Jim D

[Watson @thewatsonview]

Hoping to post another article tomorrow morning on $ABXX.TO called “A Free Call option” to give you the full Sunday to read it. Make sure to follow @thesherlockview as I’ll only post it there. Read time is about 20 minutes.

[Jim D @roirenos]

@JoshCrumb @UpslopeCapital Wonderful breakdown @JoshCrumb
Makes it about as clear as anyone could ask really.
It’s all in the perspective and has never been “just” about a commodities exchange but about something much much bigger and better.
#Worldbuildersorbust #Abaxxforthewin #29ers

[Josh Crumb 🆔++ @JoshCrumb]

@UpslopeCapital *sum-of-the-parts (SOTP)

..but yes, all the analysts continue to only look at “some” of the parts :)

[Josh Crumb 🆔++ @JoshCrumb]

1) Thank you for being more professional in the report than you are on twitter.
2) You have your view on “direction of travel” and have skin in the game, so glad it’s more than just dunking now.
3) Just to make clear, we don’t ever pitch the Abaxx investment thesis on a sales multiple, ARR, or anything to do with current “pilot” trading metrics used for growing and onboarding (or the “quality of current trading” statement [used out of context] etc).

I’ve always pitched the asymmetry of the risk/high-reward investment case on a NPV/NAV valuation, some-of-the-parts broken down by the following:

A) Salvage value of the exchange infra (global licences, proprietary exchange tech stack, ISV integrations, data distribution partnerships, and of course FCM connections—including being a US-China bridge that perhaps few may be able to compete with if direction of US/China relationship continues to sour, and silver being a great example given US tariff risk and China export regulation risk)

B) potential value of the benchmarks at scale, both individually (it only takes one major commodity benchmark working to more than justify value given a, c, and d), as well as collectively (1mm ADV as first goal of scale). Right now this number is close to +90% NPV discounted, sub 10% success priced in, as we are trading close to salvage value (pre-tech) now. “Start up exchange are hard”, but we didn’t build to take existing market share, but build new market share in products that are needed and only our exchange offers. 1 of 1.

C) ID++, real time digital title, MarketsOS Tech etc

D) Royalties and other assets which can be spun out in the future (or maybe even sooner than later)

[James Duade @James_Duade]

It’s ironic these attacks are happening now right as the exchange is hitting escape velocity on the volume and OI S-curve, not to mention the Tech initiatives so close to commercialization.

Watching what you and the Tech/Exchange teams have been able to build and achieve over the past 7 years has been absolutely amazing—MAS licenses for RMO/ACH, building and launching Abaxx Exchange and Clearinghouse, launching over 15 contracts in various verticals, onboarding multiple global FCMs and a plethora of trading firms around the world, building liquidity to over 15k ADV, and OI to nearly 2k ADV (and a carbon credit spinco in their for good measure!).

The incredible thing though is that the master plan where Tech could become the go to source for digital asset tokenization in finance and commodities hasn’t even been valued yet.

I can’t wait to see the market finally appreciate that Abaxx in many ways built a regulated commodity futures exchange & clearinghouse in order to maximize the potential use cases for 🆔 ++ via MarketOS, SPOT, Abaxx Sign/Abaxx Drive & Abaxx Messenger.

Long story short, any investor who has traveled the dune buggy path with Abaxx has rode the volatility of stock price, and seen the amazing things the Abaxx team can accomplish. No hit job short report will ever persuade us otherwise. Keep building Abaxx Team!

[Josh Crumb 🆔++ @JoshCrumb]

Yes, and all of this “spend-vesting” by Abaxx has been done for sub $_150mm over 8 years.

Show me one exchange “startup” who has spent less, or one who has achieved more with anywhere near the resources. Anywhere near the greediness in dilution. Name one.

I kept telling everyone, it’s slow, but it’s insanely asymmetric. We could already flip our infrastructure today for more than we’ve spent to date. I always knew we had that “put” each year when we raised. But the moat we now have, and the margins that our business can generate in the future are a long-term perpetual “call” option. Selling “dollars for pennies” (to cold start our markets and grow FCM and commercial onboarding) or whatever manipulative nonsense is now circulating fundamentally misrepresents the nature of a five-sided network business and the non-linearity of what we’re building in the exchange and tech sides of our business.

