Disseminated on Behalf of DeFi Technologies (US: DEFTF).
Call me old-fashioned, but there’s nothing I love more than what I deem a profitable, growing, and undervalued business with brand recognition and a competitive advantage that is durable.
I know I just described a near-perfect company, but you tell me if I missed anything. I am blowing the horn after 7 years and sounding the alert that a “beast of the business” has been built in the crypto sector after my previous alert on a blockchain stock resulted in a bottom-to-top price appreciation of over 6,600%.
Only the lifelong readers know that I have the track record to show you what I believe is the most compelling opportunity I’ve encountered in many years.
We also profiled what was then the only publicly traded Bitcoin/Ethereum miner:
One of the founders of that company is also the co-founder of DeFi Technologies (U.S.: DEFTF).
I have no doubt that in 60 to 120 seconds from now, you’ll understand why my investment partnership has made Defi Technologies (U.S.: DEFTF) my largest holding in the portfolio as of May 2024.
Do you know who Anthony Pompliano is? He is known in the crypto industry as “Pomp.”
Maybe you need a face to match to the name; that’s not a problem!
Here he is with Michael Novogratz (the CEO of Galaxy Investment Partners)
Here he is with Andrew Sorkin as an expert guest on CNBC
Here he is with Andrew Sorkin as an expert guest on Bloomberg
I want to share what Anthony Pompliano, who founded Reflexivity Research, a subsidiary of DeFi Technologies (U.S.: DEFTF), just said about DeFi.
After reading DeFi Technologies’ (U.S.: DEFTF) numbers (financials) that were just released: ”Regardless of how you cut the numbers, I still believe that DeFi Technologies is undervalued. Given this additional information in the latest earnings report, I believe DeFi Technologies has a good chance of being one of the best performers from any stock that was pitched at the Sohn Conference in April.”
Anthony Pompliano addressing his personal stake and skin in the game:
“I am not merely sharing my opinion, though. I am a shareholder of DeFi Technologies that will benefit if the market figures out the company is undervalued, and I will be financially punished if the company ends up not performing how I believe it will.”
In this report that was just published on April 30th, analyst Michael Kim gives DeFi Technologies a fair value of USD$3.00 compared to its current quote of USD$0.80!!!
As you can see on the left side, he calls his methodology a “conservative Discounted Cash Flow model,” so what exactly is he calculating?
This analyst report is 23 pages long, so if you want to read it for yourself, please email DeFi Technologies (U.S.: DEFTF) or the analyst directly. What he does is use a 20% discount rate on his real price target to forecast slowing growth in order to be conservative and then calculate a multiple of the company’s net profits.
Do you want to know what’s crazy about all of this? This report came out BEFORE the company released their earnings report a couple of weeks ago.
In this recent quarter, here are the main headlines:
“Record Operating Revenues and Net Income: DeFi Technologies recorded its strongest quarter ever achieving Operating Revenues of C$13.4 million and Operating Net Income of C$5.3 million for Q1 2024.”
DeFi Technologies (U.S.: DEFTF) is the only blockchain/crypto holding in my investment partnership, and this analyst that gives the company a 300% appreciation upside is looking at their crown jewel, Valour, and is impressed like I am. Talking for myself, I am actually in awe.
Valour provides ETPs (the equivalent of ETFs in Europe), and because the United States is dragging its feet with anything related to ETFs in this industry, Valour has become a profitable growth business that has grown revenues 78% in the past year and currently has C$908M in assets under management.
If you want to understand DeFi Technologies (U.S.: DEFTF) and its Ferrari engine, Valour, every time you open the news and hear that BlackRock, Vanguard, and all of these other giants can’t seem to get their ETFs approved with the SEC in the United States, that is driving more clients to Valour, which provides ETPs to Wall Street and retail traders.
The United States dragging its feet is, by default, a tailwind for DeFi Technologies (U.S.: DEFTF), which is how you reach 78% annual growth and a highly profitable business.
I bet they are working on launching new ETPs as we speak! This is what’s already out there!
