· 方法论
涉及标的： $BOT
$BOT 即使下跌21%后，仍以4倍 NAV 交易。 还有20亿美元有效 ATM。 所以现在它基于1.46亿美元私人资产，市值约6亿美元。 在这些资产中，它们持有约3700万美元 Figure。 而你本质上是在以1600亿美元估值买 Figure，尽管领先人形机器人制造商 Unitree IPO 估值只有60亿美元。 所以，仅仅因为一个1.46亿美元私人基金上市，并不意味着应该发生数十亿美元散户财富转移？ 也许基金有良好意图？ 但在20亿美元股权融资工具之后，当已经存在估值/NAV 断层时，这个举动看起来很掠夺。
$BOT is still trading at 4x NAV. With a $2,000,000,000 effective ATM. Even after the 21% drop. So now it’s ~$600M MC, off $146M in private assets. Then off those assets, they own ~$37M of Figure. Which you’re essentially buying at $160B valuations while the leading humanoid maker in Unitree is IPOing at $6B. So just because a $146m private fund went public doesn’t mean there should be a multi-billion dollar retail wealth transfer? Maybe the fund had good intentions? But idk after the $2B equity financing facility, that move just seems predatory when there’s already a valuation NAV disconnect.