Member Info for TrekMadone

Hi notready,

That is not how and mNAV is valued. That’s not my view or yours but the markets back by institutional money. This may help you…

‘ If you genuinely (not bandwagon, but genuinely) believe that Bitcoin is headed to $1 million+ by the mid-2030s, then valuing a Bitcoin Treasury Company at a mNAV of 1 is insane.

Consider - one Bitcoin is worth around $100,000 right now. Under traditional financial metrics, a company with 100 Bitcoin would be ‘worth’ $10 million. But if Bitcoin is going to 10x by the mid 2030s, then that company is now sitting on $100 million of future assets, and therefore a mNAV of 10 makes absolute sense.

But wait, this is insane?

Hang on.

Did you buy Nvidia, Microsoft or Amazon stock this year? You already use this valuation metric.

Let’s take Nvidia - with a price-to-earnings ratio of 46. If you bought shares in Nvidia today (and everyday, someone does), then you are paying 46 times earnings, because you expect the company to continue to grow. If you don’t expect this, you’re making an irrational investment.

Apply the same logic to Bitcoin Treasury Companies.….’

https://thatstocksguy.substack.com/p/crypto-treasury-companies

Trek

Agree I don’t understand the huge sp disconnect even allowing for bond yields. I am well up here now and get a huge yield.

Will just sit back and watch as job done!

Usual caveats

Trek

Getting a bigger mcap requires buyers…..

Most bought trust on ii usurping Royal London which has been top for yonks!

https://www.ii.co.uk/analysis-commentary/10-hottest-isa-shares-funds-and-trusts-week-ended-20-june-2025-ii535695?utm_source=sfmc&utm_medium=email&utm_campaign=DailyNewsletterCanvi+-+Purple+Background&utm_id=285759&sfmc_id=4609723

Usual caveats

Trek

Andii, reply to subnet 126 query

“ Tiger Royalties & Investments (AIM: TIG) secured its own dedicated subnet on Bittensor — branded the Tiger Subnet — on 15 May 2025

docs.taostats.io

+15

markets.ft.com

+15

sharesmagazine.co.uk

+15

.

However, there’s no public confirmation that this “Tiger Subnet” corresponds to netuid 126. Common Bittensor explorers like Taostats and Subnet Alpha list subnets by their netuid (e.g., 107, 113, 120…) but don't currently identify subnet 126 as “Tiger Alpha.” No direct linkage has been found

taostats.io

+15

subnetalpha.ai

+15

subnetalpha.ai

+15

.

🔎 If you’re looking to check whether Tiger’s subnet has been officially registered as ID 126, your best bet would be to:

Use the Bittensor CLI:

btcli subnets list

btcli subnets show --netuid 126

This will tell you the owner and metadata (like identity name, registration block, etc.) for netuid 126.

Alternatively, explore on-chain explorers such as Taostats.io or Bittensor’s official block explorer.

In summary: Yes, Tiger has registered its own subnet—but as of now, there's no evidence that it’s subnet 126. To confirm, you’ll need to query the chain (via CLI or explorer) to see if netuid 126 corresponds to Tiger Alpha.”

Good article and comments at the end

https://quoteddata.com/2025/06/seit-posts-steady-nav-and-announces-strategic-review-amid-ongoing-discount/

Trek

Don’t underestimate the experience in cyber security here. It will just take one wannabe treasury company to be hacked and the rest will shiver!

‘ This extensive experience, particularly in areas of security, governance, and risk awareness, equips the Company to navigate a complex and rapidly evolving landscape with clarity and confidence, with a strategic approach to long-term value creation.’

Usual caveats

Trek

Hi Flatwhite,

I regretted selling half on a double at a little over 12p!

In terms of the price I thought 50p as a safe number to publish whilst quietly expecting 100p. But having viewed this podcast I think we could be looking at a ftse250 company or more! Even 500p wouldn’t be out of the question.

https://audioboom.com/posts/8738421-the-sunday-roast-bitcoin-treasury-priority-intelligence-ceo-james-sheehan-plus-zynx-s-500b

Imo though they need to get to the main market for that.

