The spread is 2 points, and the operating cost is 20 million, so you only earn a few million a year. The performance of new mining machines in the first half of the year should be average, but there are opportunities in the second half and next year. A larger loan book can have a leverage effect.
Personally, I still prefer $MATH, with revenue doubling, a gross margin of 50%, and operating costs being 1/4 of ANT's. Last year, the profit was 10-15 million. Its market value is 1/3 of ANT's. It feels like the market is clearly misaligned.
Antalpha's grand IPO happened a couple of days ago, and I just checked that its total market value is less than $300 million!!
This is a leading company in the industry, with revenue of $47.45 million and a profit of $4.39 million. I couldn't find the total capital size, but I guess it should be at least several billion dollars, and Tether holds nearly 10% of the shares. For such a company, if it issues tokens, how much would they be worth? $2 billion wouldn't be excessive.
Investment is all about buying low and selling high, leaving the rest to time.
If you have a long-term fund now, would you choose to buy ANTA or the tokens of projects with a $200-300 million FDV recently launched by Binance? It's not hard for a discerning person to judge.
But the reason ANTA's price hasn't gone up, I guess, is because it's inconvenient for people in the crypto circle to buy. You have to open a bank account first, cash out OTC, then open a securities account to deposit funds, which blocks most people.
Considering that a bunch of leading crypto companies will be listed soon, like Circle, Galaxy, Kraken, Fireblocks, etc., the most worthwhile thing to do now is to prepare bullets so you can hold shares of leading companies at a low price. And those who are making payment channels, U cards, RWA, CEX, should consider how to make it easier for crypto people to use U to buy quality stocks.
Fortunately, we have already explored some solutions and look forward to sharing them with everyone soon.
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