Full-time trader. NFA - I trade around all my positions.
elgato.capital
Joined September 2025
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Okey did a bit more digging and I like what I see as a $ZEC beta ->
@DCGco is taking one of the largest ZEC miners in the world @FortitudeCrypto public through a Nasdaq shell and crypto twitter has completely missed it (or no one is talking abt it)
$HSCS becomes $TUDE at close.
ZEC at $970. Their cost to mine one coin: $70.
Long. Full breakdown below 🧵
Why is no-one talking about that DCG and @BarrySilbert is taking on of the largest $ZEC miners public in the midst of a ZEC bull-run? About to close merger with $HSCS in H2. Companied value $290m.
If you are into AI datacenters - pivot to ZEC mining.
$HSCS
$KYIV delivered: double beat and raise #3.
Rev $349M (+17.5%) vs $340M est, EPS $0.36 vs $0.35. FY rev guide up to 15-17%.
Q4 guide implies a flat quarter - obv they alw guide very conservatively. Abu Dhabi talks next week matter here as continued strikes on infrastructures impacts telecom margins.
$KYIV reports Q3 tmrw.
Ukraine-US-Russia peace talks in Abu Dhabi next week, the first trilateral round since February. Halting strikes on energy infra is on Kyiv’s agenda.
Guidance raised twice this year, and the H2 guide looks sandbagged. Wouldn’t be surprised by a double beat and raise #3.
4x EV/EBITDA.
If you are into AI Datacenters - pivot to ZEC mining.
$HSCS
$PURR Ceo @dschamis on the midterms result and potential implications on $HYPE
"... I do not think there in any material impact on Hyperliquid coming to the US..."
Looks like none buybacks has been done after increased authorization for up to $100m - expect them to start buying back now after report if MNAV stays at these levels.
Let's see what they say on the call $PURR
Looks like none buybacks has been done after increased authorization for up to $100m - expect them to start buying back now after report if MNAV stays at these levels.
Let's see what they say on the call $PURR
adding $PURR at 0.83mnav w ongoing buybacks.
One of these reported one of the biggest crypto news this year (if not the biggest), and the other one suffered the biggest crypto hack ever.
hyperliquid:native
Big players start to validate the $STX bonding - will be interesting supply dynamics if we continue to sell out monthly + four digits BTC as y need 5% in STX to bond with.
STX/BTC Green on this day is encouraging.
If you are into AI Datacenters - pivot to ZEC mining.
As Bitcoin miners pivot toward AI, we're doubling down on #Zcash.
Despite launching a decade ago, Zcash has very limited pure-play, large-scale mining representation on major US stock exchanges.
When comparing the latest generation machines, Zcash mining consumes 20 percent less power than Bitcoin¹ while generating approximately four times the revenue per megawatt-hour under current market conditions.² ³
In addition to its attractive mining economics, we believe in the long-term importance of privacy and the infrastructure supporting the Zcash network.
Our commitment is clear: build a new category of vertically integrated Zcash mining and pursue our vision of becoming the largest publicly traded Zcash miner. $ZEC
Read more: wsj.com/finance/currencies/b….
Sources:
¹oneminers.com/blogs/news/zca….
²cointribune.com/en/bitcoin-m….
²bloomingbit.io/feed/news/120….
See important additional information here: fortitudemining.com/disclaim…
$KYIV reports Q3 tmrw.
Ukraine-US-Russia peace talks in Abu Dhabi next week, the first trilateral round since February. Halting strikes on energy infra is on Kyiv’s agenda.
Guidance raised twice this year, and the H2 guide looks sandbagged. Wouldn’t be surprised by a double beat and raise #3.
4x EV/EBITDA.
Compliant Privacy and Post-Quantum Security and BTC Defi - wrapped all in one token, sub 1B mcap. All the 'hot' narratives.
The thematics are incredible interesting for $STX
Stacks is building Bitcoin capital markets, the yield, credit and trading markets that Bitcoin, the world’s leading digital asset, still lacks.
Stacks Founder @muneeb explains why they matter 🟧
Learn more below. 1/7 👇
Just to compare to $CSHR - $DEFT spends almost as much on pay as $CSHR does. Foe example DEFT paid $8.4M in H1 versus CoinShares’ $9.6M, w CSHR having 3x as many people and 13 times the AUM.
$CSHR makes money in all conditions as offering crypto ETPs should be a lean operation - $DEFT could also be if they stopped using it as a piggy bank for enrichment.
But I also guess there is a reason that it looks like this and limited insider ownership - truly horrendous.
Coming back to $DEFT. I genuinely want to own this business as I think it could be great r/r in a hot crypto market. If (big IF) management makes a few easy (imo) changes to capital allocation, it’s an easy buy.
If Q4 seasonality kicks in and crypto has a good run, here’s all they need to do:
1. Sell the STRC and some of the crypto treasury, and buy back stock. They have c. $71M in cash + stables, $19M in STRC (!!) and $30M in their own crypto. That’s $135M of cash, treasury and venture holdings, about the same as the whole market cap (~$144M).
$30M of buybacks at these prices retires 20% of the company. Buying your own stock at ~1x liquid assets beats a 12% STRC yield, no one can argue with this.
Run it lean.
2. Opex is c. $10M a quarter on $5.5M of core revenue (q2). Cash pay to key management tripled in H1 YoY while revenue fell. idk what’s going on with opex, but right now it looks like a piggy bank.
Cut people and costs. A lean version of this business makes money at today’s AUM before any crypto gains.
That’s literally it. I genuinely think this could take the stock back to $1 if crypto plays along.
Some other things but are more nice to have as we have core fundamental issues above:
3. Leveraged ETPs on larger alts outside the big 3. High fees, less competition, and people would love them in a strong market.
4. Insider buying. Insiders own 1.9%. Show some skin in the game.
Lets see.
Coming back to $DEFT. I genuinely want to own this business as I think it could be great r/r in a hot crypto market. If (big IF) management makes a few easy (imo) changes to capital allocation, it’s an easy buy.
If Q4 seasonality kicks in and crypto has a good run, here’s all they need to do:
1. Sell the STRC and some of the crypto treasury, and buy back stock. They have c. $71M in cash + stables, $19M in STRC (!!) and $30M in their own crypto. That’s $135M of cash, treasury and venture holdings, about the same as the whole market cap (~$144M).
$30M of buybacks at these prices retires 20% of the company. Buying your own stock at ~1x liquid assets beats a 12% STRC yield, no one can argue with this.
Run it lean.
2. Opex is c. $10M a quarter on $5.5M of core revenue (q2). Cash pay to key management tripled in H1 YoY while revenue fell. idk what’s going on with opex, but right now it looks like a piggy bank.
Cut people and costs. A lean version of this business makes money at today’s AUM before any crypto gains.
That’s literally it. I genuinely think this could take the stock back to $1 if crypto plays along.
Some other things but are more nice to have as we have core fundamental issues above:
3. Leveraged ETPs on larger alts outside the big 3. High fees, less competition, and people would love them in a strong market.
4. Insider buying. Insiders own 1.9%. Show some skin in the game.
Lets see.
Nature is healing.
$DEFT is probably an attractive buy AFTER the imminent reversed stock split and the following mega-dump that usually follows.
At sub $100m mcap they will probably start to do buybacks so could bounce nice.
Until then - nothing.
the fact that $TRUMP was "only" down 10% as this was posted is insane (1.4B mcap).
