What do you thing of the German Bitcoing Group SE? It trades at ca. 0.5 - 0.6x mNAV. The Firm holds over 350m in BTC and has a Mkt Cap of less than 180m. The firm aims at improving its exchange business which creates a free option in case of successful execution with a high margin of safety given from the 3600+ BTC the Firm holds. Going long the company and short BTC (eg. shorting IBIT) creates a compelling situation where you a hedged BTC volatility but with the optionality of an improvement of the operating business which could contribute to reduce the discount.
What do you thing of the German Bitcoing Group SE? It trades at ca. 0.5 - 0.6x mNAV. The Firm holds over 350m in BTC and has a Mkt Cap of less than 180m. The firm aims at improving its exchange business which creates a free option in case of successful execution with a high margin of safety given from the 3600+ BTC the Firm holds. Going long the company and short BTC (eg. shorting IBIT) creates a compelling situation where you a hedged BTC volatility but with the optionality of an improvement of the operating business which could contribute to reduce the discount.
Am I missing something?
Thank you in advance for your answer
Thoughts on US Based, Newtek?
- 5.12x P/E
- 17% revenue CAGR
- Funding mix shifting to deposits away from private capital → faster margin expansion
- rare counter-cyclical growth
Would love to hear your feedback - thanks
thanks. Will take a look. Usually only buy pref or bonds on banking.
Fair enough, think there is more opportunity on the stock in this instance