Athena Bitcoin Clears Way For Early Investors to Sell Shares

Athena Bitcoin Global, an American Kipto ATM operator with a focus on Latin America, has submitted a report of hundreds of millions of shares to resale of former investors, which indicated a potential exit tied to debt funding earlier.

S-1 submission He appeared in SEC Archives on Tuesday, describing in detail how Athena would register 473 million common shares for resale by more than two dozen shareholders, including wounds of support, insiders of the company and former employees.

Many of his shares were issued after the conversion of secured convertible borrowing, a type of debt instrument that can later be converted to capital.

Athena said that registration would increase its profile “as a leading company in the International Bitcoin ATM operation” and “potentially” make it easier to attract additional capital in the capital “, which should be funded by its spread.

The operator did not immediately respond Decipherptic Request for comment.

This move allows investors to go out to their position by selling shares they have acquired with the previous debt agreement. Although he would provide liquidity, it can also affect the value of the shareholder.

Athena got prominent in 2021 when she became the first operator To deploy Bitcoin ATMs in El Salvador.

Its shares trade under the abnion on Otc Pink Market, the lowest level of US public markets, known for minimal requirements for detection, limited liquidity and increased investment risk.

Despite the previous plans, Athena said she had not yet signed up for lists on OTCQB or OTCQX, which imposes a stricter request for publication, upon submission of the application.

Although convertible conversions are standard in need or financing at an early stage, they can introduce pressure on sales, especially in thin traded securities such as Athena.

To date, his daily volume has varied wildly from $ 160 to $ 112,280, with a 65-day average of $ 10,367, according to data from Yahoo Finance. Despite the volatility, its shares were consistently traded below $ 0.10, closing on Tuesday at $ 0.0394.

Wider winds and returnees El Salvador

In its submission, the company has recognized the wider winds arising from the unrest in the cryptocurrency market, citing the collapse of platforms such as FTX, Celsius and Voyager as indirect factors that affect the amount of transactions.

FTX, Celsius and Voyager were seriously influenced by the previous cryptocurrency market, which happened more than two years ago.

Although Athena said she had not suffered “material direct impact”, she noted that these bankruptcy led to the fall of the prices of cryptocurrencies, the volumes of trading and the sense of user.

The combination of these drivers “could have been a factor of contributions” to the reduced volume it experienced after bankruptcy.

Athena has attracted international attention to the deployment of Bitcoin ATMs during the BTC El Salvador as legal tenge, although the wider crypto strategy El Salvador faced supervisionwith fiscal reforms aimed at mitigating IMF pressure Despite the continuation of President Bukela defiance.

Edited Sebastian Sinclair