I remember during my HF days in NYC 16-20 where I looked at a bunch of micro/small caps in HK / Asia where a ton of them have negative EV (esp. HK) and my old boss wanted to buy them and we decided against. Turns out all these C-suites are ass clowns enriching themselves w/ the cash and the shareholders never saw a dime of it -- and w/ C-suite having control, public shareholders never had a chance ever getting recourse. I think the worse of one is where the mgmt funneled a ton of cash at way below market rate as a loan to a related party which turns out to be the CEO's personal bank. That bro clipped like 10 mm USD / year for himself w/ the spread. I'm not referring to any companies in particular, but the FDV trading under net cash is never a good argument. Ask the former $EOS bagholders for instance. Makes you think.

Hey maybe the cost of capital / discount rate one should use in crypto is 25-30% because that's what $BTC may compound at given fiat depreciation into the future.

StablecoinX Inc. @stablecoin_x has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol "USDE", which includes a $60 million contribution of ENA from the Ethena Foundation Equity markets will now have direct access and exposure to the most important emerging trend in all of finance: The growth of digital dollars and stablecoins. To bootstrap its acquisition strategy, StablecoinX Inc. will use all of the $260 million cash proceeds from the raise (less amounts for certain expenses) to buy locked ENA from a subsidiary of the Ethena Foundation. Starting today, the Ethena Foundation subsidiary (via third-party market makers) will use 100% of the $260 million cash proceeds from the token sale to strategically purchase $ENA across publicly traded venues over the coming weeks, further aligning the Foundation’s incentives with those of StableCoinX shareholders. The planned deployment schedule is approximately $5m daily from today over the course of the next 6 weeks. At current prices $260m represents roughly 8% of circulating supply. Importantly, the Ethena Foundation has the right to veto any sales of $ENA by StableCoinX at its sole discretion. Ideally, tokens will never be sold with a sole focus on accumulation. To the extent StableCoinX subsequently raises capital with the intent of purchasing additional locked ENA from the Ethena Foundation or its affiliates, cash proceeds from those token sales are planned to be used to purchase spot $ENA. StableCoinX's treasury strategy is a deliberate, multi‑year capital allocation strategy that will enables StableCoinX to capture the enormous value of the secular surge in demand for digital dollars while compounding ENA per share to the benefit of shareholders.

Forever grateful & consider Mable one of the most inspiring person in the space for me. While, I'm at the very bottom right, my support for Mable is unparalleled -- and the position can only move up from here lel, trend is good.

Out of curiosity I actually went to and dug up $YHC's filing this morning for like 15 minutes: - I don't think they ever made much money on a gross profit level, that's a real skill. - 15 mm+ a year of SG&A, big salary packages - Share-count went from like 130k in '23 to 400k in '24 to 1mm+ in 1Q25, prob more now. The company is indeed their ATM. Maybe crypto scammers aren't the worse afterall lol

So what's the Metaplanet of ETH in Japan asking for a friend

I got pinged on this also so just in case you are curious about $YHC.... def a punt but if push comes to shove we will always vote in favor of Robert's plan:

Also getting questions on why $GP, well here's a rundown: