Galaxy Digital Inc. (NASDAQ: GLXY) CEO Mike Novogratz expressed concern Wednesday about the current state of cryptocurrency treasury companies, emphasizing the importance of creating shareholder value beyond just owning the underlying asset.Novogratz Questions Current LandscapeSpeaking to SkyBridge Capital founder Anthony Scaramucci, Novogratz said that these companies will continue to trade below their net asset value, between 80% and 95%, unless the management “turns them into companies.”“Remember the guy ...

Financial Performance - EfTEN United Property Fund reported a net profit of 236 thousand euros in November and 2.45 million euros for the first 11 months of 2025, compared to 808 thousand euros in the same period last year [1] - The net asset value (NAV) of the fund unit was 11.31 euros at the end of November, reflecting a monthly increase of 0.8% [1] - If the investment in EfTEN Real Estate Fund AS shares were recorded at its NAV, the NAV of EfTEN United Property Fund would be 11.44 euros, indicating a 0.9% monthly increase [1] Development Projects - Invego Uus-Järveküla OÜ, in which the fund holds an 80% ownership, saw clients book six terraced houses for completion in early 2026 and purchase three already completed terraced houses [2] - The development company earned a profit of 137 thousand euros in November, while EfTEN United Property Fund earned 24 thousand euros in interest income from this investment [2] - As of early December, eight unsold terraced houses were released for public sale, with a total of 12 out of 165 units remaining unsold or unbooked [2] Distributions and Investments - In December, Invego Uus-Järveküla OÜ distributed 500 thousand euros to the fund, which included approximately 100 thousand euros in accrued owner loan interest and the remainder as principal repayment [3] - The fund plans to distribute the received interest to investors in spring 2026, along with funds from the sale of the last stage of development [3] - In total, Invego Uus-Järveküla OÜ has distributed 3.2 million euros to the fund this year, with EfTEN United Property Fund having invested 3.52 million euros in the Uus-Järveküla residential development during 2021 and 2022 [3]

Core Viewpoint - The company Strategy (NASDAQ:MSTR) is open to selling Bitcoin to fund dividend payments if necessary, marking a shift in its previous stance on Bitcoin retention [1][3]. Group 1: Company Strategy - CEO Phong Le stated that selling Bitcoin would be considered if the company's trading value fell below the net asset value (mNAV) of its Bitcoin holdings, emphasizing that this would be a last resort [1][2]. - The ultimate goal of the company is to maximize Bitcoin per share, and selling Bitcoin to pay dividends is seen as more accretive under certain conditions [2]. Group 2: Market Position - The company currently holds 650,000 BTC valued at $56.5 billion, representing the largest corporate Bitcoin holdings [5]. - The company's mNAV has recently compressed to 0.99, indicating that it is now valued below its Bitcoin holdings, which reflects a decline in the digital asset treasury trade's appeal [6]. Group 3: Leadership Comments - Michael Saylor, the company's Chair, addressed skepticism regarding the company's willingness to sell Bitcoin for dividends, asserting that it is possible to sell a small fraction of its holdings to cover dividend payments while still increasing Bitcoin holdings [4].

Core Insights - EfTEN Real Estate Fund AS reported stable rental income in November 2025, with consolidated rental income of EUR 2,703 thousand, unchanged from October [1] - The Fund's consolidated net rental income (NOI) slightly decreased by EUR 6 thousand month-on-month to EUR 2,568 thousand [1] Financial Performance - For the eleven months of 2025, the Fund achieved a total consolidated rental income of EUR 29.08 million, reflecting a year-on-year increase of 3.1% [2] - Consolidated EBITDA for the same period reached EUR 24.45 million, marking a 1.9% increase compared to the previous year [2] - Adjusted cash flow (EBITDA minus loan principal repayments minus interest expenses) totaled EUR 11.9 million, up 19.9% year-on-year, driven by cash flows from new investment properties and a decrease in EURIBOR [3] Dividend and Shareholder Value - The Fund generated potential gross dividends of 82.91 cents per share for investors, a 12.5% increase from the same period last year [4] - The management company is actively refinancing bank loans to enhance the Fund's dividend distribution capacity [4] Capital Structure - Following a share issue in November, the Fund's consolidated cash balance increased by EUR 1.6 million [5] - The net asset value (NAV) per share was EUR 20.7218 at the end of November, reflecting a 0.7% increase over the month [5] - The EPRA NRV was EUR 21.6145 at the end of November, which is a 0.6% increase [5]

When will Michael Saylor sell Bitcoin?At Binance Blockchain Week on December 3, Strategy Executive Chairman Michael Saylor stated that "when our equity is trading above the net asset value of the bitcoin, we just sell the equity it creates shareholder value and when the equity is trading below the (net asset) value of the bitcoin, we would either sell bitcoin derivatives or we would just sell the bitcoin."Source：https://t.co/Rca5GcDfkL ...

