IVAN

[PeakGrowthResearch @PeakGrowthRes]

$CTM Update: Massive liquidity rotation underway in this underfollowed defense tech name. Castellum adds yet another major IDIQ award on top of the 4 Golden Dome Shield awards announced last year.

Yesterday’s Navy $250M IDIQ win sparked a volatile session — premarket high ~$1.33 on huge volume, followed by a sweep that cleared overhead before defending the key $0.65–$0.75 volume profile support.

Higher lows remain firmly intact. Bullish technical structure.

CTM’s price action yesterday seems eeeily similar to ONDS last year on 3/11/25 when Eric dropped the Palantir partnership presser.

Do I own CTM?….Yes, I am shareholder in CTM along with some other great small cap defense / tech companies!

Not financial advice. DYOR.

-Make it a great day! 🇺🇸

[IVAN @ivmm2]

@Russ_N_Starr @EugenJen54441 @Drewbarulla @Ash116766 @CSchlauf @jamesbgilman1 @jhnwtt Thank you russell i Think you are a big value for us the shareholders

[IVAN @ivmm2]

@MitchellLim_ My condolences to you and the family!!!

[IVAN @ivmm2]

@YStan__ It is true

[IVAN @ivmm2]

@YStan__ He invertido muchísimas horas en estudiar a kaspa y creo firmemente que a día de hoy es el único activo que me puede hacer rico con una inversión limitada. Cumple todos los requisitos, incluso el de escasez programada en un mundo de degradación monetaria FIAT, no tengo dudas

[IVAN @ivmm2]

@Rumbo_A_La_Cima $KAS. He dedicado muchísimas horas a estudiar a kaspa, que pasé lo que tenga que pasar, pero jamás he tenido una confianza tan grande en tener la posibilidad de poder hacerme rico (>3Mn de euros) Creo que estoy ante una oportunidad única en mi vida y por eso no paro de acumular

[C.J. @CJ0pp3l]

Your favourite investment under $200 million market cap?

[Mxwll Smrt @Smartnotreally]

The reality is that my earlier note represented one structural lens through which to evaluate what has occurred over the past 5 years as a long-term shareholder.

But markets - especially emerging infrastructure markets are rarely one-dimensional.

And while I still believe many of the concerns I raised surrounding dilution, execution fatigue, narrative sprawl, and shareholder alignment are legitimate, I also think there is another side of the equation that deserves equal attention - the possibility that both the market and many analysts still fundamentally misunderstand what the company may actually be attempting to position for structurally.

That distinction matters.

To be clear, my observations were not written from the perspective of someone rooting against the company - quite the opposite.

I remain genuinely fascinated by what DeFi Technologies has attempted to build. In many ways, I think the market still underestimates the breadth of what sits under the surface.

Most companies in this space still seem focused on gaining exposure to the trend itself or leveraging the weight and relationships they already built in traditional finance.

What has always interested me about DEFT is that it appears to be trying to move closer to the infrastructure side of the market rather than simply participating in it.

That distinction matters as well.

The issue is not necessarily whether the company has products, partnerships, or intelligent people involved. It clearly does.

The issue is that the market increasingly struggles to understand how all of the pieces fit together into a coherent long-term architecture that shareholders can model and believe in.

Here’s an example of what I mean structurally.

If institutions already operating inside regulated digital asset banking environments - including players like AMINA Bank - still do not fully appreciate what is beginning to emerge structurally across yield-bearing digital instruments, sovereign-backed structures, regulated stablecoin infrastructure, and institutional settlement layers, then DEFT should be willing to pursue strategic relationships with banking institutions that do.

Because I genuinely believe the first major regulated structure that successfully bridges:

1. compliant banking,
2. sovereign-linked yield,
3. digital asset settlement,
4. and scalable institutional distribution

will materially alter decentralized finance permanently.

Not incrementally. Structurally.

At that point, the conversation likely stops being about “crypto products” and starts becoming about the modernization of financial infrastructure itself.

