Gradient (GRAY)

My take on $GRAY

Grayscale is the best DAT structure ever created. The market just doesn’t know it yet.

Instead of reverse mergers into dead public shells, grayscale is IPO’ng with a massively profitable (but slowing) business (similar to the yellow pages years ago). But the profits grayscale receives for the management fee of their assets are paid in kind (in $BTC, $ETH, etc) so they can build a massive crypto DAT warship and don’t have to rely on external funding to do it.

$FORD and other DATs that rely on a premium to NAV to grow via capital markets raises are probably never going to buy more of the underlying asset ever again because they can’t sell more shares / debt with no underlying business model and a stock that trades below NAV

Grayscale on the other hand will add $250mm+ of crypto to their balance sheet every year from organic free cash flow without having to tap the markets at all. And they can support debt if they choose to due to the high cash flows of the business (strong interest coverage ratio)

This is how DATs should be structured. Use a cash flow generative business to buy underlying crypto assets

GRAY Token Public Offering Signals Gradient’s DeFi Expansion

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https://t.co/entForEejB