Public Shell Firms Go All-In on Altcoins—And the Market Isn’t Buying It: FT

Wall Street's favorite shell game gets a crypto twist.

Public shell companies—long used as backdoor vehicles for dodgy reverse mergers—are suddenly piling into altcoins. And regulators aren't the only ones raising eyebrows.

The pump before the dump?

Sources tell the FT these zombie firms are loading up on speculative tokens, with some portfolios ballooning 300% in months. Classic 'buy high, sell never' strategy—if you believe their filings.

VCs whisper 'exit liquidity'

Silicon Valley sharks smell blood. 'When shells chase volatility, it's not a trade—it's a Hail Mary,' quips one hedge fund MD. Translation: someone needs greater fools before audit season.

The SEC's new crypto task force just got its easiest targets yet. Meanwhile, retail traders keep buying the 'Web3 transformation' narrative—because nothing says blockchain revolution like a 1990s penny stock playbook.