systems.

Milo Tops $100 Million In Bitcoin And Crypto Mortgages

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Milo Tops $100 Million In Bitcoin And Crypto Mortgages

Milo, a Miami-based financial technology firm focused on crypto-backed lending, announced it has originated more than $100 million in crypto mortgages, marking a milestone in the use of digital assets as collateral for home financing and purchasing.

The company said the total includes its largest single transaction to date, a $12 million crypto mortgage, as demand grows among institutional and high net worth borrowers seeking alternatives to traditional mortgage structures.

Milo’s crypto mortgage product allows clients to pledge Bitcoin to secure financing for home purchases without selling their holdings. The company said it offers up to 100% financing with loan amounts up to $25 million, removing the need for cash down payments and avoiding taxable events that can come with liquidating crypto assets.

Chief Executive Officer Josip Rupena said the milestone reflects broader adoption of crypto-based financing.

“Crossing $100 million in originations demonstrates the maturity and stability of our lending infrastructure,” Rupena said. “We’ve moved beyond proving the concept. Now we’re proving the execution.”

Milo said its mortgage portfolio has not experienced any margin calls, and that its interest rates average around 7%. The firm attributed its underwriting approach to AI-driven servicing and real-time collateral monitoring, which it said allows for faster risk assessment compared with traditional lenders.

Milo’s self-custody mortgages

The company also highlighted a self-custody mortgage option, which lets borrowers maintain control of their Bitcoin while still qualifying for financing. In its standard crypto mortgage structure, Milo said client collateral is held through custodians Coinbase and BitGo.

Adam Back, CEO of Blockstream, said crypto-backed mortgages could expand real-world financial use cases for Bitcoin holders.

“While Bitcoin continues to appreciate, buyers are able to build equity in real estate and don’t have to sell their long term conviction,” Back said.

Beyond mortgages, Milo said its crypto loan business also expanded sharply, with its loan book quadrupling in 2025. 

The firm offers crypto-backed loans starting at 8.25% interest, which it said clients have used for purchases including additional Bitcoin, land acquisitions, home renovations, and business investments.

Back in 2022, Milo began developing what it now calls the first U.S. bitcoin mortgage, allowing buyers to use their BTC holdings as collateral to purchase property without selling for a down payment. 

The company said the 30-year product can finance 100% of a home purchase, with CEO Josip Rupena and Miami Mayor Francis Suarez framing it as a way for bitcoin holders to qualify for mortgages while keeping exposure to BTC’s upside.

Milo operates as a licensed lender and said it is SOC 2 audited, positioning its products within regulatory oversight as crypto lending continues to develop in the U.S. financial market.

Bitcoin Price Holds Near $67,000 As Market Waits For Prompt

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Bitcoin Price Holds Near $67,000 As Market Waits For Prompt

The Bitcoin price remains in a narrow but pivotal trading range near $67,000–$68,000, with the market wrestling between sustained consolidation, escalating downside risk, and thematic narratives from technical and fundamentals that frame the near term. 

Current live data tracking from Bitcoin Magazine Pro shows the Bitcoin price trading below $68,000, with slight declines over the last 24 hours reflecting a lack of dominant drivers in either direction.

“Macro news has been closely correlated with crypto’s risk profile the last 12 months,” said Paul Howard, senior director at market maker Wincent, according to Bloomberg. 

Howard said Bitcoin may enter a consolidation phase as it looks for new catalysts to shape market sentiment. He noted that a U.S. Supreme Court decision on tariffs expected Friday could have a bigger impact than the Fed’s meeting minutes or upcoming inflation data.

The asset has held between roughly $65,100 and $72,000 following a Feb. 5 selloff that pushed prices to their lowest point since October 2024. While volatility has eased from the sharp decline earlier this month, the market has yet to show a decisive breakout in either direction.

Bitcoin price analysis 

Bitcoin’s price action has been semi-muted over the last week, with a bounce from a bitcoin price of $60,000 failing to break resistance at $71,800 and instead dipping to support near $65,650 before closing around $67,000. 

Bears remain in control as buyers have shown little follow-through, and a daily close below $65,650 could open the door to $63,000 and potentially the key Fibonacci level near $57,800. 

On the upside, bulls would need to reclaim $71,800 to target $74,500 and higher resistance around $79,000. For now, the bias stays bearish, with the bitcoin price likely ranging between the low $60,000s and the mid-$70,000s unless support levels fail.