Here’s How I am Getting Ahead of it
Please reply to me with “WATCHED!”, if you could take five minutes and go over these… they are clips from the company’s latest earnings report:
25:42 29:00 https://youtu.be/OONCg8ICh4s
43:10 44:30 https://youtu.be/Ky5bRqtEZJw
49:30 50:33 https://youtu.be/3oW71HR36bk
58:51 59:23 https://youtu.be/6Q3yBRqpTqk
1:01:19 1:02:19 https://youtu.be/l_i1fuCe7d8
Bitcoin at $14,000… That’s the price at which DeFi Technologies (U.S.: DEFTF) breaks even, but as product diversity and AUM grows that value likely decreases.
This business has plenty of operating leverage right now, and because the U.S. is dragging its feet, the founder of Valour, which is the most profitable subsidiary of DeFi Technologies (US: DEFTF), believes it might take 2-3 years until any real competitive threat emerges to the company’s financial service moat.
One of the largest shareholders of DeFi (U.S.: DEFTF), Johan Wattenstrom, co-founded XBT provider, which was bought by CoinShares. This was the first-ever Bitcoin ETP!!!
More countries than ever are now divesting away from the dollar, which I feel is losing its allure as the world’s reserve currency, and Biden’s policies might be additional fuel for the fire.
World-renowned cryptocurrency and blockchain entrepreneur Anthony Pompliano just came back from a Wall Street investment conference where he said the following about DeFi Technologies (U.S.: DEFTF):
“By my calculation, Valour’s average fee generation on their AUM is approximately 7.2%. That is a monster number for the asset management industry… [With] Solana being their largest ETP, so the asset values continue to grow rapidly during a bull market.”
Valour’s assets under management have grown more than 800% from December 2022!
Do you want to know what I personally think is so unique about this? They hardly do any marketing… The fact of the matter is that there are very few fully licensed cryptocurrency ETPs for Wall Street to invest in, and that is a lasting competitive advantage!
More from Pompliano:
”
Regardless of how you cut the numbers, I still believe that DeFi Technologies is undervalued. Given this additional information in the latest earnings report, I believe DeFi Technologies has a good chance of being one of the best performers from any stock that was pitched at the Sohn Conference in April.
“ It doesn’t matter where you look, central banks and governments are looking for ways to de-dollarize, and that bodes well for DeFi Technologies (U.S.: DEFTF).
Biden’s crypto bill is a pathetic and childish attempt to stave-off a global de-dollarization process and it will backfire and it could drive substantial business towards DeFi Tech (US: DEFTF).
I read this four times already! Check this out!
The following was published by Eric Jackson, founder of EMJ Capital on his X account. Here is the ORIGINAL. I took the liberty of picking and choosing the most important parts, in my view:
“Why I’m Long DeFi Technologies”
DeFi Technologies (US: DEFTF) is a small cap stock domiciled in Canada, which operates 23 crypto-related Exchange-Traded Products (ETPs) in Europe.
They make a yield from their AUM (via management fees and staking) and opportunistic trading profits. Some of their highest yielding ETPs are the non-Bitcoin or Ethereum (i.e., alt coins) cryptocurrencies such as Solana.
Bloomberg consensus is that they will do $104M in revenues this year and $81M in net income (78% net margins); then $143M in revenues in 2025 with net income of $125M. Yet, on their May 21st earnings call, management said they estimated their 2024 revenue would average 8 – 10% yield of their AUM annually. Therefore, at a 10% yield given current AUM of $620M, they will earn $62M in yield (management fees and staking revenue) in the next 12 months. However, they also said on that earnings call that they now expected to generate trading profits of $15M a quarter or $60M a year going forward.
Their DeFi Alpha unit has generated $83M in revenues so far in Q2, according to their June 3rd release. Let’s assume that they can generate $80M a year in trading revenues.
Together with their yield revenues, that’s a combined revenue run rate of $142M a year.
Additionally, on their earnings call, they stated that their operating costs including debt servicing (which has been reduced by $25M in the last month) is about $10M a year. This suggests they now have annual earnings of $132M a year, which is much higher than the Bloomberg consensus or their recent historical financials.
Additionally, their cash on hand, when they announced their stock buyback to commence on June 7th, was $52M, up from $7M on March 31st. And their private venture portfolio on May 21st was valued at $31M.
On June 10th, they announced that they’d purchased 110 BTC, valued today at $7M (presumably using their cash on hand) and planned to do more of this going forward.
This would put their cash, BTC and private assets net of debt at $70m currently.
