The $PURR Read Good afternoon everyone! big updates on PURR lets get into it: PURR fell 21% in three weeks. The tokens behind each share barely moved. The price investors pay is a different story. Taking the 21% apart · Net asset value per share, the tokens plus cash behind each share, fell about 6%: from about 12.70 to about 11.91. Most of that is HYPE’s own drop. · The multiple of that value fell about 16%: from about 1.11 times to about 0.93 times. · Those two together make the 21%. So about three quarters of the drop came from the premium, and about a quarter from the assets. Why the premium matters more than the share count Last week this column said the dilution showed up in the price. The record says that was only partly right. The company issued a lot of stock over these weeks, and it bought enough HYPE to keep the tokens per share roughly flat. The likelier damage ran another way: a steady supply of new shares weighed on the price until it slid to the value underneath it, and then below it. A stock that trades above its assets can sell shares and add tokens per share. Below its assets, it cannot do that without making each share hold less. At 0.93 times, PURR is on the wrong side of that line. This week’s dashboard HYPE per thousand shares rose again, to 128.5 from 127.4. · HYPE held: 38.5M to 38.7M. · Cash: $263.5M to $255.3M, down $8.2M. · Fully diluted shares: 302.2M to 301.2M, down 1.0M. No new stock this week. With the price under the 12.02 floor, the company sold none, and the small HYPE addition came out of cash. The share count even fell by a million. The dashboard does not say why. A buyback would explain it, but buying back a million shares on top of the new tokens would have cost far more than the $8.2M of cash that left. So I am not sure here. The price kept falling anyway. At 9.69 this afternoon, PURR is down 12.8% on the week, while HYPE at 81.54 is down 5.9%. Net asset value is about 11.32 per share, so the stock trades near 0.86 times its assets. The backing rose again this week. The premium kept leaving. What to watch The multiple. Above 1.00, issuance can add tokens per share. Below it, issuance takes them away. The Nov 4 vote on removing the 12.02 floor decides whether the company can keep selling stock while it trades under its assets.