A MIS-PRICING OF "OWNERSHIP" COINS

Summary from the TLDR Crypto newsletter

Ownership coins with futarchy-controlled DAOs offer robust treasury claims, creating asymmetric opportunities as tokens trading below treasury value provide liquidation floors demonstrated by MTN Capital's successful dissolution, while those with treasury representing the majority of market cap should be valued on discounted enterprise value. SOLO appears most mispriced with $13 million treasury against $15 million market cap, implying $2 million enterprise value versus an estimated $10-20 million pre-money valuation for a post-product stablecoin team, offering 2-4x upside with limited downside. Projects like LOYAL and PAYS trading below treasury represent free call options where worst-case liquidation generates profit while maintaining team execution upside, contrasting traditional startup equity's illiquidity and long horizons. The framework applies when tokens meet three criteria: high liquidity, treasury exceeding 75% of valuation, and short liquidation timelines with robust asset rights, fundamentally changing risk-reward calculations as downside floors compress while preserving asymmetric upside, unlike governance tokens with zero liquidation value.