Jul. 24 at 2:36 PM
$NAKA gained 22% over the past week while BTC gained about 2%, but that does not mean its financing flywheel has reopened.
Its 4,467 BTC are worth roughly
$289M. After about
$130M of net senior claims, residual BTC NAV is approximately
$160M, or
$9.17 per current common share, versus a
$4.97 stock price.
That is still roughly a 46% discount to residual BTC value.
The rally is discount compression. Implied Productivity remains near -0.70x, so common issuance here would still reduce BTC holdings per share (HPS). A rerating can help existing shareholders well before it becomes useful acquisition currency.
