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BTCS CEO criticizes naked short selling, reiterates that he will not dilute shares, holds 70,000 ETH.
[Coin World] On August 12, Charles Allen, CEO of the publicly listed company BTCS, stated, "Naked shorting is a predatory practice that manipulates the market by artificially increasing supply, depressing prices, and diluting the rights of legitimate shareholders. This behavior harms true long-term retail investors and must be stopped. Today, we believe that short sellers are betting on a decline in BTCS's stock price, expecting that we will irresponsibly sell billions of dollars worth of stock through an Automatic Trading Machine (ATM), allowing them to buy back at a low price. As I mentioned before, my goal is to increase market capitalization through a rise in stock price, rather than recklessly diluting shares." BTCS Inc. (BTCS) currently holds 70,000 ETH, valued at approximately $299.4 million, with holdings increasing by 379.64% over the past 30 days.