People are confused about $FORD (SOL treasuryco) because 1. Other treasuryco's have been mostly liquidity extractions of locked tokens, with other grifts mixed in (eg, Tom Lee using $20m of BMNR capital to help engineer a scam pump in WLD which he, or other connected parties, clearly front-ran) 2. CT assumes SOL cabal will follow insider-dealing pattern of other DATs 3. FORD offering docs don't give any transparency on how $1.65bn proceeds will be used in acquiring insiders' locked SOL (which should trade at a big discount, locked tokens can't be sold to defend mNAV) or on what terms those locked tokens will be acquired, vs. buying SOL on open market. Otoh: 4. SOL probably has a lot more exogenous, Wall St demand-to-mcap than SUI, BNB, etc. and this represents an easy way for everyone to frontrun the SOL ETF in a couple months. 5. @KyleSamani , the FORD principal, is arguably too rich to try funny business (a dangerous assumption in our sector imho) Lack of transparency creates...
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