$DJT – Standalone Valuation and the Flywheel Current market cap is ~$1.13B. Q3 financial assets were ~$2.3B (cash, restricted cash, short-term investments, equity securities, note receivable and interest, digital assets, and digital assets pledged). Even after the $1B convertible notes, the asset base exceeds the current market capitalization. The TAE merger was announced in December 2025 as an all-stock transaction valued at more than $6B, with each side expected to own roughly 50% on a fully diluted basis. Since that announcement, TMTG has begun reporting recurring Media revenue that is growing (Q3 was ~$2.8M for the quarter, roughly a $1M/month run-rate from advertising and Truth+ subscriptions) and expects to add further streams. The company is leaner, with legal expenses sharply lower, and is now closer to completing the TAE acquisition. TAE itself is one year further along in its development. Bitcoin is modestly lower now than in that period, but the original deal arithmetic and the financial-asset base have not been reflected in the current price. These are digital and subscription-style streams on an already-built platform, so incremental revenue is expected to carry high margins as additional sources layer on. Absolute dollars are still small; the structure is the early stage of a high-margin flywheel. Management stated they intend to address the November 30 note repurchase right with cash and credit and are not inclined to issue additional equity. The S-4 is effective and the special meeting is set for December 14. In my opinion, both the TMTG media business and TAE are one year further down the road, so the $6B figure from December 2025 is too low for December 2026. That valuation does not prevent the stock from trading far lower (as we have already seen) or far higher (as is possible). The current ~$1.13B valuation is a fucking joke and the price is way too low. Common sense and a basic reading of the financial statements support that view. The same people who previously highlighted losses tied to the Bitcoin price will almost certainly discount the Q3 pop on the Bitcoin treasury as paper gains. A re-rating requires new buyers and institutions stepping in for early exposure to the fusion component (particularly the clean, non-waste form TAE is developing) on top of the existing media and treasury assets. Execution of the notes and the merger close are necessary, but the price move depends on that incremental demand arriving. NFA/DYOR.