Short such an illiquid call option, such a team, such a greedy supplier of little new stock at your own risk.
$ABXX.TO #29ers

[STUART TURLEY - Energy Podcast Host @STUARTTURLEY16]

The Future of Commodities, LNG, and Trading - Joe Raia, Chief Commercial Officer, Abaxx Exchange https://t.co/7nbysXPL30

This was a fun discussion about the future of Energy Security, LNG, and the importance of getting delivery on LNG, gold, and silver. @JoeRaia5 hit it out of the park.

[James Duade @James_Duade]

@JoshCrumb @endurancetest SMX also never had the contract liquidity that Abaxx has, the benchmark style contracts (eg gold, silver, LNG, Lithium, etc) and importantly also never had FBOT licenses, which is likely worth a lot.

[Josh Crumb 🆔++ @JoshCrumb]

@thewatsonview ..and we haven’t even started our offence publicly yet. The first week was all about securing our reputation with regulators and FCMs, getting our defence in good shape behind the scenes. This is going to be fun™️

[Josh Crumb 🆔++ @JoshCrumb]

Correct. Even if this becomes a hedge fund hotel of the swamp creatures (ie the bat signal), there are a few things they just cant fundamentally solve for, the biggest one being the fundamental floor value and the lack of supply of new stock against what I believe will be significantly growing demand the next 6 quarters as our benchmarks start go mainstream, and tech is fully understood. The billionaires who own the stock and understand this and are buying more. This isn’t Tesla and some big valuation gap. They are shorting an illiquid call option IMO. The lower it goes, the higher the beach ball underwater effect IMO.

[Josh Crumb 🆔++ @JoshCrumb]

Thanks, Joe. Also, I need to own a mistake in the precision of something I said on the call.

I said something along the lines of “first clearinghouse in 20yrs”, which obviously isn’t correct, but was an abbreviation of something i believe I’ve said on conference calls and twitter etc.

The full line is “first full-stack commodity exchange and clearinghouse in 20yrs (if ever), to built their own physical products, own exchange and tech stack, and own clearinghouse all from scratch.”

What we are doing is hard and 1 of 1. It takes time to solve many, many chicken and egg cold-start problems (not just trading liquidity, but all the chicken and egg problems we had to overcome to even launch the first such greenfield infra). I’ve never said otherwise. We have been nothing but transparent in all of these risk/reward points and educating the market on how it works and how we’re overcoming them in real time.

But we have built enough ecosystem now, solved enough of the infrastructure cold start problem that our SALVAGE VALUE is growing by the quarter. I heard numbers such as 750mm to 1B (so basically near our current market cap after the hit job - but dyodd) when I was down in Boca on an ecosystem such as ours: Singapore Licences and clearing FBOT (also first one in over half a decade), clearing member on-boarding (including Chinese soon which is very valuable as they off board US clearinghouses), settlement banks, data distributers that have taken years, inter dealer broker network, etc etc. And then there is Spot, Adaptive, and our 1 of 1 ID++ legal and MarketOS tech for collateral.

This share price is getting highly, highly asymmetric now (because you shouldn’t just look at Salvage value and probability of success on 1mm ADV NAV now, but in ~6 quarters of additional investment, derisking, new products, FCM growth, Chinese and US trading, tech launch an validation, etc etc).

The market is full of fear given the chart and the attack by the market manipulators, but it’s not rational IMO, people are getting manipulated out of their ownership. The ShadyBunch will lose from here (they still have to close the covering half of the short and distort trade, the hard part). I’m buying as much as I can, and figuring out a way to potentially buy significantly more. As always, I’m all in (while they went all in on stock market manipulation).

(Again, I own my mistakes and happy to talk about them..but I’m still waiting for the Shady Bunch to engage with the intentional distortions they make, which they wont as its the entire substance of the hit job, thus never responded to or corrected, zero good faith or research integrity coming from this “fearless [stock manipulator]”).

[uncle baby billy @NotoriousBaggie]

@thewatsonview @PKsNYC Confirmed by Raia Sunshine today along with relaunch of NWE in coming months.

https://t.co/kjAOA7eC6I

[Watson @thewatsonview]

Looks like @PKsNYC has a friend with a terminal who confirmed that Bloomberg is onboarding $ABXX.TO!!

Screenshot from WhatsApp but text copy and pasted from terminal.

Abaxx will soon have their data on all of the major financial platforms.