As of June 11th, Robinhood’s (HOOD) 2024 forward P/E multiple was 43.5x and Coinbase’s (COIN) was 34x. Blended this is 39x forward P/E multiple which should be applied to DeFi to value the company. If you use 250M shares and management’s implied (but not official) 2024 earnings number of $132M with a 39x forward multiple, and include the $70M in net cash, you get a current implied share price today of $20.87/share instead of $1.60, suggesting the stock is currently valued at 1/13th its fair market value.
PLEASE READ THIS AGAIN (AND AGAIN AND AGAIN AND AGAIN… This is how Wall Street thinks!)
- Record Operating Revenues and Net Income: DeFi Technologies recorded its strongest quarter ever, achieving Total Revenues of C$133.2 million (approximately US$98.0 million) and C$128.2 million (approximately US$94.4 million) for the three and six months and Net Income of C$90.4 million (approximately US$66.5 million) and C$72.3 million (approximately US$53.2 million) for three and six months ended June 30, 2024.
- Strategic Advancements and Product Launches: The quarter featured the launch of multiple Exchange Traded Products (“ETPs”) by subsidiary Valour Inc, and Valour Digital Securities Limited (together, “Valour”) significantly enhancing the company’s product offerings and market position.
- Substantial Growth in Assets Under Management (AUM): AUM grew by 43.7% since December 31, 2023 to approximately C$730.1 million (US$533.4 million) as of June 30, 2024, driven by favorable market conditions, new product launches, and strategic corporate actions that enhanced trading volumes and overall financial performance. Since June 30, 2024, AUM has further increased to C$837 million (US$610 million) as of July 31, 2024.
- 2024 Outlook: Looking ahead, DeFi Technologies projects its annualized revenues for fiscal 2024 to reach approximately C$179 million (US$131 million) for 2024, supported by ongoing AUM growth, upcoming ETP launches, and the integration of new acquisitions, which are poised to capitalize on the favorable conditions in the digital asset sector. Furthermore, we continue to evaluate additional Defi Alpha trading opportunities which, if executed, will drive revenues and net income higher.
TORONTO , Aug. 14, 2024 /CNW/ – DeFi Technologies Inc. (the “Company” or “DEFI“) (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF), a financial technology company and the first and only publicly traded company that bridges the gap between traditional capital markets, Web3 and decentralised finance, announces its financial performance for the three and six months ended June 30, 2024 (all amounts in Canadian dollars, unless otherwise stated).
Key Highlights of Q2 2024:
- The Company reported a cash balance as of June 30, 2024 of C$19.5 million (US$14.2 million) compared to C$6.7 million (US$4.2 million) on December 31, 2024. The Company also held $54.5 million in USDT and 110 BTC totaling $9.2M (US$6.7M) as part of its treasury position at the end of June 2024. As of August 14, 2024, the Company’s digital asset treasury position has increased to include 204.23 BTC, 12,775 SOL, and 1,484,148 CORE, totaling $15.5 million (US$21.2 million).
- The Company’s venture portfolio investments were valued at C$41.0 million ($US30.5 million) as of June 30, 2024.
AUM grew 43.7% from C$508.1 million ($US370.8 million) as of December 31, 2023 to approximately C$730.1 million (US$532.2) as of June 30, 2024. - Total Revenues were C$133.2 million (US$98 million) for Q2 2024, a significant improvement from the total revenues of C$7.4 million (US$5.4 million) for the same period in 2023.
- Valour announced the launches of a Short Spot Bitcoin ETP, Valour Internet Computer (ICP) ETP, Valour Toncoin (TON) ETP, Valour Chainlink (LINK) ETP, the world’s first CORE ETP, expanded the world’s first Hedera ETP to Spotlight Stock Market and launched the world’s first yield bearing Bitcoin (BTC) ETP in collaboration with Core Foundation, offering investors exposure to Bitcoin with a 5.65% yield.
- DeFi Alpha, a specialized arbitrage trading desk, generated over $111.5 Million (US$82 Million) in Q2 2024.
Valour paid down C$40.4 million (US$29.5 million) in outstanding loans, thereby increasing digital asset collateral for revenue generation. - Valour launched trading desk in UAE to expand ETP listings and presence in the Middle East.
