Member Info for Globex

Few folks in denial here. You'd think everything was absolutely rosy to go by some of these posts, hope nobody was sucked in by them.

The scale of these ETFs has been pretty mindblowing overall, to think they've only been live for a couple of months. IBIT now at more than 1% of all the btc in circulation. At current inflow rates it's also within a couple of days of 1% of all the btc that will ever exist.

You've overlooked evidence of wider office market. The fact they've sold a few sites for X value says nothing about the overall portfolio if they are cherry picking the most saleable parts. Derwent just released results announcing a 10% drop in their valuation year on year, despite being in prime central London locations.

Regional Reit's portfolio is the type of ageing provincial stock most out of favour, and yet they claim their valuation has not dropped as much. The market doesn't believe them either. But if you genuinely can't see the issue here, I guess it's a case of you can take a horse to water but you can't make it drink.

Wondering if that Bloomberg piece about miners may have added to frighteners today too. That came out Saturday.

Agree with Chaebol the mystery miner that spent $400m on machines without anywhere to put them is surely Riot. Let's be honest, if is a listed miner that much cash spent can only be one of top 3. Maybe market playing Cluedo on this but with Riot it fits how they seem to spend more time talking about expansion than actually expanding.

Could explain our drop which wouldn't be all bad as would then indicate a bit of an overreaction, I think it will struggle to get approved because the other side will probably oppose/block, they always do.

I suppose other positive is nearly all big miners close to or at support now, chartist take would be mega drop to a large extent out the way. But you never really know with these guys.

(chuckles) I'm in danger

Let's pretend today didn't happen

That moment you realise you've inadvertently bought a 10x leveraged NVDA

Miners do have these weird phases. Even last year despite being so blockbuster overall Mara fell 60% between July and October, before then going to 4x in about 2 months. And they were printing shares during that time (although to be fair when aren't they lol). The point I guess I'm making is at some point sentiment will pivot back.

I'm not sure that's it, there's no official value because every company different input costs, and while difficulty goes up, electricity prices are going down.

Having said that I don't really have an alternative reason for today's miner underperformance, seems a bit silly to me, US stocks down but not hugely so, vix up maybe not helpful. Could do with a knockout CPI tomorrow.

There's no big mystery is just a dying business

The premium listing promise now goes back to late 2021 with reference to golden share removal, now all shares same class this new obstacle of awaiting FCA review is a fake hurdle. God knows how long that review will take to complete.

Meanwhile value is being destroyed every day. I'm sure someone will chime up saying don't worry about premium because there's some video where matt said something mean about LSE so instead plan is to leap straight to the top of the S&P500 as it's only Americans that can realise what a hero he is.

No that's the operating company that was previously carved out of this plc.

The last we heard the capital return was going to amount to "between £33 million and £40 million", so it is disappointing to be informed today it will instead be "up to" £33m. It makes you wonder how long have they known about the plan set out today because it does have the appearance of wider shareholder base only being informed at last minute.

Everyone will have their own opinions on buyback vs dividend vs retaining capital, but even if we put those aside, this being at the very lowest end of their previous guidance represents a shifting of the goal posts.

Good point Pluto, another rebrand, same MO, I'm sure the links go deeper than we realise. There is something very strange about how that unfolded. It doesn't make sense why Argo put so much money in, even given PW's incompetence.

Overall Pluto had something like £40m cash, you wonder how that could possibly evaporate within 3 years with no product created? Argo should have been aggressively asking these questions as a big investor. Then you look on companies house and see key names from Pluto/Emergent have quickly dusted themselves down and gone on to start various other ventures, it's all very suspicious.

There's also that well established Phoenix in FTSE100, as that's in financial sector too surely trademark infringement? Was called NFT investments, I guess when people stopped caring about NFTs they shapeshifted again, we can add that too list of red flags. Now meme coins the thing after the trademark takedown maybe they'd have better luck renaming to dog coin plc?

That's classic, Argo founders all the DD you need lol. Looks terrible they're telling porkies about valuation, and even if they'd used the true peak it would be a dubious way to promote anything when all it does is underline the value destruction.

It's a bit of a shame OXB sold off their best asset, the site they owned. Novo acquired Catalent in the US for a big premium largely for their manufacturing capacity.

No thanks, I cba even doing due diligence on this one but I guarantee there will be gremlins lurking

They've botched this unfortunately, the scheme has been engineered to provide the biggest benefit to those large shareholders they deemed worthy of consulting.

I do think the halving can go some way to accounting for a fairly underwhelming year so far in miner land, compared to stellar 2023.

Once it's out the way things should be gravy again, but in meantime we have this competing dynamic of the halving being being seen as good for bitcoin, but bad for miners. As we know it's more complicated than that, throw price/difficulty changes into mix and everything changes, and clearly what's good for bitcoin must also be good for miners. But perception is everything and those opposite forces at play could explain share prices being in a bit of a flux.

Miners are such an excellent momentum trade I now believe halving noise is having a disproportionate impact if anything. If so, once it's out the way and people stop thinking about it again for next few years, we should then revert to a much more simple style bet of bitcoin going up, therefore miners go up. My bags are loaded accordingly.