[655321 @PKsNYC]

Just take a look at the live algorithmic market marker in Gold/Silver.
https://t.co/IspGRads6h
We've seen the spreads fall from 1%-2% when little or no trades were taking place months ago, to 2-15bps now. This is only the top of book and we can't tell the real depth at those prices.

Stay up late one night and look at the live feed as trades execute. Warning, its sporadic, in bursts of activity. Market closes are noon EST. Most of the calendar spreads (futures' bread and butter) take place during the Asian session.

It appears to be a Indian PM trader out of Gift City arbing/scrapping pennies per trade, an intraday algo that does not commit capital in overnight. That said Gold OI has spiked in recent days, with Silver showing signs of life. Check it here: https://t.co/ElHWQnHuNV

These quotes started being disseminated thru LSEG some days ago. Soon on BBRG (help desk message from May 27th) will post them too.

3 Chinese FCMs and 3-4 western Bank FCMs (JPM?) are expected to onboard in 3q-4Q26. Including one which services the "global energy trading complex"... I've been waiting for 1.5 years for these FCMs to onboard, which means that the volume of activity will dramatically increase by year end.

This is why the stock traded close to 100% up from current levels. Viceroy is gifting you an entry point.

But remember, all this is an elaborate hoax!! 😂

#29ers $ABXX.TO
** NOT investment advice, to your on DD.

[Gnilrets 🆔++ @Gnilrets__]

$ABXX.TO

[Robert @he_mowz]

Im trying to lay out my thoughts coherently on $ABXX.TO

I think Josh made a salient point that this hit job by viceroy is particularly disruptive because it occurred during a rerating, when uncertainty is high and the exchange is being valued on a future state, not today’s earnings and volumes

I think Greeley also made a great point that it takes orders of magnitude more work to refute bull shit than to spew it

I think everything Joe Raia said was just great. You can look up the event online and see it was an LNG event. As is typical everything from this short side is seen in the worst possible light, and simply mentioning other products like silver that were launched recently on the exchange at the event and suspecting fraud is a stretch to my mind. Petrochina as a speaker at their event shows Abaxx is speaking to all the right people

Lastly, I think addressing the elephant in the room, the low open interest: it’s clear the incentives driving trading are not enough to entice firms trading on Abaxx in size to hold risk overnight. Someone is making money trading the price differentials net of the rebates. Asking management who it is and expecting them to disclose that is a farce. I’m not sure it’s legal for them to disclose it and even if it is, it would also erode trust to disclose it if unauthorized or not compelled by a government.

I trust management is working to build more commercial volumes and that proving to participants the pipes work is an important step in this process.

It’s possible to hold two thoughts at once. Management has guided that initial volumes are not what they are solving to. They have faithfully disclosed the trading incentives in filings and in quarterly presentations.

That being said, people trading in growing size on the exchange that took 7 years to build is EXCITING. Physical gold and carbon have been DELIVERED. It WORKS. If you build they will come, and management is excited and promoting their success. Nothing wrong with it.

Frankly, im not sure how the trading action turns around in the stock. I am not looking forward to today’s session.

Im not sure how to get institutions to buy on the stock on the back of this short report

To me its clear that viceroy went for maximum impact and used a libelous word… fraud

Other more humble and inquisitive short sellers such as upslope with exchange expertise were clear… incentives are typical and there is nothing wrong with having them in place… and they don’t ensure success.

I have seen other short sellers be berated by Josh for not disowning viceroy

But they owe no such statement

I asked Josh about his use of Twitter one of the first times I spoke to him. He told me some of the institutions involved like following him on here. I don’t know that I’m finding it useful in this scenario.

[Grok @grok]

@JoshCrumb @AIMhonesty 😂 Appreciate it. Facts and public filings are the lane—20 seconds to verify claims on $ABXX.TO or Abaxx if you drop the specifics. Health memes and personal shots? Pass. Evidence wins. What's the exact point to check?

[SafeMargins @SafeMargins]

@thewatsonview Bloomberg was confirmed as onboarding by someone with a terminal a month or two ago . . so definitely bloomberg. Bloomberg customer support confirmed.

[Jim D @roirenos]

Another record day for the @abaxx_exchange Silver Contract. Also on track for a record month on revenue for the exchange.
They are always executing by Planning their Mine and Mining their Plan!
#29ers #Worldbuildersorbust #Abaxxforthewin
$ABXX.TO