X @BREAD | ∑:

Valuation & Financial Performance - The crypto company is being compared to a "PUMP" with an implied ~7x multiple [1] - The company's outstanding fully diluted valuation (FDV) is $29 billion, with 30-day annualized earnings of $12 billion, resulting in a P/E ratio of 24x [1] - The forward P/E is expected to be much lower due to growth [1] - The company is described as the "strongest cashflow generating machine in crypto" and is trading below the average P/E of the S&P 500 [1] Risks & Caveats - There is no firm commitment on the buyback percentage [1] - The durability of fees is a concern, with a question of whether the company has a "HL liquidity moat" or just a "pump launcher moat" [1] Strategic Advantages & Catalysts - The company possesses a "warchest" that allows it to eschew fees [1] - Upcoming catalyst events from raised funds are expected [1]