Ki Young Ju "Corporate Bitcoin accumulation strategy has limits with PIPE… only seeks short-term gains"

Minseung Kang

Summary

Ki Young Ju, CEO of CryptoQuant, pointed out that the private investment in public equity (PIPE) used by some Bitcoin (BTC)-holding companies has limitations.
He stated that PIPE investors move to seek short-term gains only, which is not appropriate for companies' long-term treasury strategies.
The market evaluated that while PIPE can be useful for securing short-term liquidity, it is at odds with long-term Bitcoin accumulation strategies.

Ki Young Ju, CEO of CryptoQuant, recently pointed out that the 'private investment in public equity (PIPE)' used by some Bitcoin (BTC)-holding companies to raise funds has limitations.

On the 26th, Ki Young Ju said on X·formerly Twitter, "PIPE is not suitable for operating a Bitcoin treasury company. Investors move only to seek short-term gains."

He cited the share price movement of Bitcoin treasury company Kindly MD (Kindly MD·NAKA) as an example. According to CryptoQuant research, NAKA soared intraday to $34.77 in May amid increased Bitcoin buying and a corporate investment boom. However, when the PIPE investor lockup was lifted last September, it plunged more than 50% in a single day, starkly revealing investors' short-term selling pressure.

The market notes that while PIPE structures may be useful for securing short-term liquidity, they diverge from companies' long-term Bitcoin treasury strategies.

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