According to online reports, Matthew Sigel, head of digital assets at VanEck, said that many low-cap Nasdaq companies claim to buy hundreds of millions of dollars worth of tokens (such as XRP and SOL), but this is likely to be a way to bid up stock prices. "A lot of it is insiders trying to drive up shipments, and if the market value is negligible and no new investors are disclosed, I will conclude it is a scam," he said. Earlier this month, educational technology company Classover Holdings Inc. (listed on NASDAQ with a market cap of less than $100 million and a stock price of less than $4) announced plans to raise up to $500 million to build the Solana vault.