The Rise and (Mostly) Fall of the PIPE Model in Bitcoin Treasury Strategies

Has the PIPE model failed for bitcoin treasury companies? The collapse in the share prices for two notable recently closed deals — KindlyMD (NAKA) and Strive (ASST) suggests as much. A PIPE, or Private Investment in Public Equity, is a financing mechanism where institutional investors purchase shares directly from a publicly traded company at a pre-determined price, typically below market value, which allows the company to raise capital at a much faster rate without the lengthy and costly process of a tra ...