Cantor initiates on Solana treasury companies (HODL CN, DFDV | matthew_sigel on Binance Square

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Cantor initiates on Solana treasury companies (HODL CN, DFDV, UPXI) w/ OUTPERFORM ratings.
Says Solana-oriented balance sheets deserve bigger premiums than BTC co's due to native revenue opportunities & higher volatility.

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France Eyes Bitcoin Mining to Cut Energy Waste and Boost Grid Stability. "The proposal, submitted to the French National Assembly on June 12th, urges the government to examine whether Bitcoin’s energy-intensive mining process could be harnessed to absorb excess power, especially from the nuclear plants that generate the bulk of France’s electricity."

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No public BTC treasury company has traded below its Bitcoin NAV for a sustained period. But at least one is now approaching parity. As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near NAV, continued equity issuance can dilute rather than create value. ⚠️ That is not capital formation. It is erosion. 🧭 Companies pursuing a Bitcoin treasury strategy should adopt safeguards now, while premiums still exist. Some ideas: 1️⃣ Announce pause to ATM issuance if the stock trades below 0.95 times NAV for 10 or more trading days. 2️⃣ Prioritize buybacks when BTC appreciates, but the equity fails to reflect that value. 3️⃣ Launch a strategic review if NAV discount persists. That might include a merger, spinoff, or sunset of the BTC strategy. 💼 Executive compensation should be aligned with NAV per share growth, not with the size of the Bitcoin position or total share count. We’ve seen this movie before with the miners: persistent issuance and outsized executive pay. No need for a sequel. 🚫 Once you are trading at NAV, shareholder dilution is no longer strategic. It is extractive. 📣 Boards and shareholders should act with discipline now, while they still have the benefit of optionality.

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Spoke to a Southern mayor yesterday who wants to be the first in 🇺🇸 to issue BitBonds. He’s got his summer intern on it. One potential snag: could a Bitcoin-linked muni threaten federal tax-exempt status under arbitrage rules? Tax pros, please opine below ⬇️

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$CRWV 🛒 Quietly buys ~5.5% of $APLD ✅ Awards it a massive AI lease 📈 Watches $APLD double 💰 Dumps entire stake Nice work if you can get it.

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first time I've seen $V Visa get hit hard on stablecoin-related margin pressure fears, down 6%

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