Wall Street is pumping the heck out of this stock! Stackers be aware! This smells like a pump and dump. The the amount of shares CEP will get after the SPAC I think is 2.7% at this price you are MASSIVELY overpaying to get bitcoin exposure.
This is a traders stock now. Wait for the smoke to clear and CEP becomes XXI then consider adding shares. Now it’s much better to just buy Bitcoin.
Pretty common for this to happen especially in tech stocks. Not that I'm a trader or expert but it is something I've seen over the years. Indeed pump and dump is common but not necessarily coordinated. It could be, but this is what I'd expect.
SPACs have shown a tendency to do this prior to the merger. Then they tend to hang on for a bit before collapsing
The key is to always keep your portfolio growing.
I have a motto: "I go slowly, but never backwards".
Good advice.