I mentioned Cypherpunk Holdings CSE:HODL PINK:CYFRF a few issues back, it trades on the Canadian Securities Exchange (and not to be confused with Van Eck’s HODL ETF) – this is another crypto holdco a la Neptune Digital Assets (NDA)
At the time I picked some up around 0.12 but didn’t add them to the portfolio.
They put out a corporate update a couple days ago:
- Sitting on 86,294.0575 SOL
- 56 BTC
- $4.9M cash
HODL reports in CAD, so it pencils out to about: $18M in SOL + $5M in BTC + $5M cash = $28M, against a market cap of $23M, like Neptune, they have no debt.
It’s about a 20% discount to NAV.
We may end up adding them to the portfolio with a 1% or 2% weighting because these holdcos tend to not have their values reflected for a long time (witness, Neptune) but as the cycle heats up, we should see it catch up and I can’t resist buying crypto companies below NAV.
It’s also a way to play Solana which I think will outperform ETH this cycle. HODL has made about $57K (USD) staking their SOL since the end of June.
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