$SLNH
RejectedInvestment Thesis
Rejected. $1B dilution on ~$200M MC. $500M active ATM.
Rejection Reason
$1,000,000,000 dilution off a $200M MC with a $500M active ATM sold into the open market. Promoted by same influencers who need exit liquidity. Mathematically impossible to appreciate meaningfully with this overhang.
From the Feed (2 signals)
$IREN and $SLNH investors are probably the most braindead communities I've interacted with on X. I've never seen a community so bullish on a $219M MC stock that has a new $1,000,000,000 dilution. And an ongoing $500,000,000 ATM. Maybe, it's a better idea to just go long on a stock without the toxic financing... So you can actually benefit from equity appreciation without just being liquidity?
$SLNH is a shtco like $BKKT, $ASST, and $IREN. That is actively diluting everyone with a $500M ATM. Not sure why anyone even listens to a guy who has consistently crashed retail portfolios over and over. I'm going to watch them raise $500M off retail bagholders that get diluted to $0. Then say 'we have $500m on our balance sheets, MC should be higher' and award themselves SBC off the ATM. They're all absolutely terrible longs.