BlockBeats news, on August 12, BTCS CEO Charles Allen stated, “Naked shorting is a predatory practice that manipulates the market by artificially increasing supply, driving down prices, and diluting the rights of legitimate shareholders. This behavior harms genuine long-term retail investors and must be stopped. Today, we believe 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 selling plan (ATM), allowing them to buy back at a lower price. As I mentioned before, my goal is to increase market capitalization through a rise in stock price, not to recklessly dilute shares.” BTCS Inc. (BTCS) currently holds 70,000 ETH, valued at approximately $299.4 million, with a 30-day increase in holdings of 379.64%.
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