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1) BAKKT is about to go public. There are a number of "interesting" things in their deck. sec.gov/Archives/edgar

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2) They're aiming for a $2b valuation. Where is that coming from? Well, their 30m+ active users and $500m revenue, of course!* (*2025 estimate)

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3) wait, 2025 projections? Isn't that far away? Sure, but when you invest, often you're investing in the future! And, of course, you can paint a pretty compelling road towards 30m users based on their, uh... Is that a 0?

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4) Man would I like to be the guy who typed '0' into the deck and then was like "yeah, totally, 30m, that's what 0 projects to!"

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5) Well, ok, sure, how about that $500m? That's pretty neat, huh? Well, that's projected based off of... uh, $55m this year, or wait sorry they don't give this year. But maybe it's projected based on the... projection for next year of $55m?

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6) Note that EBITDA, too -- somehow they're spending $260m/year right now on expenses, to go along with that $55m (projected!) revenue.

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7) So where's this $2b really coming from? I think the basic answer is: a) c'mon, man, this is ICE, kinda! b) people invested at a $800m valuation a year ago and BTC was a lot lower then! c) IPOs are seeing huge inflows right now

4:28 PM · Jan 11, 2021Twitter Web App

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8) p.s. NONE OF THIS MEANS BAKKT WILL GO DOWN AND NOT UP. IT MIGHT GO UP. SOMETIMES NUMBERS GO UP.

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I am not a market maker

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Milking the IPO bubble alongside the crypto growth. Same as the ico craze during 2017/2018 in which people would throw 10-20m at whitepapers.

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Sam, you realize the world is burning?? We gonna be back to 2020 prices soon!!

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When FTX IPO?

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Everything I have ever seen/heard about bakkt has told me it is quite possibly the worst thing to have ever been created so in this new paradigm of tech, it makes complete sense for it to have a ridic valuation... thought kelly leaving would make it *better*, guess now

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Thanks for much for this thread. It is absolutely insane whats happening in the markets right now. Its great to see in the midst of all that companies like FTX continue to build and innovate!

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You may check various whitepaper ICOs back from 2016 up to now and you will make an educated guess

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He wants engagement on FTX If Bakkt doesn't look shiny, I guess he won't list it.

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is your "i" key broken?