From the low of 2024, the share was UP 200% by year end - i.e. AFTER DILUTION
I think people need to critically think about what the effects of previous dilution were before making any decision. As the majority of dilution occurred in 2024, that is the relevant timeframe to focus on. Let me break it down:
2024 low: $10.40 from eyeballing the chart, I believe it might have been under $10 intraday at points.
ATM 2024 dilution financing raised: $3.5bn across the three offerings.
Interest across 2024 and 2025: $430mn of free money, I wanted to take the interest cash over both years so people get a sense of the magnitude. In just 2024 it was still a hefty $160mn.
2024 price by year end: $31.65, i.e. +200% from the low (204% to be exact).
So even with the dilution, we ended FY 2024 up 200%. I would strongly argue the book value of the cash and the interest we started receiving was a strong contributor to the share price that allowed us to finish +200% up. For those of you who don't know, ATM offerings are the only way a company can capitalize off share price spikes - companies don't extract balance sheet cash from an increase in share price otherwise.
It seems like a lot of 2021 investors write off being 200% (i.e. the share price tripling after dilution) as 'nothing' because they're not yet in the green (because a lot of people bought at all time highs).
Realistically a normal perspective on events would be anyone who bought shares at the low and then ended up 200% up at the end of the year would be ludicrously happy with that result. It's an enormous gain by any investor's standards, and that is what dilution accomplished - a massive war chest and a very healthy share price.
In 2025 the share price stagnated, dropping firmly between $21 and $23. The big criticism was RC was not offering forward guidance. As a result the company flagged they were seeking an M&A in Jan 2026 this year, and now are tabling an acquisition of eBay - this is forward guidance with bells on. It seems like a lot of people aren't happy with whatever the company does.
TL:DR Please explain to me, using the figures above which aren't manipulated or massaged, how going up 200% after all the major dilution in 2024 was a bad thing? It was accretive by definition then, it would in my opinion be accretive now. It's really that simple.