Jul. 22 at 3:18 PM
$DFDV shows why “SOL per share” and mNAV can tell opposite stories.
Its 2.295M SOL equal 0.0762 SOL per current share, worth about
$5.97 at DATCAP’s current SOL mark. Against a
$3.08 stock price, that looks like a 48% gross discount.
But DFDV also has
$216.96M of senior claims against
$179.65M of crypto NAV. After recognizing those claims, DATCAP gets 1.72x mNAV and negative net SOL per share.
So this is not simply discounted SOL. Common equity is paying for a leveraged SOL position plus the validator and financing engine needed to overcome that capital load.