Value Pretender

[Value Pretender @valuepretender]

Respectfully, this is rewriting history. You're leaving a SOL proxy that owns only ~$145M of Solana against debt of $173M, burning cash to the tune of ~$5M per quarter. DFDV is the first DAT with a negative NAV. That's not a treasury strategy. The lenders are currently looking at an impairment, which is why the debt trades at 63C/18% YTW. Praying SOL recovers is not a plan.

[Value Pretender @valuepretender]

@SemlerEric why do you want overvalued $ASST stock so badly?

[Value Pretender @valuepretender]

@mikealfred What's the bull case since NAV is only ~$0.74?

[Value Pretender @valuepretender]

@ETHZilla_ETHZ Now sell ETH and buy back stock. What are we doing in the auto loan business?

[Value Pretender @valuepretender]

@mikealfred Get in loosers, we're buying bitcoin at a 43% premium.

[PugCap @PugCap]

Love hearing the people who were buying $BMNR 20 points higher calling the bottom in Ethereum day after day. Likely to test levels before the Sharplink and Bitmine DAT products were launched.

[Value Pretender @valuepretender]

$ASST received proceeds of ~$150M from the SATA raise, investing the proceeds in BTC at $103k but they added $200M of debt, thus diluting their NAV ~5% in the process. Thank you for your attention to this matter.

[Value Pretender @valuepretender]

@ForeverBuffalo @SchevchenkoT @mikealfred You do realize that NAV went down when they issued the prefs at 80C and bought BTC? LOL. I’m guilty for being lazy. You’re guilty for not understanding basic finance.

[Value Pretender @valuepretender]

@mikealfred Why is ASST asymmetric if they trade at a 30% premium to NAV assuming they close the SMLR deal, burn $30M+ per year, and are financing their business with 15% paper? Make it make sense please.

[Value Pretender @valuepretender]

@xYGG9k9QQ6Kebmd @mikealfred We'll see if the deal closes first. SMLR shareholders got scammed using ASST's stock price before the PIPE unlocked.

[Value Pretender @valuepretender]

@GerryMcguire10 SMLR loses way more money than ASST Mr. Montane. This should trade at a discount to NAV if they continue to lose money. Many of the other DATs don't have this cash burn and trade at massive discounts. https://t.co/SmArw9kdgr

[Value Pretender @valuepretender]

$ASST bulls have entered the chat lately but none have discussed numbers. Lets dig in. ASST trades at a ~1.60x NAV vs MSTR at 1.27x NAV but these are very different businesses. MSTR's legacy biz generates cash while ASST's legacy biz burns a lot of cash...about $25M per year on assets of $660M (4% expense ratio). ASST generated revenue of $2.5M in 1H25 and spent $16.5M on G&A/employee comp so they need to plug this hole somehow. ASST is now raising debt at 12% (hearing 15%+ YTM) to fund the cash burn of the business. I don't believe the bulls actually understand what they own other than the talking points of Vivek is a moneymaker, Bailey is a crypto OG, and Nakamato something or other. DYOD

[Value Pretender @valuepretender]

1H Strive Financials:

[Value Pretender @valuepretender]

The stock is currently trading 45% over the value of the Bitcoin it owns. Strive itself, which manages a handful of ETFs unrelated to crypto, has revenues of ~$5M and expenses of $25-30M so it's bleeding about $25M per year. This isn't a stock that deserves to trade at a premium to NAV in my humble opinion. The dilution from the merger with Strive has been way greater than anyone imagined. The numbers are from the company's recent merger filing with SMLR.

[Value Pretender @valuepretender]

Mike, serious question: why do you like $ASST? It’s trading ~70% over NAV, losing ~$25M/year on a $5M revenue base, and managing just $2.4B AUM that have nothing to do with crypto. If they can somehow convince SMLR shareholders to sell to them for overvalued ASST stock then it's only 30% over NAV, which still seems too high given the cash burn. $EMPD looks like the smarter bet at 0.75x NAV. @mikealfred