I'm sure we're all gonna have a few questions. But first, I just want to note that in the press release this morning, the net asset value, $10.37 so about a 40% discount. And you know, anytime I see a discount that big, I do more.
[Source](https://pixabay.com/illustrations/sale-snowman-new-year-discounts-3864704/I dig deeper to say, what's the reason for that discount? Is there a yellow flag here? Is there a skeleton in the closet? And I did some research and correct me if I'm wrong. But, you know, I looked at, you know, the cap structure, and we reviewed it with you as well see if there's any kind of, you know, shorting that may be going on because of warrant coverage or something like that. Also. Then I thought about the core business, the legacy business before you got the pipe.
Maybe that's burning big cash and that needs a discount, but actually, apparently that's slightly cash flow positive and not an issue.
Even have some NOLS that have a lot of value in the company. The only thing I found that could be impacting why this big discount is it's not available to buy on fidelity yet. Is one the biggest retail broker is like $13 trillion or some crazy number fidelity number one brokerage for retail. But then also, you talk about these pipe investors that they're selling, I wonder if you can speak to those two items.
Now, why are these pipe investors with their cost basis at $9.23 not 923 I'm sorry, was that the price? 959 51 Yeah. 951 like, yeah. Why do you think they're selling? And, you know, basically, just quickly summarize, why? Why this? Discount exists right now.
Yeah, look, you hit a number of good points there. So again, there are no dilutive warrants or any sort of, I think strange. There's no really strange shorting going on. The legacy business is, let's call it, EBITDA positive, but, you know, still mildly cash burning, but it's literally a rounding error. And yes, there are 100 and $30 million of NOLS that, you know, hopefully means we never have to pay tax for a long, long time. I mean, of course you could say we should hopefully pay tax soon, because they're gonna make so much money from staking, but you know, you will need to make a lot of profits to get to that point to use $130 million of Nol. So this is a $400 million market cap company, right staking revenues alone should be 25 million bucks.