And when that shift finally becomes visible to the broader market, many people will probably look back and say “Wow… that was sitting there the entire time.”

That is part of why I continue to believe narrative clarity matters so much right now.

Markets can tolerate volatility, long build cycles, and even complexity. What they struggle with is failing to understand what is actually being built until after the architecture is already obvious.

It can tolerate long build cycles. It can even tolerate complexity.

What it struggles with is failing to understand what is actually being built until after the architecture is already obvious.

And that becomes important after multiple years.

At some point, “we’re building” stops being enough for the public markets - not because building lacks value, but because public markets eventually want clarity around what is strategically central, what becomes recurring, what creates dependency, and what ultimately accrues durable value back to shareholders.

To me, some of the most important developments are not necessarily the obvious ones.

The disclosure of UCITS related initiatives matters because UCITS is not simply another product wrapper. It represents an entirely different class of regulated financial product infrastructure capable of opening institutional capital pools and distribution frameworks that many existing digital asset vehicles still cannot access.

Yield-bearing instruments tied to sovereign debt structures matter because they move digital assets closer to financial plumbing rather than speculative positioning.

Stablecoin infrastructure matters because whoever controls compliant conversion, liquidity routing, settlement relationships, and trusted rails may ultimately become more important than whoever simply launches another token.

Strategic alliances matter because this industry is becoming too regulated, too capital intensive, and too politically sensitive for isolated participants to scale alone.

And importantly, the market may still not fully appreciate how strategically important certain acquisitions, banking relationships, or infrastructure partnerships could become if integrated correctly over time.

But I also think there is another issue developing… the company increasingly needs a disciplined narrative structure.

Not hype. Not promotion. Not endless announcements. Clarity.

A clearer explanation of what the company is becoming, how the businesses connect, where the durable economics emerge, and why the positioning becomes difficult to replicate. Because when narratives become too diffuse, markets often default to confusion rather than assigning value.

Ironically, I actually think Russell Starr was one of the perfect archetypes to communicate the company during earlier phases and have stated so for years.

Not because everyone always agreed with him - but because he understood how to speak about ambition, asymmetry, misconceptions, and market structure in a way that made people pay attention.

He gave the company personality during a period when most people still did not understand where digital asset infrastructure markets were heading.

In many ways, he helped carry the “why” behind the effort.

Today, the challenge is different. The company no longer simply needs excitement around possibility. It needs the market to understand the architecture of what is being built and how that architecture could eventually become structurally important.

Because if DeFi Technologies successfully evolves from a participant in digital asset markets into infrastructure that other systems increasingly rely upon, then the conversation surrounding the company changes materially.

And if it does not clearly explain that transition itself, the market may continue misunderstanding what sits in front of it.

When I see $1.45 valuation targets attached to a company attempting to position itself across institutional digital asset infrastructure, regulated yield structures, stablecoin frameworks, ETP distribution, and emerging financial rails, it tells me many analysts still fundamentally do not understand what they are looking at.

And frankly, I increasingly suspect a meaningful amount of coverage in this sector is becoming commoditized through generalized AI-assisted modeling layered onto superficial comparables rather than deep structural analysis.

That is not meant as an insult. It is simply the reality of modern coverage environments.

Many analysts today are producing enormous volumes of reports simultaneously across multiple sectors, companies, and themes. Under those conditions, nuanced architectural positioning often gets compressed into simplistic valuation frameworks that fail to capture optionality, strategic asymmetry, infrastructure positioning, or long-duration structural shifts.

As a result, companies attempting to build something unconventional often get analyzed as though they are simply another cyclical product business.

In my opinion, that misses the point entirely.

Because if DEFT successfully executes on even part of the broader infrastructure thesis surrounding regulated digital asset distribution, sovereign-linked yield structures, settlement rails, institutional partnerships, and financial interoperability, then traditional surface-level valuation approaches may ultimately look extraordinarily disconnected from what was actually developing underneath.

