Some small businesses, with very low market values, are suddenly claiming to buy a large amount of XRP and Solana while driving today. These announcements sound loud, but they raise serious questions. Most of these companies have no strong relationship with the crypto industry and are very limited in financial support.
Just recently, Singapore-based Trident Digital Tech announced plans to raise $500 million to build a massive XRP Treasury Ministry despite having a market capitalization of just $16 million and earning shares in stock trading under $0.40 on Nasdaq.
Vaneck: $XRP, $Sol Treasury Plans by Micro Caps are likely to be head of the digital assets of @vaneck_us, @matthew_sigel warns that the recent XRP and Solana Treasury announcements are likely to be a “pump and dump” scheme by slow-speed NASDAQ companies. Companies such as Trident Digital and Classover…
– Global (@coinnessgl) June 13, 2025
Matthew Sigel, head of Vanek’s digital assets, believes these moves are likely an attempt to raise the stock price of small businesses.
Penny stock in Crypto Titan? Vanek doubts that
He suggests that many of these announcements are insider-driven pump and dump schemes, where company insiders hype the news to inflate stock prices and sell the stock for profit before prices plummet.
“Insider pump and dump attempts – a lot of them. If there’s a market capitalization de minimis And there’s no disclosure from new anchor investors, I think it’s a scam,” he said.
In a recent X-Post, Sigel highlighted Addentax Group, a Chinese-based clothing company based at a multi-million dollar market capitalization, claiming it would buy $800 million worth of Bitcoin and Trump Coin. He blurted the ticker and warned his followers not to take such claims seriously.
Penny stocks registered in the US with a market capitalization of $3 million, which has announced plans to buy $800 million in BTC & Trump Coin, will not post tickers. pic.twitter.com/tbwgt8bsu4
– Matthew Sigel, Recovering CFA (@matthew_sigel) May 15, 2025
Defi Dev Corp joins the Ministry of Finance’s trend
Earlier this month, Classover Holdings, an Ed-Tech company with less than $4 shares and a market capitalization of less than $100 million, announced plans to raise $500 million from Solana Treasury. Similarly, China’s Webus International has revealed plans to build a $300 million XRP Treasury Ministry with a market capitalization of less than $100 million.
Defi Development Corp. takes Crypto Treasury’s trend a step further. On Thursday, it announced an agreement to sell up to $5 billion worth of shares to build the Solana Treasury Department. Unlike the others, the company claims that this is the main business focus.
The announcement has boosted inventory, but many doubt that the company can boost that much. Just a few months ago, the market capitalization was $7 million. Currently, that amounts to around $379 million. Sigel believes these small businesses are trying to mimic Michael Saylor’s Bitcoin Playbook, but there is no real financial support.
