Viceroy

A group of individuals that see the world differently. Read our disclaimer on each report.

[Viceroy @viceroyresearch]

Abaxx - Not Even Worth A Crumb

Viceroy is short Abaxx $ABXX. The Exchange is comprised of wash-traded churn sustained by incentives, which collapses the moment incentives are switched off. There is limited genuine hedging activity or price discovery supporting this façade. 1/

[Fraser Perring - Grand Poobah of “criminal” shorts @AIMhonesty]

$ABXX.TO - @JoshCrumb forgetting to mention the funds/institutionals are & have been selling. Some funds even before the placing...e.g. BlackRock (Energy & Resources Income Trust) sold c.275K. Amazing how that changes the things significantly...Don't look up!

[Fraser Perring - Grand Poobah of “criminal” shorts @AIMhonesty]

$ABXX.TO @JoshCrumb May 27, 2025: "Bring the smash. It's needed supply." With hype of 3X subscribed placing, $150m of "organic" buying.
Now begging for buyers, blaming shorts & using Brunnermeier & Pedersen's paper to justify the drop. Maybe they should read it first, oh well

[Fraser Perring - Grand Poobah of “criminal” shorts @AIMhonesty]

$ABXX.TO June: 'Share price irrelevant, part-time distraction, no dilution worries..."
July: 'This NCIB is deliberate strategy to enhance long-term per-share value'
Nothing says the 'stock doesn't matter' like buying your own after the raise. @JoshCrumb reframing desperation.

[Gabe @Gabe_Bernarde]

Josh Crumb hates short sellers but has dumped stock to investors at $54 and is buying it back at $26.

$ABXX.TO @JoshCrumb

[Viceroy @viceroyresearch]

2/2 Announcement https://t.co/0cjzn8eAQk.

[Viceroy @viceroyresearch]

$ABXX.TO now buying molecules of its own stock. Blocking & tackling. Not only are Abaxx painting the tape on their exchange volumes, they will now also paint the tape of @abaxx_tech stock

Abaxx has an unlimited stock issuer programme in place...Are they buyers or sellers? 1/2

[Viceroy @viceroyresearch]

The alternative outcome is that $TRUE Truecaller is in breach of EU GDPR regulations.

Our findings here: https://t.co/eKkTk0qXnX

[Viceroy @viceroyresearch]

Truecaller was raided by Indian tax authorities following an investigation by Viceroy Research.

Yesterday, Truecaller confirmed this was explicitly a transfer pricing tax audit. We highlighted this as the core issue, and believe there is significant inbound. $TRUE

[Gabe @Gabe_Bernarde]

Cannot wait for this Truecaller base:0x21cfcfc3d8f98fc728f48341d10ad8283f6eb7ab earnings call.

Yesterday, base:0x21cfcfc3d8f98fc728f48341d10ad8283f6eb7ab confirmed they were under transfer pricing audit after being raided by Indian tax regulator. This was spurred by @viceroyresearch investigation. 1/

[Viceroy @viceroyresearch]

PR link:
https://t.co/xe3n1pVeNP

[Viceroy @viceroyresearch]

Abaxx just announced that its "market data is now available through the leading providers of financial data", but have omitted who those providers are! Classic Abaxx. $ABXX.TO

[Fraser Perring - Grand Poobah of “criminal” shorts @AIMhonesty]

@JoeHuxley666 $ABXX.TO Maybe @JoshCrumb can advise you on this? However, it's not @viceroyresearch's job, it's @abaxx_tech. Case in point, really appreciate you assisting our submissions to regulators on this.

[Fraser Perring - Grand Poobah of “criminal” shorts @AIMhonesty]

@Caprico_Uruk @Dex96477375 @_riskFULL @scotty24287 @UpslopeCapital @JoshCrumb Why compare CME to Abaxx?

Have CME misrepresented their volumes to imply organic growth?

CME certainly haven't timed the incentives on a product down to the exact frame of a presentation in London!

CME havent done 75% of their record volumes in 16 mins.

Says it all $ABXX.TO

[Viceroy @viceroyresearch]

$ABXX.TO - For clarification: Viceroy Research did NOT take payment from @JoshCrumb to short Abaxx so #29ers or #25ers can get more fill. Just saying...

[Fraser Perring - Grand Poobah of “criminal” shorts @AIMhonesty]

$ABXX.TO - @JoshCrumb & $ABXX wanted shorts. They got their wish, & longs now realise they were mislead. Guess the 'crowd' & long only have zero conviction in mgmt.
Silence on 100% incentives driven volume, $CBOE & insiders selling &... @viceroyresearch delivered Crumb's wish.

[Fraser Perring - Grand Poobah of “criminal” shorts @AIMhonesty]

$ABXX.TO - @JoshCrumb & $ABXX wanted shorts. They got their wish, & longs now realise they were mislead. Guess the 'crowd' & long only have zero conviction in mgmt.
Silence on 100% incentives driven volume, $CBOE & insiders selling &... @viceroyresearch delivered Crumb's wish.

[Fraser Perring - Grand Poobah of “criminal” shorts @AIMhonesty]

$ABXX.TO -Silver volumes surged during the London presentation, mgmt admit this & blame coincidence. What did mgmt tell selected attendees about those trades, despite the event allegedly being solely about LNG? Time to answer @JoshCrumb, or @viceroyresearch will. Cant spin this!

[Fraser Perring - Grand Poobah of “criminal” shorts @AIMhonesty]

$ABXX.TO - A long (soon ex) investor asked me to explain Abaxx. Just listen to the ATB call, then call back

You're effectively paying to print the tape & volume disappears the moment the BS churn/faucet is turned off. That's not adoption & why there's zero incentive disclosures

[Viceroy @viceroyresearch]

$ABXX.TO Poor form? Investors deserve equal access to mgmt, not selective audiences. Management now says programme participants account for most trading volume & incentive metrics including open interest. Stay tuned & dont be offended by transparency! @JoshCrumb...

[uncle baby billy @NotoriousBaggie]

It’s obviously poor form that shorts leaked the ATB call with @abaxx_tech $ABXX.TO , but I listened to the call and left bullish as ever, perhaps even more so. Added around 1000 shares this week.

[Viceroy @viceroyresearch]

$ABXX.TO ATB call, management are far from transparent.

https://t.co/mC3kve3IcF

[Viceroy @viceroyresearch]

$ABXX.TO A recording of Abaxx's analyst call with ATB is now live.
Management admit to paying for Open Interest & volume, while they refuse to answer questions relating to quality of activity, & Jeff Currie promotes the stock. Link in next post 1/2

[Upslope Capital @UpslopeCapital]

"Record" day for $ABXX.TO yesterday:

> 98% of daily volume in two gold contracts
> appears almost entirely calendar spreads
> ~1/3 of total daily volume hit in 5 mins...
>...with ~zero noticeable price impact