There are only two treasury companies that will likely be mainstream UK players. That’s COIN and SWC. BTC (Leningas) may pull it off as renaming themselves ‘The London Bitcoin Company’

But as I have mentioned before security is a big deal and imo coin exceed ahead of the others in that space. I wouldn’t trust Leningas.

Another I have bought lots for me is TIR. They have a subnet on the bittensor network. That’s where AI bot’s operate. IMO they are gonna be a big deal. TAO run their subnet for them for 20%revenue.

I wanted to buy TAO but ii wouldn’t let me!

They are already after 4 weeks making $70k/pm revs and that will likely increase.

Anyways this podcast explains the Bittensor ecosystem and I am glad to have a stake in them.

https://www.youtube.com/watch?v=zmNP4o81zXY

TIR have other crypto/AI investments as well as some small stakes in AIM miners. You can check out their website.

Usual caveats

Trek

From chatGPT which I asked to validate the tweet. But then this could be a hallucination!

“ No, Tiger Royalties & Investments (AIM: TIR) has not registered or bought subnet 106.

Here's the breakdown:

Subnet 106 is actually a Liquidity Provisioning subnet called SN106, created and operated by the VoidAI team. It's designed to coordinate Bittensor liquidity on Solana via wTAO tokens

shareprices.com

+15

subnetalpha.ai

+15

marketshareai.uk

+15

cbonds.com

+13

subnetalpha.ai

+13

subnetalpha.ai

+13

.

Meanwhile, Tiger purchased their own subnet named the "Tiger Subnet" (also called “Tiger Alpha”) on 15 May 2025. This appears to correspond to subnet 107, not 106, based on listings on Subnet Alpha

proactiveinvestors.com

+11

subnetalpha.ai

+11

sharesmagazine.co.uk

+11

.

There is no evidence linking Tiger’s investment to SN106; they acquired a distinct subnet (Tiger Subnet), not the SN106 liquidity subnet.

So in short: Tiger does not own or register subnet 106—their operation is focused on the Tiger Alpha subnet (likely SN107).”

Usual caveats

Trek

COIN I hope the Tecan’s bought some when I tipped em at 6p!

That are gonna be one of the treasury winners coz they have been in the digital space for years.

Peeps chasing stocks now and for some their mNAV’s have gone beyond 5x which is bubble!

You gotta pick the right ones.

Just one crypto hack or a dodgy director going awol and the wannabes will be exposed!

SWC is too expensive now imo COIN is still a buy as is TIR albeit it very different as it’s making cash from the subnets.

Think of it as running the tollgates on the ecosystem so peeps have to pay em whether the coin goes up or down!

Usual caveats

Trek

MDH doing BTC treasury. I hold em.

I suggested a while back that HEX did same. Can pay for a % with helium sales so little dilution. Tech is going that way so get ahead!

Trek

I am with you rylidan,

I held Contour Global, (GLO), it was in the renewables sector and was a gem of a quarterly divi payer yielding +10% for me. KKR bought em too cheap at 30% premium from memory. The bod rolled over too easily imo as they had options!

If a similar fate becomes SEIT you try finding another long term quality 12% yielder!

I much prefer the income.

But I get you can’t usually have cheap and quality for long as someone else will likely buy it!

I would rather they kept doing what they are and not sell off assets. The SP will sort itself overtime giving investors a change to grab more yield.

But I am very pleased with these results and an average sp now below 48p for me!

Usual caveats

Trek

I suggested that HEX opened up a BTC treasury funded from Helium sales to mitigate dilution. So it’s a real business with real revenue and a stake in a multi trillion dollar ubiquitous asset class. That would make it appealing to the likes of SpaceX and high tech companies hedging against the depreciating USD.

I am not gonna harp on but I suggest those here look at my post on MDH.PL where I also hold. And that’s not a tip as the stock is still very illiquid.

Usual caveats

Trek

£1

This is a sensible move. I actually suggested HEX did this but was ridiculed! lol!

So many companies are raising cash and buying BTC and then repeating. MDH or HEX for that matter can diversify their treasury via helium sales thereby minimising dilution.

