PIPEs Not Best Way For Bitcoin Treasury Company: CryptoQuant

Report links sharp drawdowns in firms like NAKA to PIPE unlocks, with more downside expected in coming months.

Business Sep 26, 2025 0 21 Add to Reading List

PIPEs Not Best Way For Bitcoin Treasury Company: CryptoQuant

Bitcoin treasury firms that raised capital through private investment in public equity (PIPE) deals are facing increasing scrutiny as stock prices tumble amid early investor exits. According to a new report from CryptoQuant, several companies have seen drawdowns of 42% to 97%, driven largely by anticipated or actual PIPE unlocks.

PIPE agreements allow investors to purchase shares at discounted prices, typically before a public listing or major event, and then sell when restrictions are lifted. While this method provides quick capital, it often exposes companies to aggressive profit-taking by short-term holders. The moment these shares become tradable, markets often react violently.

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