Solana's biggest public treasury, by the numbers (Forward Industries, Nov 10 update):
• SOL held: 8,727,694, up 226,396 since Sep 30
• Average cost of that added SOL: $75 (staking rewards count as zero cash cost)
• Net asset value: $600.3M vs $870.4M on Sep 30
• Debt: $187.5M vs $167.5M, plus a new $50M two-year credit line backed by staked SOL
• mNAV: 0.976x, so the shares trade slightly below the value of the assets
$SOL is $83.33 on my chart, -9.29% over 7 days. The holdings grew while NAV fell about 31%, because it's priced in SOL. My read: treasuries that borrow against the coin they hold make the next leg down matter more, not less. Not financial advice.
Do you see leveraged treasuries as a steady buyer for SOL, or a risk? #Solana #DigitalAssetTreasury
Disclosure: Write to Earn may pay me a commission on cashtag trades.
• SOL held: 8,727,694, up 226,396 since Sep 30
• Average cost of that added SOL: $75 (staking rewards count as zero cash cost)
• Net asset value: $600.3M vs $870.4M on Sep 30
• Debt: $187.5M vs $167.5M, plus a new $50M two-year credit line backed by staked SOL
• mNAV: 0.976x, so the shares trade slightly below the value of the assets
$SOL is $83.33 on my chart, -9.29% over 7 days. The holdings grew while NAV fell about 31%, because it's priced in SOL. My read: treasuries that borrow against the coin they hold make the next leg down matter more, not less. Not financial advice.
Do you see leveraged treasuries as a steady buyer for SOL, or a risk? #Solana #DigitalAssetTreasury
Disclosure: Write to Earn may pay me a commission on cashtag trades.
