[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Immutable Edge 🧵 [@ImmutableSOL](/creator/twitter/ImmutableSOL) on x 6918 followers Created: 2025-07-18 10:08:46 UTC XX% of these crypto-holding companies are likely to trade at a huge discount to their Net Asset Value (NAV) over XX% in X year due to a fundamental misalignment of incentives. The executive compensation structure is often tied to the size of the company's crypto reserves (Assets Under Management). This motivates management to perpetually issue new shares to acquire more crypto, thereby increasing their AUM and potential compensation. The costs of running the business will be super high compared with Blackrock etfs. Consequently, they are disincentivized from undertaking shareholder-friendly actions like selling crypto to fund share buybacks when a discount to NAV appears, as reducing the reserve base would directly decrease their future pay which is main goal they are doing this. 5M$ per year with X work. Incentives drive results. XXX engagements  **Related Topics** [stocks](/topic/stocks) [nav](/topic/nav) [fund manager](/topic/fund-manager) [Post Link](https://x.com/ImmutableSOL/status/1946150144153399461)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Immutable Edge 🧵 @ImmutableSOL on x 6918 followers
Created: 2025-07-18 10:08:46 UTC
XX% of these crypto-holding companies are likely to trade at a huge discount to their Net Asset Value (NAV) over XX% in X year due to a fundamental misalignment of incentives.
The executive compensation structure is often tied to the size of the company's crypto reserves (Assets Under Management). This motivates management to perpetually issue new shares to acquire more crypto, thereby increasing their AUM and potential compensation. The costs of running the business will be super high compared with Blackrock etfs.
Consequently, they are disincentivized from undertaking shareholder-friendly actions like selling crypto to fund share buybacks when a discount to NAV appears, as reducing the reserve base would directly decrease their future pay which is main goal they are doing this.
5M$ per year with X work. Incentives drive results.
XXX engagements
Related Topics stocks nav fund manager