“We trade at like a billion dollar enterprise value when you include the warrants.”

Bankless · Cypherpunk Owns $500M of Zcash and 18% of Its Hashrate | CIO Will McEvoy

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What was described

calculate enterprise value including warrants, resulting in roughly $1 billion valuation versus lower market cap

enterprise value ≈ $1 billion; market cap lower (unspecified)

Said nearby on the same subject

“At a 5% cap rate, essentially… for every $1 of rental income, we're getting 20 times that in valuation… if the lower it goes, so if it's a 3% cap rate, $1 of rental income is worth $33 in value.”
JH
Jack Henderson
Mo Money ·
Hard number 5% cap → 20× rent; 3% cap → 33× rent Share this moment
“We have a management incentive program... our leaders have a stake in the overall enterprise goals, which include value-based care”
BH
Banner Health
Healthcare Rap ·
Why it worked Share this moment
“I never underwrite to a lower cap rate… if cap rates increase, you totally miss your mark.”
FP
Frank Patilano
Ironclad Underwriting Podcast ·
Contrarian take Share this moment
“If we were to allow all of the PIC warrants… they would own 15.75% of the cap table, still a minority position”
♫
Said on Play It Smart
Why it worked 15.75% potential equity conversion Share this moment

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