But some big institutions are continuing to buy into bitcoin exposure.

Abu Dhabi’s Mubadala Investment Company increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT) to 12.7 million shares worth about $630 million as of Dec. 31, up 46% from the prior quarter.

Al Warda Investments also raised its IBIT holdings to 8.22 million shares, continuing its move into regulated bitcoin ETF exposure.

Together, the two Abu Dhabi funds held more than 20 million IBIT shares valued at over $1.1 billion at year-end 2025.

Strategy bought another 2,486 BTC for $168.4 million last week, bringing its total holdings to 717,131 BTC accumulated at an average price of $76,027. 

With the bitcoin price trading near $68,000, the company is sitting on an unrealized loss of roughly $5.7 billion but continues to frame its aggressive accumulation as a long-term treasury strategy.

David Bailey’s Nakamoto Buys His Own Bitcoin Empire at a Discounted Public Price

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David Bailey’s Nakamoto Buys His Own Bitcoin Empire at a Discounted Public Price

The deal brings Bailey’s private ventures under a public umbrella, without a new shareholder vote.

A Bitcoin‑focused public company just bought two businesses that its own CEO originally founded, leaving many in the crypto circles scratching their heads over who’s really running the show.

The buyer, recently launched Bitcoin treasury company Nakamoto Inc., said in a Feb. 17 press release that it will merge with BTC Inc., the media and events group behind Bitcoin Magazine and The Bitcoin Conference, and UTXO Management, a Bitcoin-focused investment adviser.

David Bailey, Nakamoto’s chairman and CEO, co-founded BTC Inc. and UTXO Management, meaning he is effectively the buyer, seller, and CEO approving the deal.

“The Transaction is intended to further establish Nakamoto as a diversified Bitcoin operating company with a global brand, established distribution networks, and institutional capabilities across media, asset management, and advisory services,” the press release states.

The deal is expected to close in Q1 2026 and is valued at about $107.2 million. Shares of Nakamoto, which trade on Nasdaq under the ticker NAKA, are down over 90% on the year.

NAKA shares are down 2.5% today and trading 10% lower since yesterday evening, following the news.

NAKA shares 5-day price chart. Source: Yahoo Finance

As Bitcoin advocate Justin Bechler pointed out in an X article on Feb. 17, in November 2025 Bailey handed the CEO title of BTC Inc. to Brandon Greene, who previously served as managing director, chief of staff, and head of events at BTC Inc., driving the growth of Bitcoin Magazine.

Bailey’s background spans over a decade in crypto leadership, including leading Bitcoin Magazine and organizing industry events. During the 2024 U.S. election cycle he was a visible Bitcoin advocate who advised Donald Trump’s campaign on crypto and played a role in securing Trump’s keynote appearance at the 2024 Bitcoin Conference.

‘Exit Liquidity’

As multiple commentators on X pointed out, the mechanics of the deal appear messy, given the ownership of the involved parties. The transaction will be financed entirely with newly issued common stock priced at $1.12 per share under pre‑existing call‑option terms, giving the sellers shares worth more than four times NAKA’s current market price, trading near $0.27 at press time.

That means Bailey’s private companies are being absorbed into the public shell at a price set long before most current shareholders bought in.

“Forget the pricing fiction on the contract. What matters is that 363.6 million new shares just entered the float. Existing shareholders are being diluted by that number regardless of whether the paperwork says $1.12 or $0.29. The $1.12 label is a courtesy to the seller. The dilution is real,” Bechler writes.

Because the call rights were previously disclosed and approved as part of earlier merger documentation, Nakamoto said “No additional Nakamoto shareholder approval is required to complete the Transaction.”

Some onlookers argue it was expected that Nakamoto would pull this move. Brian Brookshire, advisor at Bitcoin credit‑backed stablecoin protocol Saturn, noted in an X post yesterday evening that “no one should be surprised by this deal,” adding that “it was crystal clear from the outset that Nakamoto was a vehicle for bringing BTC Inc. public.”

For outside investors, the deal shows how linked operating businesses can be folded into a public shell while using shareholders as “exit liquidity.” Some explicitly pointed out the redundant ownership structure, saying the transaction was nothing more than “David pays David for David’s company with shareholders money…and the scam goes on.”

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