Conversation with dead chain:
- Raise $25M on a $250M post. Then $75M on $750M post
- Over 2 years, $100M raised for 20% equity.
- Team: 40–50 FTEs at ~$200K avg comp = ~$9M/yr.
- Add ~$4M/yr in ops (legal, SaaS, travel, etc.)
- Total burn: ~$13M/yr
- Keep ~$80M in t-bills earning 4% = $3.2M/yr in interest income
- Launch a token, trades at $1B FDV. Treasury owns 30% = $300M
- Sell $30M to USDC (total cash raised now $130M).
- Monetize the balance by selling covered calls: $500K–$1M/mo in income
- Business has ~$100M cash + ~$250M in native asset and optionality (albeit very low given incentives at play) to get traction and build real eco
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