SecularJuncture
2.4K posts
SecularJuncture
@SecularJuncture
Mostly market commentary. Not investment advice.
เข้าร่วม Şubat 2012
413 กำลังติดตาม240 ผู้ติดตาม
#TZERO #TZROP #Tzero_Bros @Alan_Konevsky In March 1861, Abraham Lincoln stood before a breaking nation and did something most leaders won't do he spoke to the other side not as an enemy, but as a partner. He acknowledged their concerns. He didn't threaten. He said: I believe in this Union, and I believe in you. Let's find a way through this together.
Alan, you have something Lincoln didn't.
You have a willing counterpart.
#TZROP holders aren't seceding. We're not walking away. We're standing right here telling you we believe in this company. We believe the conversion is necessary. We believe you and the team can execute. We want to vote YES.
But we can't vote yes on these terms.
We held TZROP through years of zero dividends. We provided capital when tZERO needed it most. We believed when most people had never heard of your company. And now the offer on the table asks us to surrender our $10 redemption floor, our dividend rights, our seniority, and our daily liquidity for a 3 to 1 ratio that values our position at roughly $2 per token.
That's not a partnership. That's asking the people who showed up first to take the worst deal.
Lincoln's tragedy was that he couldn't get the other side to the table. You don't have that problem. We're already at the table. We're not making unreasonable demands. We're saying: improve the ratio, and you'll have our votes.
You have until April 28th. Management and BBBY control roughly 14% of TZROP votes. The other 86% is us. You need us. And we want to say yes.
Lincoln closed his inaugural with an appeal to "the better angels of our nature" the shared history that should bind people together rather than tear them apart.
Here's ours we showed up early. We believed in tZERO. We still do. Be the leader who listened. Be the one who came back with a fair offer and held this company together.
Jeroen Mensen@JeroenMensen
It is 12 pref Bs to get to a reasonable level. The beauty is it doesnt even hurt pref B nor ords that much. It shows you it is all possible. Don't let them blame you $tzrop holders for this - "if this does not work it is all your fault". It is the ords that need to be willing to share the pain. And they were also the ones responsible for where we are today. Green line is @ 12 prefs I am not going to ask for 20-30 prefs @Alan_Konevsky @tZERO to extort the position. Just a reasonable zone to get this over with and move fwd.
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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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@CGGalakoutis @Jesse04771628 @SkepticStevo @Alan_Konevsky @tZERO No it does not. A senior claim just like a bond. Nothing to do where it is trading. The ords and prefs are not trading. Why mark them on a private price paid 3-6 years ago?
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SecularJuncture รีทวีตแล้ว
@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
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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SecularJuncture รีทวีตแล้ว
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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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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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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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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SecularJuncture รีทวีตแล้ว
$NOW is trading at under 15x EV/FCF while still putting up a Rule-of-40 score of 56 🤯
Shay Boloor@StockSavvyShay
Absolutely wild that Anthropic was founded less than five years ago is already devouring an entire software category and is worth more by market cap than all of these blue-chip SaaS companies combined: • $CRM $154B • $CRWD $96B • $NOW $85B • $SNOW $43B
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@Bondisrael_ @HustlerzHub Are there developments on whether the deal will go through?
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@SecularJuncture @pawn_sauce @HumbleandH @fleckcap @Doc3411 @SunshineX2020 @dougblazers @AlderLaneEggs @marcuslemonis @StephaneDeBaets @Alan_Konevsky @tZERO 100 pct agree. It is not that they cant, they just dont want to because they want to retain max upside @tZERO $tzrop . I dont want to take it all, i want a fair conversion that respects both parties. Be done with it and move fwd.
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⬆️ 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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@pawn_sauce @HumbleandH @fleckcap @Doc3411 @SunshineX2020 @dougblazers @AlderLaneEggs @marcuslemonis @StephaneDeBaets @Alan_Konevsky At the current conversion $tzrop paid 2.33 per participating share (assuming pref in the money) while the common (estimate) paid 0.60 USD per part-share. Why should $tzrop settle for a 4x price? Leaving the full seniority argument aside. It does not make sense to me yet @tZERO
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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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@Doc3411 @Alan_Konevsky @tZERO We need a bit more. 1:3 should have been the starting point for discussions, not the final outcome.
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@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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@samtr981 @TokenAD_ @tradnup @Doc3411 @Alan_Konevsky @tZERO @fleckcap @StephaneDeBaets @AlderLaneEggs @MyTeshy it’s difficult to reconcile the valuation that cuts the value of the token to a significant discount to what it is already been traded in a disfavorable and constrained setup/venue.
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@TokenAD_ @tradnup @Doc3411 @Alan_Konevsky @tZERO @fleckcap @StephaneDeBaets @AlderLaneEggs To @MyTeshy calculation of 1tzrop to 12.7 series B preferred will get you close to $6/$7 STO offering price , which is decent , at least you are net flat . Although you lost money as 8 years of opportunity cost of your capital
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@Alan_Konevsky We’re all open to and want the $TZROP conversion and I know no side “wins” in these situations but the picture below speaks volumes on current sentiment of @tZERO proposal @fleckcap @StephaneDeBaets @AlderLaneEggs
Teshy@MyTeshy
1 TZROP to 12.75 B preferred is the fair offer. Series A raised 135M & Series B raised 70M. Allot ownership based on the share of capital invested. Series A to be allotted 65.6% of B Preferred shares for surrendering Series A ($TZROP) and removing the 10% perpetual dividend.
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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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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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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 @CharlesSchwab A long time coming!! Congrats to the team
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@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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Tzero will finally bring its regulated digital securities infrastructure into the professional sports market together with /mkt. Access to the next-generation of assets is coming 🚀💯
/mkt | invest in athletes@Sportsmktsocial
/mkt is excited to announce a partnership with @tZERO This collaboration represents an integration of regulated digital securities infrastructure with the professional sports market.
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