@CSchlauf @jhnwtt @Russ_N_Starr @Forson @olivierfrancois @APompliano @etiennecol @wombat_oz_14 @scottmelker @novogratz

[IVAN @ivmm2]

@YStan__ You are a 🤡🤡

[Mike Alfred @mikealfred]

I have purchased 585,000 shares in BKKT via Alpine Fox LP. I joined the BKKT board 8 months ago with the firm belief that we could build something great. We have cleaned up the cap structure, balance sheet, and board, added stablecoin capabilities, and now it's time to accelerate

[IVAN @ivmm2]

@mikealfred Mike you are a crack¡¡¡¡

[IVAN @ivmm2]

@AlexCryptoDubai 💪

[IVAN @ivmm2]

@BloosomStuart @elespanolcom Jajjjaja 300 euros lujo dice

[IVAN @ivmm2]

@RobLentz @Russ_N_Starr 👏👏👏👏👏👏👏👏

[Travladd 𐤊 @OfficialTravlad]

$KAS upcoming Toccata hardfork.

Most people still think Kaspa is only a fast proof-of-work payment network.

The upcoming Toccata hard fork changes that narrative completely.

Up until now, Kaspa’s identity has largely revolved around speed: high throughput,rapid confirmations,
and its blockDAG architecture that allows multiple blocks to process simultaneously instead of forcing a single-chain bottleneck.

But Toccata is about expanding what the network is actually capable of. The upgrade introduces a new programmable framework built directly into Kaspa’s base layer through “covenants.”

At a basic level, covenants allow coins to carry execution rules that define how they can be spent later.
Instead of transactions only verifying ownership, the network can also enforce future conditions tied to those funds.

That opens the door to far more advanced transaction behavior.

The implications are significant:
→ programmable vault systems
→ conditional transfers
→ native asset logic
→ decentralized financial primitives
→ trust-minimized interoperability
→ and more sophisticated application design

What makes this especially interesting is how Kaspa is implementing programmability. Rather than copying Ethereum’s virtual machine model, Kaspa is extending its own UTXO-based architecture. The goal is to add functionality while preserving the network’s core design philosophy: scalability, parallelization, and proof-of-work security.

Toccata also lays the groundwork for zero-knowledge functionality.

The upgrade introduces cryptographic verification capabilities that can eventually support:
→ zk proofs
→ scalable off-chain computation
→ private validation systems
→ and advanced verification logic without exposing all underlying data

This is important because zero-knowledge systems are increasingly viewed as one of the key technologies for scaling blockchain infrastructure long term.
Another major piece is SilverScript, a new scripting environment designed specifically for Kaspa’s architecture.

This creates the foundation for future programmable applications and more flexible transaction logic without abandoning the network’s lightweight design.

The significance is that it establishes the technical base layer required for:
→ programmable assets
→ zk-powered systems
→ more complex applications
→ and future ecosystem expansion

[Travladd 𐤊 @OfficialTravlad]

I see $BTC vs $KAS appearing a lot, but this isn't the case and here is why:

Bitcoin was designed to create digital scarcity.
Its main achievement was proving that decentralized money could exist without governments, banks, or centralized control. That breakthrough changed finance forever.

But Bitcoin intentionally prioritizes security and stability over speed. Blocks are produced roughly every 10 minutes. The network processes transactions relatively slowly and its architecture is deliberately conservative because changing Bitcoin’s base layer is extremely difficult.

That conservatism is part of Bitcoin’s identity.
It is designed more like digital gold than a high-speed global transaction engine, Kaspa approaches the problem differently.

Instead of using a traditional linear blockchain structure, Kaspa uses something called a blockDAG. In Bitcoin, miners compete to add one valid block at a time.
If two blocks are found simultaneously, one usually becomes discarded “orphaned” work.

Kaspa changes this model, its architecture allows multiple blocks to exist and be processed in parallel rather than forcing the network into a single-file chain.

That difference is extremely important because parallel block processing dramatically increases throughput while still maintaining proof-of-work security.

In practical terms: Bitcoin measures confirmation times in minutes, Kaspa measures them in seconds.

