Nilam Resources’ shares gained a blistering 1,700% after announcing it would buy 24,800 Bitcoin. Some say it’s a “marketing stunt” from a dying penny stock.
Nilam Resources claimed the deal had been months in the making. It plans to issue a newly authorized “preferred stock” in exchange for the Bitcoin, which will be at a “discounted rate relative to current market prices.” However, many crypto-natives aren’t convinced the firm will be able to follow through with its ambitious plan, with some suggesting the announcement is some kind of “marketing stunt.”his initial tweet sharing Nilam’s announcement on X after “a commenter pointed out that it’s indeed a stunt from a dying penny stock.”Quinten Francois, a crypto YouTuber and co-founder of Web3 company WhereAt Social also accused the filing of being a “marketing stunt” — common among failing small-cap stocks.
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Source: CoinDesk - 🏆 291. / 63 Read more »