The funds under management are roughly ~50% of the market cap. So event if DCC trades a bit like a bitcoin ETF, somehow the market is still assigning the company business a value of ~AUD 25 million. That is in my opinion still overvalued, because they've produced f*c* all revenue-generating business over the past 3 years... when the MC reaches roughly the value of their funds under management, then I'd say it's decent play (if you believe that BTC still has a large upside)...
Ann: Bitcoin and digital asset exposure - February 2021, page-6
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