SecularJuncture

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SecularJuncture

SecularJuncture

@SecularJuncture

Mostly market commentary. Not investment advice.

انضم Şubat 2012
413 يتبع240 المتابعون
SecularJuncture
SecularJuncture@SecularJuncture·
Even when using TZROP median price of the last years as reference point, the current offer is still egregiously below it. @JeroenMensen is correct about the capital structures; the rights attached to an instrument do not shrink simply because the asset trades at a discount, and the fact TZROP traded down does not erase the economics attached to it. Otherwise the issuer effectively benefits from its own failure (token segregated in a structurally unfavourable setup: illiquid platform + no price-discovery etc). Hence this was not a neutral or fair benchmark that lets mgmt diminish investors rights. Was the prolonged delay and market dysfunction allowed bc of the planned redemption?
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Jeroen Mensen
Jeroen Mensen@JeroenMensen·
@Alan_Konevsky Some analysis on the offer made by @tzero to retail investors holding $tzrop based on the public information I have. Retail should be informed properly what is in front of them (orange line). A start. Happy to adjust if I am wrong @tZERO
Jeroen Mensen tweet media
tZERO@tZERO

@tZERO is seeking the consent of all tZERO holders to enable the conversion of TZROP security tokens into tokenized Series B preferred equity, strengthening alignment with long-term shareholders and supporting potential future capital formation and strategic transactions. If approved, the proposal would: • provide TZROP holders with equity participation in future value creation • simplify tZERO’s capital structure • support a potential up to $10M capital commitment from @BedBathBeyond Resulting Series B shares are expected to remain tokenized and custodied on-chain within tZERO’s regulated infrastructure, with planned semi-annual, auction-based liquidity opportunities over time. If you are a TZROP holder, please visit our secure voting portal, available here, to learn more about our proposal and to cast your vote. Voting ends at 5:00 p.m. EDT on April 28. 2026. Link to full release in the comments section.

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RWA Foundation
RWA Foundation@RWAFoundation_·
There are a lot of layers across the RWA stack, but these are the core ones: > Asset > Legal > Tokenization > Data / oracles > Compliance > Liquidity > Distribution And the reality is: The strength of an RWA isn’t just the asset it’s how well every layer is built around it
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Doc34
Doc34@Doc3411·
We believe @Alan_Konevsky can/will execute. That’s why we don’t want upside chopped out from under us right before it happens after all these years. $BBBY needs to budge a little on the commons. @tZERO $TZROP 3-5 ords and we move on happily.
Marc Cohodes@AlderLaneEggs

If any of you guys bitchin about $Tzrop want to sell I am bidding.. Its easy to bitch and so far the Investment here has been a disaster for a variety of reasons, but that doesnt mean jack shit if @Alan_Konevsky and crew execute.. I have voted yes on the conversion and am buying even more here.: @fleckcap @marcuslemonis

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Sam - SeekingAlphaPlus
Sam - SeekingAlphaPlus@samtr981·
Hit the nail on the head here @HumbleandH “The irony shouldn’t be lost on anyone tZERO was created to bring transparency, to fight against market manipulation, and to open new opportunities for investors especially retail through tokenization. Yet here we are today, asking for those very principles to be upheld.” @tZERO - world is watching , let’s do it right and be the trail blazer of private markets for retail investors .
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Jeroen Mensen
Jeroen Mensen@JeroenMensen·
All $tzrop holders should join forces here. This is not a fair treatment of investor capital from day 1. Pref B and ordinaries are multiples better of vs $tzrop holders and have a significant position in the vote. >50pct and they could push it through. But Board maintains a fiduciary dury. The pref position is irrelevant vs the amount raised (40m vs 130m) and upside non existent with 11pct. On a net basis all other instruments are much better of. $tzrop holders lose preferred position and undiluted dividend. This is a horrible deal, window dressed with some nice rings pre funding round. It is nonsense and they know it. All that support this deal like $bbby have multiple instruments at play. The vote should be contested with so many insiders with opposing positions controlling the vote. DM me. @tZERO
Jeroen Mensen@JeroenMensen

