The same series of #sbet delves deeper, last week I published on Xiaohongshu and found that they secretly blocked me. I was indeed a bit confused; I didn't even post a broker referral link. In the US stock market, based on SEC filing analysis, aside from a little speculation about their various interests, there really isn't any fluff at all... I spend over two hours carefully reading those obscure reports before I even start writing! In a fit of anger, I decided to switch to X in the future.

A specific analysis case has arrived, disclaimer: not investment advice (the original text was published three days ago, and I have some new thoughts). #Coin Stocks only have two business activities: financing and buying coins. Therefore, its valuation standard should be based on these two points. The premise is that NAV is the value of its crypto holdings; coin stocks all have a premium, and the premium lies in the specifications of the setup and financing capabilities. The concern about the dilution of SBET equity should actually be viewed from another angle: coin stocks are essentially exchanging equity for coins. So if the proceeds from the new issuance are reasonably allocated, the company's value will inevitably rise together. The premium exists; after all, we all have a bright future. The premium for MicroStrategy is about 1.5, but of course, the dilution issue arises: what if the big players dump the stock? For the SBET case, my answer is, let it be. Because there are no specific lockup terms in their pre-fund warrant purchase agreement, meaning they can exercise it at any time before expiration. So when will they dump? That depends on the people setting up the deal.