VanEck Executive: Low Market Cap Companies Claiming to Buy XRP or SOL May Be Attempting to Inflate Stock Prices

According to a report by Jinse Finance, Matthew Sigel, Head of Digital Assets at VanEck, stated that many low-market-cap Nasdaq companies claim they will purchase hundreds of millions of dollars’ worth of tokens (such as XRP and SOL), but this is most likely a tactic to inflate their stock prices. He said, “In many cases, it’s insiders trying to pump and dump. If the market cap is negligible and there’s no disclosure of new investors, I consider it a scam.” Earlier this month, education technology company Classover Holdings Inc. (listed on Nasdaq, with a market cap of less than $100 million and a share price under $4) announced plans to raise up to $500 million to establish a Solana treasury.