Jakal Profile picture
Apr 1 11 tweets 7 min read
I've updated the #tether attestation #googlesheets analysis. A few changes including fixing a glaring error 😳 #commercialpaper analysis h/t to @accountantInc catching the mistake. Document consolidates all reported quarters to date >>> bit.ly/3Kzkjz2
The #tether #commercialpaper section has been expanded/updated to show not just the net changes but the new issues/rollovers etc....
The purpose of the #commercialpaper analysis was to highlight that the reported $6.4B reduction in CP was only half the story....and it kinda shits me that the numbers are just trumpeted by most news as is...
Anyone can add/subtract the difference between the reported quarters. But it takes a bit more work to actually drill into the information to work out changes/movements. $7.6B of CP's matured during the Dec Quarter which is $1.2B more than the net reduction.
So if $7.6B of CP's matured....net change is $6.4B where has the additional $1.2B come from.
$726m <90day is either new and/or rolled over.
Of the $824m >80day CP's $509m is new/incoming and the balance is the residual from previous quarter.
From there you can attempt to determine the returns on the matured CP. For example, assuming
(a) that the annualised 90day CP rate is 0.7% (stlouisfed.org).
(b) CP issued at a discount to face value
= $13.2m face value premium on maturity
[0.7% x 90/365=0.17%]
But of course none of these returns can been seen to flow through the attested financials
Not just the CP its also the interest/yield from their other investments and the revenue's that should be being earned including the 0.1% fee on new funds.
57.26B+ of #tether issued CY2021 = $57.26m of revenue, the attested financials do not support this (non-token debt rises QoQ).
Does this infer that assets other than fiat are being accepted as consideration for new tether?
More problematically it appears that assets held/invested by #tether appear not be properly reconciled/revalued. A prime example of this is the #tether's investment in @celsiusnetwork
#tether followed its money in #celsiusnetwork's Series B round of which the investment was made and shares were issued in the Dec21 quarter crystallising a $181m uplift in its investment which if accounted for properly would more than double the reported $137m net assets.
#celsiusnetwork cap table analysis - (a) Series B issues (b) Cap table (all series) (c) pre/post money valuation by round

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More from @intel_jakal

Mar 27
Have been working through $CEL #celsiusnetwork's $750m Series B round. Will share #googlesheets file tomorrow. Here's a preview.
3 Dec 2021 #Celsius resolved to issue up-to 36,930 Series B shares at a price of US$20,469 per share. As at 2 Feb 2022 total of 32,182 Series B shares had been issued. I'm presuming #bnktothefuture will have closed out the balance. Image
The #Celsius Cap table (as at 2 Feb) with pre/post money for each issue. Image
Read 9 tweets
Mar 11
So finally got around to plugging in #tether's Dec 2021 attestation numbers. So their non-token debt is now up to 57m which means their net assets are down to $137m imagine having 80Billion in assets and still having to borrow money each quarter to fund operations.... Image
oh and the increase in debt between quarters is $41m which just happens to be the fine #tether copped.
tomorrow i'll publish the link to the financials.
Read 9 tweets
Jan 31
Look at that....Primo directorship of a UK company with GBP1Billion of capital (US$1.Billion give or take). Pretty cool hey.....and even better....he had the best investors.... Image
Himself. Why have outside investors when you can write the cheque yourself. pretty cool being able to write a single check for $1.4billion..... Image
but then again....things might not have gone to plan. Someone forgot to file accounts and got struck off...Geewizz how much bad luck can you have... Image
Read 13 tweets
Dec 31, 2021
Pondering the tax consequences of the #celsius #hodl and #accrued profits come tax time. I thought I'd brush up on my #cryptotax understanding I found the following blog to be really clear, concise and useful.
cryptotrader.tax/blog/the-trade… h/t @coinledger
The tax framework I had assumed would be applicable was/is pretty well as I expected. Most of which I've learnt over the years the hard way by getting shit wrong (don't get me started on the pain of get pegged in the bum by the tax-office for failing rollover relief tests).
Paying the tax piper..Income tax or Capital Gains. What's not well understood by the swinging dick muppet brigade is referals fee's, staking, mining, shilling and lending ..... that's ALL income tax. You might think it all pools into one big HODL fantasy. but it don't.
Read 14 tweets
Dec 11, 2021
Just read your article on optionsxo fintelegram.com/tag/optionsxo/
I concur with your thoughts on #tomerlevi he was central to these scams
#tomerlevi was named as the owner in court filing against #toromedia #binaryoptions #scam
en.globes.co.il/en/article-isr… Image
I came across these thieves while looking at $isx customer Insightgroup OU. #isignthis was (I guess still is) seeking $1.6m damages from @ASX why? apparently #insightgroup was so infuriated by the "false" #ASX claims against #isignthis it terminated its services. @FinTelegram Image
Read 15 tweets
Dec 1, 2021
@newmoneyreview Well this is the next thing to look at....who actually paid for and were issued CEL tokens at 30c ....ftx and bitfinex I'm guessing between the three and their perifeey they would control literally the whole market...it trade a like a non bouncing dead cat.
@newmoneyreview CEL tokens issued 30cents went 10x by Q3-2020...Dec 2020 the last month of the financial period the price went vertical closing year out at $5.45. adding $2B to Celsius balance sheet....ironically rather than be penalised for issuing far more than market demand
@newmoneyreview they instead gorged their own balance sheet by holding in treasury. How anemic would this balance sheet be if the treasury shares were booked at cost (zero) or issue price (30cents).
Read 14 tweets

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