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Larry Cermak @lawmaster
, 6 tweets, 2 min read Read on Twitter
TenX has just published their financials. They have $70.5M in fiat and ~$34M in crypto. Their MONTHLY burn rate is $740k or $8.9M yearly. Keep in mind that they are burning that much without having any product for the past 8 months. They can still last for roughly 12 years...
The staff expenses by itself cost them ~$6.4M yearly. Would be interested to see what salary @julianhosp is pulling yearly. More than $500k? Who knows
To give them some credit, it's impressive that they raised $80M and now have more than $100M in treasury. That's good treasury management but also means they must have sold some at the top
Correction: TenX can't even do simple math because they fucked up the conversions. Their ETH in treasury is now worth ~$9.9M and their BTC in treasury is worth ~$19.5M so $29.4M combined
Fun fact of the day: TenX can buy back all their PAY tokens at market price for ~$69.2M and still have ~$30.7M left.
But of course they wouldn't because there is zero demand and they would just be stuck with a useless token.....
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