According to Ki Young Ju, PIPE might not be the best way to run a Bitcoin treasury company because he says PIPE investors are paper-handed and chase short-term gains. Source: Ki Young Ju on X, Sep 26, 2025. For trading, his view implies that PIPE-funded BTC treasury firms could face short-term oriented order flow rather than sticky holders, which traders may treat as a near-term overhang risk when such deals are announced. Source: Ki Young Ju on X, Sep 26, 2025.