Golden GooseUnderstand that these guys wants to boost their management fee by issuing as many shares that they can when bit coin is popular. This is why they are please to annonce offering after offering.
Howeve, by issuing at NAV when the stock is trading at a premium, this means that there is a transfer of value from current shareholders to current buyers of the issuance. Typically, a close end fund would offer rights to current shareholders to raise capital and current shareholders by partipating would benefit or at least not loose the premium.
Anyway, this might be legal but not very ethical. Would not be surprised if management was participating with these offerings.
And, by doing this on a repetitive basis, the premium will eventually die and offering might be a bit more difficult to do. Anyway, they are not setting themselves up to scale up their business by treating shareholders this way
GLTA