Hiroshi

🚨Fuck it, someone has to do it🚨 Seems half of the loudest and most prominent UK Bitcoiners have invested in or are involved with B HODL. This is the latest UK Bitcoin Treasury Company just announced. I have read through the Admission document and will share my honest thoughts. Let's start with the key bits of information... Shares on admission: 129.1mil (76.5% new shares). Proceeds: ~£13.8mil gross (~£13.6mil net). Expected market cap: £18.1mil. Roughly £11.5mil for Bitcoin buying, and £2mil for working capital. The Retail WRAP is a raise at a 1.57x mNAV. Key backers include Adam Back and CoinCorner, a Bitcoin exchange based on the Isle of Man. Company is led by @freddienew, who I have enjoyed interacting with on here over the past few months lol. Moving on to the operating business... I hate to say it, but I have to keep it honest, this does not deserve a mNAV premium and will not be profitable for a very long time. They are leasing a Lightning Network node from CoinCorner, amongst other things, at £10k/month cost. This is on top of salaries etc. They said it's in the "top 100" in regards to capacity... sounds impressive right... right? Well LQWD, a Canadian Bitcoin Treasury company, is ranked number 8 in the world. They made $5k in revenue over the last 12 months... Guys, this will be a loss making business for years to come, and the LN Network is still in its infancy. So what we are talking about is a pure Bitcoin Treasury play until they are able to get a sufficient amount of Bitcoin in the hope that they can generate yield on said treasury. So we're back to just another Bitcoin Treasury play in the UK with no profitable operating business. They all lose money. There's like 25 of these now with dead flywheels because they are unable to raise capital at accretive levels and do not have the trading volume to support a functioning ATM facility. Yes, the B HODL team is better on paper than say Coinsilium, but it's a different game now. Only £13mil raised just shows you how scarce capital is. I do not think they will come close to catching Smarter Web, and it's a winner takes most game. What's the end game here... Get to 100-500 Bitcoin and generate a few percent in yield? This does not deserve a mNAV premium, especially not with the loss making operating business. All these Bitcoin treasury plays are useless if they cannot scale and then offer fixed income products. I'm not here for peanuts. At this point, the gap between Smarter Web and everyone else in the UK is growing. Unless you can come to the table with something unique and a lot of Bitcoin, whilst also able to replicate the community which helps drive a mNAV premium, their lead is insurmountable. The CEO Freddie is being paid £110k on a pro rated basis based on the number of days actually worked per week? I'm sorry but why does any of this deserve a 1.57x mNAV premium again? You can just buy Metaplanet which is trading below this. Or Smarter Web, which has a viable route to the FTSE 250 now. I suspect this is how it's going to play out: -Initial pump on IPO. -People will take profits, stock will dump. -Struggle to raise capital, will be small amounts. -mNAV will compress to one. Is what it is, tell me where the lies are told.