Layergg

Layergg

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Intuitive metrics(VC, Exchange, etc) | The deepest research in Market Trend/Project

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A quick thought: How might DOGE move when SpaceX goes public?

In honor of 50 years of Apple, we're sharing - for the first time ever - Don Valentine's original 1977 memo for Sequoia's investment into Apple Computer. #Apple50

DeFi exploits were closer than quantum attacks all along.. The enemy is within.

Upbit and Bithumb just suspended the $DRIFT wallet, and it pumped.

not 100% fully certain yet, but it seems drift might be getting exploited monitor your positions

hello someone from circle reach out asap, seeing high likelihood of a potentially large exploit

It's not April fools. POV: When you are Korean, you can see this Both exchanges currently have deposits and withdrawals suspended due to due diligence reviews.

🧵 Dunamu (Upbit) FY2025 Annual Report + Naver Financial Stock Swap — Key Summary 1/ 📊 Earnings Overview (Consolidated) Revenue: $1.07B (YoY -10.0%) Operating Profit: $599M (YoY -26.7%) Net Income: $489M (YoY -27.9%) Trading platform fees account for 98.3% of revenue. Fee revenue alone: $1.06B. 2/ 📉 Why Revenue Declined Dunamu standalone revenue dropped ~$130M from prior year. Operating expenses surged to $475M, up 26.3% YoY → double hit from rising costs + falling revenue, crushing operating margins. 3/ 💰 Balance Sheet Total Assets: $9.1B (down from $10.6B) Total Equity: $4.3B (up slightly from $4.1B) Cash: $278M (down from $348M) Short-term bonds/deposits: $5.1B → conservative allocation in deposits & fixed income 4/ 🔥 Key Filing: Naver Financial × Dunamu Comprehensive Stock Swap Naver Financial to become Dunamu's 100% parent company. Dunamu share swap price: $303/share (₩439,252) Naver Financial share price: $119/share (₩172,780) Swap ratio: 1 Dunamu share → 2.5423 Naver Financial shares Equity value ratio: Dunamu : Naver Financial = 3.065 : 1 DCF valuation by PwC Samil + fairness opinion by Changcheon Accounting ("Appropriate"). 5/ 📅3/30 Amended Filing: Timeline Delayed ~3 Months Record date: 4/27 → 7/22Shareholders' meeting: 5/22 → 8/18Appraisal rights exercise: 5/22–6/11 → 8/18–9/7 Swap completion date: 6/30 → 9/30 Reason: Delays in government approvals — FTC merger clearance, Naver Financial major shareholder change approval, Dunamu major shareholder change filing under AML/CFT regulations. 🔑 Key Takeaways If Naver Financial becomes parent → stays consolidated under Naver Corp. This is effectively Naver absorbing Upbit into its structure. The 3-month delay signals how high the regulatory hurdles are. At the swap price of $303/share, Dunamu's implied market cap is ~$10.6B (₩15.3T) → top-tier global valuation among private crypto companies.

- Drafted a blog post - Used an LLM to meticulously improve the argument over 4 hours. - Wow, feeling great, it’s so convincing! - Fun idea let’s ask it to argue the opposite. - LLM demolishes the entire argument and convinces me that the opposite is in fact true. - lol The LLMs may elicit an opinion when asked but are extremely competent in arguing almost any direction. This is actually super useful as a tool for forming your own opinions, just make sure to ask different directions and be careful with the sycophancy.

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