VanEck executives: Low market capitalization companies claiming to buy XRP or SOL may be doing so to inflate stock prices.

[VanEck Executive: Low Market Capitalization Companies Claiming Plans to Buy XRP or SOL May Be to Pump Stock Prices] Matthew Sigel, head of digital assets at VanEck, stated that many low market capitalization companies on Nasdaq claim to purchase tokens worth hundreds of millions of dollars (such as XRP and SOL), but this is likely a tactic to pump stock prices. He said, “Many are insiders trying to pump and dump; if the market capitalization is negligible and there are no new investors disclosed, I would deem this an eyewash.” At the beginning of this month, education technology company Classover Holdings Inc. (NASDAQ-listed, with a market capitalization of less than 100 million USD and a stock price of less than 4 USD) announced plans to raise up to 500 million USD to establish a Solana treasury.