The post Bitcoin Treasury Firm DeFi Technologies Claps Back at Report That Tanked Its Stock appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports One of the most high-flying crypto stocks came crashing back to Earth this week after a report argued that it wasn’t rising “for the right reasons.” Today, the company issued a strenuous defense of its business. In its Tuesday issue, crypto newsletter CoinSnacks outlined an extensive marketing campaign undertaken over the past few months to provide positive coverage for DeFi Technologies (DEFI)—a Toronto-based crypto fund provider that publicly trades on Canada’s Chicago Board Options Exchange (CBOE). The price of DEFI stock has risen sharply along with other companies that have adopted Bitcoin as their primary treasury reserve asset, following the massive success of MicroStrategy (MSTR), now the top institutional holder of BTC. Amid the excitement, some analysts began waxing bullish on DEFI for fundamental reasons, claiming that it’s supremely undervalued. On the Monday before the report went out, DEFI traded for CAD $3.30, up 202% since May 31. As of Tuesday’s close, the stock had cratered 35% back to CAD $2.24 per share. The company’s promotional efforts have included a paid email and influencer campaign to put its name in the headlines, CoinSnacks reported to its 50,000 subscribers, as well as endorsements from Anthony Pompliano and Will Clemente—popular crypto investors whose market analysis firm, Reflexivity Research, was acquired by DeFi Technologies in January. DeFi Technologies has surged over 3,400% in the past 12 months, dwarfing the gains of BTC, ETH, & SOL combined. However, a recent promotional campaign has raised critical questions about the transparency & motivations behind this rally.$DEFTF $DEFI.NEhttps://t.co/gJkSLfg0Wv — CoinSnacks (@CoinSnacks) June 18, 2024 “Between the influencer pumps, getting mentioned on CNBC, the…

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Filed under: News - @ June 21, 2024 10:22 am