Crypto Trader Bets $1.8 Million on Nasdaq Short Squeeze with Meme Coin
Crypto trader Rune has announced that he spent $1.8 million to acquire a 37.4% stake in a Nasdaq-listed public company via an OTC trade.
The company, which has a market cap of $4.8 million and a share price of $0.12, also carries $6.2 million in debt and annual recurring revenue of only $380,000.
Rune plans to tokenize the company's stock, deploy it on Robinhood Chain, and launch a Meme coin paired with the tokenized stock, which he believes will trigger a short squeeze and drive up the stock price.
This strategy is based on a validated path from the capital markets over the past two years, where companies like Strategy (formerly MicroStrategy) have used new stock issuance or corporate bonds to raise capital for BTC purchases, driving up company valuation.