Nova

$KNOTS $ANYONE $wifout $USELESS $KNOWER $STONK

[Nova @Crypto_Nova_6]

@IAmSolBoy That art is 🔥 Great article. Well said.

$KNOTS = quality, which is why it’s my biggest bag. Highest conviction I’ve had in crypto. Higher

[SOLBOY @IAmSolBoy]

The time has come.

If you've been enjoying the $STONK ecosystem, I implore you to take a read through this.

It's not too late to be early... https://t.co/ZwIzPJv4tv

[doug funnie @cryptoklotz]

One of many great high level theses for stonk fun I’m watching spawn in on the tl

You know a narrative is going to be explosive when there are people stopping their usual “hey I like this bag” and putting out long format pieces

Btc is 50k below ATH and I’m genuinely excited for how weird this is gonna get when 4 year cycle bulls pile in and volume rockets 10x

Stonk fun is burning .25% of the supply on even slow days. This is gonna get wild

[KNOTS @KnotsOnStonk]

Everybody likes whales 🐋

Follow @knotsWHALE for instant $KNOTS buy alerts 🚨

[Calciber @torocifero]

Mining Zcash is more profitable than mining bitcoin

$CYPH is the largest zcash mining firm, I'm holding a memecoin called $cyphercat and I've earned 614 tokenized cyph in 2 days

Been studying the ZEC community well before ZEC took off, and they like the stock

[Nova @Crypto_Nova_6]

@cyphercatstonk Just the beginning $CYPHERCAT

[cyphercat @cyphercatstonk]

The mission continues…

[Nova @Crypto_Nova_6]

100% agree with all of this. It’s an amazing opportunity to get into $CYPH.

This is why I love $CYPHERCAT. Incredible way to accumulate $CYPH, since you earn $CYPH for holding $CYPHERCAT. Higher for both $CYPH and $CYPHERCAT.

$CYPHERCAT CA:

6AUURRdHb9TrfPHv9AMofa8NEVoZDXcsbWKcUBpFSRXs

[Connor King @connorking]

I think $CYPH might be one of the most interesting trade ideas and one of the most asymmetric expressions of the $ZEC thesis

I think the market is looking at CYPH primarily as a ZEC treasury company, but the more interesting part of the thesis is the mining business

the existing treasury gives you direct exposure to ZEC. the mining operation gives you a cheap, reflexive call option on it

the basic flywheel:

higher ZEC price
→ larger mining cash flow
→ more retained ZEC
→ greater ZEC/share
→ stronger CYPH equity
→ improved financing capacity
→ more mining capacity + ZEC accumulation

at a ZEC price of ~$590 and production of ~7,800 ZEC/month, CYPH could mine roughly $55m of annualized revenue

assuming a ~60% mining EBITDA margin, that’s approximately $33m of annualized EBITDA

at a 3.5x normalized mining earnings multiple, the mining operation alone could be worth ~$116m

I don’t think 3.5x is an aggressive multiple. distressed or high-cost miners can trade around 2–4x, while standard pure-play miners can trade around 4–6x. CYPH doesn’t need a premium multiple for the setup to work

the important point is that the mining business has operating leverage to ZEC

if ZEC increases 2x, the mining economics can grow significantly faster than the existing treasury — even after accounting for higher network difficulty and lower production

in my 2x ZEC case, I assume monthly production falls from ~7,800 to ~7,020 ZEC as additional hashrate enters the network

even with that haircut, the model gets to approximately:

• ~$99m annual mining revenue
• ~$60m mining EBITDA
• ~$209m mining-business value at 3.5x
• ~$381m ZEC treasury value
• ~$595m total SOTP value

in a 4x ZEC case, I get more conservative:

• monthly production falls to ~6,240 ZEC
• EBITDA margin compresses to ~55%
• the mining multiple compresses to 3x

that still produces approximately:

• ~$177m annual mining revenue
• ~$97m mining EBITDA
• ~$292m mining-business value
• ~$1.06bn total SOTP value

this is why I don’t view CYPH as simply ZEC with corporate-wrapper risk

a static DAT holds an asset and waits for it to appreciate

CYPH owns the asset, produces more of it and can potentially use the resulting cash flow and stronger balance sheet to increase future production

there is an important reflexive element:

as ZEC rises, mining margins expand, treasury NAV increases, retained production becomes more valuable, equity financing becomes easier and the company can add capacity without selling as much ZEC

price appreciation can improve both sides of the balance sheet while allowing ZEC/share to compound

the primary risk is that mining remains highly competitive

higher ZEC prices attract hashrate, increase difficulty and reduce CYPH’s share of network rewards. there are also power-cost, execution, dilution and equipment risks

that’s why my upside cases haircut production, compress margins and reduce the mining multiple rather than assuming perfect linear scaling

the key question isn’t simply “how much ZEC does CYPH own?”

it’s how much ZEC can CYPH produce per fully diluted share over time, and what is the mining operation worth under different ZEC-price and network-difficulty assumptions?

if the answer is meaningfully more than the market expects, the treasury becomes the floor

my current view is that the market is focused on CYPH as a ZEC treasury vehicle, while the mining business may be the most asymmetric part of the capital structure

if ZEC works, CYPH gets both treasury appreciation and operating leverage

not just a ZEC proxy — a reflexive operating call option on ZEC

(disc: long $CYPH / ZEC)

[Zatoshi Stonkamoto 📈 @Rendoshi1]

I added some more $CYPHERCAT

Thinks it should do well when $ZEC bounces, and 50x lower mcap than ZCAT.

[Nova @Crypto_Nova_6]

@fluka666 @KnotsOnStonk That’s a no from me

[KNOTS @KnotsOnStonk]

solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx <—> solana:8RVBk8vxLiUHueLUW1f4izFVqN3nWippLhkohKg6EGkS

[Nova @Crypto_Nova_6]

@cryptoklotz @blknoiz06 Lmao!! I love it! $wifout

[doug funnie @cryptoklotz]

don't get caught solana:6JrR1iqPdinYTNvNPWTR2P7e2wSJ1rwdsrKGyhnzjUVr one

yeah z

it's doug here, in your comments shilling a nanocap

do think this is v aligned with you though, and good high-lev way to run it back on wif (this has main wif core alignment, btw)

buy from a side/anon wallet,
don't buy at all,

but do actually come and bathe with me in these healing waters

[Nova @Crypto_Nova_6]

@TomZarebczan @seams5s @ssj2abid If you’re interested, the coin paired with $CYPH to get into is $CYPHERCAT.

Earn $CYPH for holding $CYPHERCAT. Not a bad idea to start accumulating $CYPH.

$CYPHERCAT CA:

6AUURRdHb9TrfPHv9AMofa8NEVoZDXcsbWKcUBpFSRXs

[GMGH Capital @gmghcap]

This is such a great coin. Paired with Cypherpunk stock. Beware of fakes and copydogs. Cat wins.

[Nova @Crypto_Nova_6]

@ThorTorrens @NullFUD Sir, the coin paired with $CYPH to get into is $CYPHERCAT.

Earn $CYPH for holding $CYPHERCAT. Not a bad idea to start accumulating $CYPH.

$CYPHERCAT CA:

6AUURRdHb9TrfPHv9AMofa8NEVoZDXcsbWKcUBpFSRXs

I followed you. Dm me if you have any questions.

[Deethz @NullFUD]

$CYPH going absolutely bonkers onchain since it got listed yesterday, its on stonkfun too

bought the dog and cat memecoin version that drops u cyph

if im lucky one of them will go hard zcat style

[Nova @Crypto_Nova_6]

@TheBookofBen Well written sir.

The coin paired with $CYPH to get into is $CYPHERCAT.

Earn $CYPH for holding $CYPHERCAT. Not a bad idea to start accumulating $CYPH.

$CYPHERCAT CA:

6AUURRdHb9TrfPHv9AMofa8NEVoZDXcsbWKcUBpFSRXs

[Ben @TheBookofBen]

$ZEC $CYPH

What could CYPH be Worth? https://t.co/bLbma0q2IN