I started my position after being bearish for 2 months...
The main concern for me before was the $300M ATM, they have raised $40M approximately, 260M left, sounds horrible, and the authorised shares after 1:250 RS is 40M now which means they can issue 36M shares more, at this SP they probably can raise much less than $100M, not worth it imo.
The direct offering 250M shares @ $0.021 which is now 1M shares @ $5.25 has switched me from being bearish to bullish, there must be a reason for issuing such massive amount (25% of outstanding shares) to a specific holder who is already at >50% loss now, so if ATM continues, dilution is bad for the 25% holder and also future plan like buyout offer.
They have $50M cash on hand, pretty solid for a penny stock, i tend to believe ATM is not necessary, even without "7500 BTC"