“Barry Honig names could fall 70-80% (or more)” screamed the headlines. “Pump and dump schemes” declared the investigators. “Market manipulation” shouted the short sellers.
Today, the companies Barry Honig found in the Bitcoin mining space are among the top ten in market cap for public companies. Meanwhile, Andrew Left, his most vocal accuser, is waiting for his day in federal court as he is facing securities fraud charges.
The Media’s Favorite Villain
The financial press had found the perfect target. A financier with a complicated portfolio who worked with microcap stocks during the Wild West years of cryptocurrency. The story wrote itself: another Wall Street crook taking advantage of gullible retail investors with get-rich-quick schemes.
Before taking down their hit piece, Bleecker Street Research wrote that it was “allegedly factually inaccurate.” They later said it was a “misleading article” and apologized to investors who “should not rely on certain aspects upon which the veracity of statements of the author therein.”
The media attack was quick and brutal. Every trade was scrutinized, every change in a business was questioned, and every strategic move was viewed as manipulation rather than vision.
But while reporters were making headlines, Honig was taking risks and financing innovation.
The Math
The numbers tell a different story in 2025:
The market value of MARA Holdings is nearly $6 billion. The company that came out of Marathon Patent Group’s change now holds nearly 5 billion in Bitcoin.
Riot Platforms has a market cap of $5.1 billion. It was formed during the early times in crypto, and now runs some of the largest mining facilities in the world.
This was not guesswork, but financial engineering, early risk, and hard work.
The Accusers’ Reckoning
When you look at what happened to Honig’s most famous critics, the cosmic irony becomes clear.
Andrew Left made Citron Research well-known by writing short reports and making public statements that were critical of companies. What is his area of expertise? Accusing other people of manipulating the market while making money from coordinated trading plans. Today, Left is facing federal charges of securities fraud for using the same tactics he said others used.
It’s clear that those who made careers out of attacking builders are now facing consequences for their own supposed manipulation.
Who Built What?
The question deserves honest examination: Who really started the evolution of Bitcoin companies in the public markets?
The celebrity CEOs who give conference speeches from RIOT and Marathon today? Or Barry Honig, who started these companies from nothing?
