$Lion(LGHL.US) rose by +18%, $Destiny Tech100(DXYZ.US) dipped slightly, $Opendoor Tech(OPEN.US) barely moved, and $CleanSpark(CLSK.US) fell by a bit over three points.
A micro-cap stock that happened to accumulate Bitcoin while running a trading platform surged upward, while the other three—from a pre-IPO fund to real estate tech to crypto mining—didn't follow. Despite sharing the 'alternative assets' label, their elasticity differed by an order of magnitude.
Does this kind of pump in micro-caps carry any informational content? My view is basically no—the float is so thin (in the low millions of dollars) that it can be easily pushed around, with negligible correlation to fundamentals.
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