Member Info for JPP8788

Subnet doing well, approaching $5m mcap and 10 TAO emissions per day.

Total emissions 52 per day, assumed we "earn" approx 60% of that - $4.3m annualised.

Still trading way under mNav

2x from here (0.26) would represent fair value for the crypto/cash holdings alone

Don't forget, we also have an OTC listing in the near future - see RNS 09/09/25

Crypto Treasury: $625k TAO, $554k BTC, $4.80m ETH, $545k SOL = $6.53m = £4.98m

Cash in Bank (Assumed): £5m

Total: £9.98m

Subnet 127:

Current daily emissions 9.19 = $3,381 daily = $1.23m annualised.

Assumed ACTUAL emissions earnt ~30 = $11,040 daily = $4.02m annualised = £3.06m GBP

Subnet mcap: $4.4m = £3.35m GBP

Current mcap: £7.75m

If that's the case, and we are receiving 60% of emissions - at current runrate, that's $4.1m a year.

Clarity on this would be very interesting. This has a feel of the "early days" of Argo Blockchain...

Do TIR also have millions of pounds of ETH?

NO... take your awful cross ramp elsewhere

Is it possible that the 327.5 TAO "acquired" was from AROK?

Can you link to the ledger please?

My maths also make it 18 TAO a day of average. That's a very, VERY important number.. we know the emissions have increased hugely in the last few weeks, but even using that average of 18 TAO a day...

That's $2.4.m in emissions alone at current prices.

Such a crazy disconnect in mcap vs NAV here

Fabulous update.

Mnav ratio is now below 0.5 if you factor in crypto, cash and subnet value

There is absolutely no certainty that the RTO will value the enlarged company at £1bn. Much more likely is that the £1bn is a projection and a target.

It could well be the case that the enlarged group floats at £200m initially

Ultimately, nobody has any idea.

I suppose that answers that then! Presumably Aquis is a bit more laid back than LSE, far cheaper too?

I do think there's a real chance the subnet value alone could equal our mcap.

A real value disconnect here.

Agree - would expect the Nomad to be pushing for an RNS. Maybe tying into a blockbuster RNS stating Astrid have bought £5m+ of TAO

Here's hoping!

Well taostats provides the suggested mcap - that will be based on a formula that gives you an idea of the "sale price" if Astrid were to put it up for sale. Not very often you see a subnet for sale...

If this subnet is making $1.1m annually in a "bearish" market, I'd say $4m would be too cheap personally.

Now touching $4m mcap and 8 TAO emissions.

The market likes it!

Mcap immediately up to $3.6m with 7.43 emissions.

"Post period end, on 25 November 2024, WeCap announced that by mutual agreement with the bond holder the repayment date of the DCB has been extended by a further 18 months to 24 May 2026. The DCB will continue to accrue interest on the same terms. The amount due under the DCB at maturity stands at £6,965,000. "

Sounds quite clear that WeCap intend to sell their 7% (12% if CSIL liquidate their holdings...) to repay the bond. If they owe £6.5-£7m, the question will be what is left.

A £300m Nasdaq valuation would leave £14m cash based on the 7%, £29m based on the full 12%

No listing so far... maybe due to the government shutdown. Strange.

WeCap holding is actually around 12% of WeShop.

806,022 owned directly

489,583 owned through CSIL