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I wonder why own TLGY shares when they’ll only get <2% of the new ENA treasury company. NAV was mentioned at >$800m on the investor call earlier this week.
Market cap of TLGY is currently $88m. ENA needs to ~5.5x by Q4 closing for TLGY holders to break even. Did I flub the math?
From the investor call this week, which is where the $800m number came from.
@SPACMAN17 Curious if you think this is a big deal or just an oopsie
24.7. klo 05.25
I wouldn’t normally call this out, but the investor pitch deck makes a material misrepresentation here
1) @SkyEcosystem is the 3rd largest issuer on this @DefiLlama leaderboard
2) Ethena itself holds >90% of the USDtb supply. They’re double counting to just add USDe + USDtb
@SPACMAN17 Disclosure: I am widely associated with the other issuer I mention, although I am not involved with it any longer
@SPACMAN17 Yeah. I don’t know. Here’s a PIPE investor, for reference. Crypto people just built differently
23.7. klo 07.28
Am I to understand that someone borrowed $10m unsecured at 18% APY to buy the stock of a company whose sole business is holding ENA, which it can only liquidate 1) after it begins to vest in 12 months and 2) with permission from Ethena Foundation, the controlling shareholder?
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