Core Concepts of Investment Valuation - Enterprise Value (EV) is a comprehensive measure of a company's total value, calculated by adding the market value of equity and total debt, then subtracting cash on hand [1][6] - Book Value represents the accounting value of a company, defined as total assets minus total liabilities, and is also known as shareholders' equity [3] - Market Value is the price agreed upon by buyers and sellers for a security at any given moment, contributing to market capitalization [4] Valuation Metrics - Price-to-Book (P/B) ratio is used to identify undervalued stocks, with a P/B ratio less than 1 indicating potential undervaluation, though other factors may influence this [2] - EV/EBITDA ratio provides a more complete valuation comparison than the traditional price-to-earnings (P/E) ratio, allowing for better comparisons across companies with different debt levels [6] - Intrinsic Value is an estimate of an investment's true worth based on fundamentals, serving as a benchmark for assessing whether a stock or bond is undervalued, overvalued, or fairly valued [7][8] Yield and Net Asset Value - Yield reflects the income earned on an investment without selling it, commonly calculated for bonds and stocks, and is influenced by price fluctuations [10][12] - Net Asset Value (NAV) is the per-share value of securities held by mutual funds and ETFs, with open-end funds traded at NAV and closed-end funds trading based on market supply and demand [13] Investment Evaluation - Using multiple valuation measurements provides a fuller picture of investment value, with context being crucial as different industries have varying normal values [14][15] - Comparing current metrics to historical values and industry averages is essential to avoid value traps, where a security appears undervalued but may reflect deteriorating business conditions [15] - Qualitative factors, such as management competence and competitive advantages, are also important in the valuation process, indicating that valuation is both an art and a science [16]

Bitcoin Strategy - CEO Phong Le 表示，如果公司股价跌破净资产价值且所有资本渠道消失，公司才会考虑出售比特币，将其称为数学决策而非政策转变 [1] - 公司将出售比特币视为最后的手段 [1]

Core Insights - Tetragon Financial Group Limited has released its Monthly Factsheet for October 2025, providing updates on its financial performance and key metrics [1][2]. Financial Performance - The Net Asset Value (NAV) of Tetragon is reported at $3,881 million [5]. - The Fully Diluted NAV per Share stands at $42.08 [5]. - The current Share Price (TFG NA) is $19.20 [5]. - The Monthly NAV per Share Total Return is recorded at 0.0% [5]. - The Monthly Return on Equity is noted as 0.1% [5]. - The most recent quarterly dividend declared is $0.11 per share, resulting in a Dividend Yield of 2.3% [5][4].

Strategic Review Update - The Trust has been undergoing a strategic review since November 15, 2022, to maximize unitholder value, confirming no further growth in the US under the current platform [1][2] - The Board will pursue strategies to either sell and exit all current investments to return cash to unitholders or explore the sale or re-utilization of the Trust for another property or platform [1] Financial Performance - The Trust reported a net asset value (NAV) of $5.84 per Trust Unit (CAD $8.18), including disposition costs of assets held for sale [2] - For the three months ended September 30, 2025, net income was approximately $0.13 million, a decrease from $0.27 million in the previous quarter and $0.14 million in the same quarter last year [4][6] - For the nine months ended September 30, 2025, net income was approximately $0.57 million, compared to a loss of $0.29 million for the same period last year [4][6] Accretive Texas Property Refinancing - The Trust refinanced a $19.1 million fixed-rate mortgage with a new variable-rate mortgage, achieving a 166 basis point interest rate savings, equating to an interest rate of 6.59% [3] - The refinancing is expected to generate an annual AFFO savings of approximately $0.3 million or $0.04 per unit [3] Asset Sales and Transactions - The Trust sold four of six wholly owned assets for gross proceeds of approximately $71.6 million, with net sale proceeds of about $28 million used for debt repayment [5] - The Trust provided seller financing of $4.0 million for its Florida property sale, generating a minimum 9% return that has escalated to 15% [5] - A joint venture property in Maryland was sold for $15.9 million, with the Trust receiving approximately $1.1 million from the sale [5]

Core Insights - Torrent Capital reported a strong financial performance for Q3 2025, with a Net Asset Value (NAV) of $33.5 million or $0.88 per share as of September 30, 2025, and cash on hand of $4.3 million [1][5] Q3 2025 Financial Highlights - The company achieved net gains on investments of $4.6 million, translating to $0.13 per share, and net gains on digital assets of $1.9 million, equivalent to $0.05 per share [5] - Earnings per share increased to $0.13, up from $0.06 per share in Q3 2024 [5] October Financial Highlights - As of October 31, 2025, Torrent's NAV rose to approximately $33.7 million or $0.88 per share [5] - The cash position improved to $5.9 million by the end of October [5] - The NAV remained stable during October, driven by gains from Lemonade, Inc. and Advanced Micro Devices Inc., although partially offset by declines in digital asset holdings [5] - The company expanded its resource portfolio by increasing exposure to gold, initiating a position in B2Gold Corp. while maintaining a position in Fortune Bay Corp. [5]