Bitcoin prioritizes maximum historical reliability.
Kaspa prioritizes scalability and real-time performance while keeping PoW.

Another major distinction is network philosophy, Bitcoin’s base layer changes very slowly.

Kaspa is more experimental from an engineering perspective. The project is attempting to modernize proof-of-work infrastructure itself by improving:
→ transaction speed
→ scalability
→ confirmation latency
→ and eventually programmability
While still keeping:
→ decentralized mining
→ fair launch principles
→ UTXO architecture
→ and proof-of-work consensus

That combination is why many people call Kaspa an “evolution” of PoW rather than a replacement for Bitcoin. But the two assets are not necessarily competing directly.

Bitcoin dominates the “store of value” narrative.
Its strength comes from:
→ security
→ brand recognition
→ liquidity
→ institutional adoption
→ and monetary credibility built over more than a decade

Kaspa’s argument is different.
Its supporters believe proof-of-work networks should also be capable of:
→ instant settlement
→ high throughput
→ scalable infrastructure
→ and eventually more advanced on-chain functionality

without sacrificing decentralization.

This is where blockDAG architecture becomes central.
Traditional blockchains force transactions into one sequential history. Kaspa’s system allows many blocks to coexist and then organizes them through consensus ordering. The result is a network designed for much higher throughput than Bitcoin’s original architecture can realistically achieve at Layer 1. Another key difference is development direction. Bitcoin intentionally limits complexity at the base layer.
Most innovation happens through external layers like Lightning.

Kaspa is beginning to push more functionality directly into the protocol itself through upgrades like the upcoming Toccata hard fork, which introduces covenant-based programmability and foundations for zero-knowledge systems. So while both projects use proof-of-work, they are evolving in different directions.
Bitcoin focuses on being the most trusted decentralized monetary asset in the world. Kaspa is attempting to become a scalable, programmable, high-speed proof-of-work infrastructure layer. So Kaspa is not simply a “faster Bitcoin” and it isn't $BTC vs $KAS.

[Just a Dude Who Invests @DudeWhoInvests]

What stock are you buying the most of right now?

[CryptoManiac 🇸🇦 @CrypttoManiac_]

Cada vez hay más puntitos de Kaspa.

Me hace gracia la gente que dice que Kaspa es humo, cuando tiene las mismas características que Bitcoin, una red descentralizada, con un lanzamiento justo, sin privilegios, sin VC y sin monedas preestablecidas a dedo.

No, es nada de eso.

Es una red lanzada desde cero, donde quien quería aportar y dar seguridad a la red, o quien quería obtener monedas, debía minarlas, no recibirlas sin ningún coste o esfuerzo.

Punto.

Además, está pensada para usarse, para construir y enviar valor, puedes hacerlo prácticamente a la velocidad de la luz y con un coste casi nulo.

También permite construir y desarrollar finanzas descentralizadas sobre ella, con una comunidad increíble y en plena expansión.

No hay nada de humo.

A día de hoy sigue habiendo una comunidad minera gigantesca que aporta seguridad a la red y busca hacerse con la mayor cantidad de $kas.

Minarla les cuesta energía y dinero, pero lo consideran valioso, por eso lo hacen.

Mi mayor inversión es Bitcoin, pero también confío en la tokenización y en las finanzas descentralizadas de este sector.

Antes que invertir en monedas centralizadas, con supply preestablecido entre VC, desarrolladores y fundadores, muchas veces con malas intenciones, como ya ha demostrado este sector, prefiero invertir en Kaspa.

Al menos sé que el kas que estoy comprando alguien lo ha tenido que minar, a alguien le ha supuesto un coste energético y de hardware, y no ha sido creado con un simple clic sin coste alguno.

Puestos a diversificar, lo haría en Kaspa una y mil veces.

[IVAN @ivmm2]

@PasionBasketNBA La verdad que si los lakers ganan 1 partido será un milagro

[IVAN @ivmm2]

@MauroSports24 Que necesidad de esto .. hacer el ridículo y quedar como un impresentable y lo peor es que X te de cancha