We’re now over 12x on this. People ask what gave me the conviction to hit it early, before it was all over the timeline. I don’t know or care much about Pokémon or collectibles. What I did see was a massive gap between real valuation and perceived valuation. A project with up-only revenue, yet trading at a completely unjustifiably low multiple relative to its growth and fundamentals. In a revenue-driven meta, that kind of disconnect creates a huge multiple. A simple thesis built on asymmetric information mainly driven by the laziness of participants. Once the vision clicked and others started to see it, the narrative built itself. The timing lined up perfectly with the market and the chart, especially with most presalers out of the way. To make a narrative really run, you need to create the illusion of being early: no active chats, low volume, barely any discussion. Get the timing right, and a narrative is born.

We did the numbers. We’re about right.