My conclusions without further details on the cap table regarding the @tzero conversion. 1. The liquidation preference of B is a non meaningful position at c.USD2. There preference should be the initial capital raised at c.130m. That is when tzrop has been made whole 2. The converted B only participates at c.11% of the proceeds while the ordinaries remain to have almost 50% of the economics. This should be the other way around $tzrop holders will be made whole at c.1bn valuation in the current proposal. Here pref B makes c.4x and the ordinaries a killing at 500m. This is highly skewed to the favor of the ordinaries. Note that the parties voting here and holding large positions in $tzrop like $bbby hold more exposure in the ordinaries. So I suggest you do your own work. More structured disclosure is required from the Board of @tzero and @Alan_Konevsky . The Board has a fiduciary duty towards all capital providers here. Especially retail who is heavily invested in the instrument. Simple majority maybe but this should be contested given the holder dynamics. This is an instrument issued under Delaware law. My suggestion is not to vote yet until there is more disclosure. We as $tzrop holders are new to the cap table dynamics and should be informed accordingly.

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Bondisrael
Bondisrael@Bondisrael_·
@HustlerzHub החמישית בגודלה רכשה את העשירית בגודלה $zim
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Hustlerz Hub
Hustlerz Hub@HustlerzHub·
The Big Three Dominate Global Trade
Hustlerz Hub tweet media
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SecularJuncture
SecularJuncture@SecularJuncture·
⬆️ TZROP has been used as a funding mechanism and later served as a sandbox for the company’s tokenization initiatives. It has fulfilled multiple roles over time, and is now being presented with an offer that is meaningfully below that of other classes. A little effort from the other holders is necessary
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Alan Konevsky
Alan Konevsky@Alan_Konevsky·
Expanding infrastructure stack capabilities. Thanks to the team.
tZERO@tZERO

tZERO Capital Partners has launched as an exempt reporting advisor for private funds. This expands the regulated infrastructure across the @tZERO ecosystem – supporting private funds. Combined with our broker-dealer, ATS and digital asset custody capabilities, this strengthens support for tokenized fund structures and digitally native private market workflows. Another step forward for Tokenize + Trade + Connect and the infrastructure powering next-generation capital markets. 🔗 tzero.com/news/tzero-cap…

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Doc34
Doc34@Doc3411·
@Alan_Konevsky maybe this vote passes w/the top heavy votes but right now the long-standing loyal @tZERO supporters feel like they are being done dirty. I hope you reconsider and revise the terms before the votes ends & do a new vote. We want to support but need to feel supported
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Doc34
Doc34@Doc3411·
@Alan_Konevsky We’re all open to and want the $TZROP conversion and I know no side “wins” in these situations but the picture below speaks volumes on current sentiment of @tZERO proposal @fleckcap @StephaneDeBaets @AlderLaneEggs
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Teshy@MyTeshy

1 TZROP to 12.75 B preferred is the fair offer. Series A raised 135M & Series B raised 70M. Allot ownership based on the share of capital invested. Series A to be allotted 65.6% of B Preferred shares for surrendering Series A ($TZROP) and removing the 10% perpetual dividend.

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Jack Cambell
Jack Cambell@JackCambell14·
Agreed on all points, esp presentation. Lot of excitement / support about conversion potential / opportunity, just days, weeks, months ago, just need to find the right package. Fortunately don’t think it even takes that much work; if I was running their IR (🤞): 1. Postpone the offer. “Hey guys we heard a lot of interesting feedback, BoD & mgmt are going to reconsider” Retail investors (TZROP) are (un)fortunately or not the biggest advocates, and not immaterial $ supporters -> give them an opportunity to have a well-informed voice beyond an abrupt proposal that seemingly hasn’t been well received. Even if ultimately proposal doesn’t materially change, it’s could show a lot of good faith / ecosystem value. 🗣️ 2. Put a neat little tab called “Investor Relations” on the site. Add the full cap table, disclosure statement, history of funding rounds, “Submit a Q’s”, IPO / Fundraising goals, benefits of semi-auction, meet the BoD, etc. A lot of the work is already done anyway and if they are serious about IPO/ new marquee investors, perfect opportunity to start practicing better presention that’ll be needed anyways. 📊 3. Do a podcast w @Alan_Konevsky to introduce @flecksthoughts. I’m sure Bill’s a great guy, so give opportunity to explain: Why he’d be a great director?, What he’s excited about?, What he thinks the conversion unlocks?, Why it’s a good deal?, etc. BoD has a ton of talent but it’s been hidden too long, value hasn’t been marketed, and has caused too many issues, shed some light. 🎙️ 4. Announce a date for the shareholder snapshot for the next offer. If folks are passionate & want more votes, great they can invest more. If folks are sick of it and want out (whose vote wouldn’t be meaningful) maybe it’ll give them an exit opportunity. Could it be gamed? Maybe, but could it also better align incentives, certainly. 💰 5. Spend a week thinking a little outside the box. BBBY is only pledging $10m on the back of a very serious recapitalization, tZERO runs a fundraising platform - maybe warrants could be sold?, maybe pref Bs, maybe common? Trust a lot of work has gone into this & not to dismiss that, but this is a major, headline grabbing transaction - challenge mgmt to find a way to leverage as a major super exciting marketing opportunity too. 🤔 For the deal terms - will let the market / smarter people decide what’s fair. Generally imo (DYOR), feels a bit more could be done creatively & equitably (warrants, open primary participation, dilution across the cap stack) to me. Selfishly would like to see some of these suggestions play out & don’t see how if this proposal passes - so personally planning to vote No for now.
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KPR
KPR@roily23·
@JackCambell14 interested in your conversion thoughts?
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SecularJuncture
SecularJuncture@SecularJuncture·
The future of commerce is agent-based and it’s arriving fast. This puts companies like @tZERO @circle @Paxos in an interesting position. 1. AI is being embedded directly into existing rails. 2. Trust layers and compliance matter (something Web3 has been struggling to achieve at scale.)
Coin Bureau@coinbureau

