Raising money at the cheapest rate is now being followed by prolonged silence.
What MM could not achieve since 2018 — the so-called holy grail — has been placed in the hands of C14 since November 2024. Yet C14 remains silent. BIT is silent too. No one knows how the money is being spent.
How did the existing investors become convinced to give more money to people who seem only capable of taking funds from shareholders and then going silent until more money is needed? In the past, MM and others used to entice shareholders with headlines like “Headline Results.” Now, they resort to threats — like suggesting the company might shut down — to extract more funding.
Shareholders must ask:
How is the raised money being spent?
What work has C14 done since November 2024?
How much has C14 received from BIT so far?
What are the expected outcomes from C14's involvement, and can those results translate into a tangible return (e.g., $0.15 per share)?
If options had been exercised, C14 could be doing what it's doing now without diluting the share price. Raising money at the lowest price — under the pretext of C14 — primarily benefits C14 and BIT management. BIT’s management continues to receive their entitlements without challenge. C14 collects its retention fees.
What a smart business model for the CEO, board, PN, and C14 — all seemingly making money regardless of outcomes.
BIT’s management managed to burn through $1.8 million in just a few months with vague, smoke-and-mirrors details and no tangible results. Consuming the recent $1.2 million will be just as easy for them, followed by yet another request for more funding.
If C14 didn’t exist, how would BIT raise money?
One must begin to question C14 itself — a shadowy professional service that appears genuine but might simply be a convenient tool to bypass regulatory scrutiny. Isn’t it the responsibility of ASIC to investigate whether C14 actually exists for the purpose MM and others have claimed — and whether raising funds to support the so-called “C14 process” is even legitimate?
(20min delay)