Unchained’s executive editor Steven Ehrlich joins Laura to unpack his recent investigation into PIPE-funded crypto treasury companies, and why some of the biggest gainers may now be headed for a steep fall.

Steve explains how four crypto treasury companies raised hundreds of millions via PIPEs, dramatically expanded their share counts, and may now be facing a flood of sell pressure.

He breaks down how PIPE financing works, why it’s popular with treasury firms, and why it can leave retail investors vulnerable. We also discuss Bitmine’s latest SEC filing, why it caused the stock to drop 39% on Wednesday, and what investors should watch for next.