Look at the prices of SWC, COIN, PR1, CLAI, CYK, HEV and TIR to name but a few. Yes and of course I have traded many of them it’s what I do.

At the end of the day we are here to make money. Holders now will have a chance to free carry at a much higher SP.

Being critical I don’t like the price at 2p. That’s way too cheap and likewise are the warrants . It’s also another delay and that it’s due to a licens is unforgivable really. That is such a basic oversight as we know the RTo was dependent on ROST.

But all said we now have clarity and the AIM listing is paramount imo.

I can wax on about the benefits of a treasury pot but people will have understandable other views.

This is worth a listen for those open to an alternative opinion.

https://audioboom.com/posts/8738421-the-sunday-roast-bitcoin-treasury-priority-intelligence-ceo-james-sheehan-plus-zynx-s-500b

Luck to all

Usual caveats

Trek

“ I am pleased to report that 2024 was a transformative year for the Company. There has been a step change in our trajectory and the groundwork we have laid during the year has strongly positioned Lexington Gold to unlock, what we believe, could prove to be considerable future value for shareholders.

Our geological potential, paired with capital discipline and strategic patience, can yield extraordinary outcomes, and this approach was applied across our South African and US project portfolios during the year. I am delighted that Lexington Gold now holds what we view as being one of the most compelling exploration-stage portfolios in our sector.

In South Africa, our drilling and technical work across the Bothaville, Jelani and Ventersburg projects has moved us from geological hypothesis to quantified potential. Between these three assets alone, we now have circa 10 million ounces of potential gold either estimated through formal JORC-compliant Resources or Exploration Targets. For a junior natural resources company, this is a rare position to be in, and one we do not take lightly.…….”

Trek

Hi James,

Best listen to the two interviews below for a ‘more journalistic view’.

Trek

Https://audioboom.com/posts/8738421-the-sunday-roast-bitcoin-treasury-priority-intelligence-ceo-james-sheehan-plus-zynx-s-500b

TIR also get mentioned for those that can’t read a BB every 5 mins

Trek

Apologies if this interview posted already

https://audioboom.com/posts/8736870-midweek-takeaway-with-jonathan-bixby-ceo-of-tiger-royalties-investments-tir

Trek

I asked ChatGPT to run an API comparing subnet 107 (ours) to subnet 64 a more established subnet, over the last 90 days.

Sorry can’t show graphs here…

TAO Emissions Per Day

Subnet 107 starts lower (~2 TAO/day) and shows a steady upward trend toward ~6 TAO/day, indicating growth momentum.

Subnet 64 maintains a higher, more stable range around 10–12 TAO/day, typical of a mature subnet with established user/stake participation.

USD Revenue Per Day

Assuming 1 TAO ≈ $380 USD, the revenue curves reflect:

. Subnet 107 growing from about $760/day to around $2,280/day.

. Subnet 64 steady at around $3,800 to $4,560/day.

Interpretation

Subnet 107’s recent revenue (~$2,300/day) is not a one-off but part of a clear upward trend.

However, it is still below the plateau levels of mature subnets like 64.

So I expect 107 to move up on current glidepath to around $4000/day.

Then as I see it this is where the AI comes in to break through the glass ceiling and produce more tokens

Usual caveats

Trek

It’ll come these assets are outstanding!

Also good sell side liquidity atm!

Usual caveats

Trek

Hi sirmark,

I think you mean TEK and yes I agree as have looked at them but for some reason the market doesn’t like those type of stocks. POW is similar in smallcap mining space.

Another is grow which holds resolute that will likely IPO soon - that should be worth a lot!

Then theirs MNTN which has Space X on its books that may IPO. It’s the only way I can see to get Space X exposure early. They also have many other big private US tech/fintech/ and meditech companies on their books. It’s too long term for me but I told the kids to buy £500 each and forget!

As with TEK I am pretty sure they’ll pop soon, SSIT had a pop from 50p as the nav discount got too silly!.

Theirs lots of em out there.

GL

Coin up 700% now and TIR up 30% and more to come for both but hey ho!

PB - Where’s that email!

Usual caveats

Trek