⚡️VISA LAUNCHES AI AGENT PAYMENT PLATFORM Visa unveiled "Intelligent Commerce Connect", enabling AI agents to make purchases for consumers across multiple card networks. The platform is in pilot and expected to launch broadly by June, per Axios.

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Spencer Gareiss
Spencer Gareiss@SGareiss·
We're just getting started. Proud to be building the future of sports finance with @tZERO. Retail investors deserve access to this asset class.
tZERO@tZERO

A new category of tokenized securities is emerging. @tZERO is partnering with /mkt, whose platform enables retail investors to access SEC-regulated securities tied to professional athletes’ future earnings under Regulation A+. Primary distribution through /mkt’s broker-dealer subsidiary (pending FINRA approval), while tZERO supports the lifecycle infrastructure – including ATS secondary trading, custody, settlement, and transfer agent services. 🔗 tzero.com/news/tzero-and…

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tZERO
tZERO@tZERO·
@CharlesSchwab just published a deep dive on tokenization – and named @tZERO as one of only three platforms for tokenized securities today. Instant settlement. 24/7 markets. Real assets on-chain. This is the infrastructure moment. 🔗 schwab.com/learn/story/to…
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Good Tines Ranch
Good Tines Ranch@goodtinesranch·
@nickisanders @JeroenMensen @tZERO It does have different structure/rights, which is WHY it was bought. "We wouldnt consider selling tzero for a Billion... but also TZROP isnt worth anything" "Yet TZROP's rights are too good and don't allow us to raise equity. So here's 3 $0.65 shares"
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Nicki Sanders
Nicki Sanders@nickisanders·
Big move from tZERO. This proposal does a few important things at once: • aligns token holders with actual equity upside • simplifies capital structure • keeps everything on-chain within a regulated framework The interesting part is not just the conversion, it is what this enables next. Cleaner cap table + tokenized equity + structured liquidity windows is the kind of foundation needed for real capital markets activity to move on-chain. Also worth watching: the potential capital commitment from Bed Bath & Beyond. If you are a TZROP holder, this is one of those votes that actually matters. 👀
tZERO@tZERO

@tZERO is seeking the consent of all tZERO holders to enable the conversion of TZROP security tokens into tokenized Series B preferred equity, strengthening alignment with long-term shareholders and supporting potential future capital formation and strategic transactions. If approved, the proposal would: • provide TZROP holders with equity participation in future value creation • simplify tZERO’s capital structure • support a potential up to $10M capital commitment from @BedBathBeyond Resulting Series B shares are expected to remain tokenized and custodied on-chain within tZERO’s regulated infrastructure, with planned semi-annual, auction-based liquidity opportunities over time. If you are a TZROP holder, please visit our secure voting portal, available here, to learn more about our proposal and to cast your vote. Voting ends at 5:00 p.m. EDT on April 28. 2026. Link to full release in the comments section.

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اكتشف

@JeroenMensen @CGGalakoutis @Jesse04771628 @SkepticStevo @Alan_Konevsky @tZERO @Doc3411 @samtr981