- DeFi Technologies launched a normal course issuer bid.
- DeFi Technologies announced the launch of a Core chain validator node to participate in network consensus and staking, stakes 1,498 BTC.
- Reflexivity Research partnered with CoinMarketCap to deliver crypto insights.
Comment from the CEO:
“Q2 2024 represents a transformative period for DeFi Technologies, setting new benchmarks for financial performance and strategic growth. Our record revenues of $133.2 million (US$98 million) and net income of $90.4 million (US$66.5 million) for the quarter reflect the strength of our business model and the success of our recent strategic initiatives,” said Olivier Roussy Newton, CEO of DeFi Technologies. “For the quarter, we not only delivered exceptional financial results but also significantly advanced our market position through key product launches, partnerships, and the expansion of our digital asset ETP offerings.
A pivotal highlight of this quarter was the launch of DeFi Alpha, our specialized arbitrage trading desk, which generated over $111.5 million (US$82 million) in Q2 2024. This new venture has rapidly become a significant revenue driver, showcasing our commitment to innovation and adaptability in the dynamic digital asset landscape.
Additionally, we strategically paid down US$29.5 million in outstanding loans, strengthening our balance sheet and increasing our digital asset collateral for revenue generation. Our digital asset treasury strategy remains robust, with holdings of 204.34 BTC, 12,775 SOL tokens, and 1,484,148 CORE tokens, enabling us to participate in the appreciation of digital assets while supporting our staking and yield-generating activities.
The 43.7% growth in AUM to $730.1 million as of June 30, 2024, and further growth to $837 million by July 31, 2024, underscores our ability to adapt and thrive in the rapidly evolving financial technology landscape. As we continue to innovate and lead in the regulated digital asset space, these achievements reinforce our commitment to delivering long-term value to our shareholders.
The net income of $90.4 million (US$66.5 million) for the quarter and $72.3 million (US$53.2 million) for the six months ended June 30, 2024, reflects our financial strength. The drop from $90.4 million in net income for Q2 to $72.3 million for the six months is primarily as a result of the downward adjustment in the value of BTC collateral to the carrying value of the outstanding loan payable held by Genesis Global Capital LLC (“Genesis“) due to filing for bankruptcy. We have received an initial distribution of 95 BTC in August from the estate of Genesis and anticipate further distributions as the liquidation process runs its course.
“Moving forward, we remain focused to capitalize on the growing opportunities within the digital asset sector, ensuring that DeFi Technologies remains at the forefront of financial innovation and continues to leverage our digital asset treasury and initiatives like DeFi Alpha to maximize returns and support the broader ecosystem,” added Mr. Roussy Newton.
ETPs/Valour:
Valour’s ETP business reported AUM of $730.1 million as of June 30, 2024, a 43.7% increase from December 31, 2023 AUM of $508 million. As of July 31, 2024, Valour’s AUM stood at $837 million.
Liquidity:
The Company ended Q2 2024 with a cash balance of $19.5 million, compared to $6.7 million at the close of 2023. The Company also held $54.5 million in USDT. Additionally, the venture portfolio investments stood firm at $41.0 million.
Financial Performance:
For the three and six months ending June 30, 2024:
- Revenues were $133.2 million and $128.2 million for three and six months ended June 30, 2024, compared to $7.4 million and $(4.0) million for the same periods in 2023. Defi Alpha trading desk revenue, increased staking and lending, management fees and new revenue from its recently acquired Reflexivity LLC helped improve revenues in Q2 2024.
- Net Income was $90.4 million and $72.3 million for three and six months ended June 30, 2024 compared to $(0.7) million and $ 17.1) million for the same periods in 2023.
Outlook for 2024:
The outlook that follows supersedes all prior financial outlook statements made by the Company, constitutes forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond the Company’s control. Please see “Cautionary note regarding forward-looking information” and “Financial Outlook Assumptions” below for more information.
The Company has experienced significant revenue growth since Q1 2024. Valour’s ETPs have witnessed a nearly 700% increase in AUM from the market lows in late 2022, alongside growth in trading volumes. Valour’s AUM stood at approximately $730.1 million (US$533.4 million) as of June 30, 2024 and $837 million (US$609 million) as of July 31, 2024.
The Company’s staking and lending income, changes in gains and losses on digital assets and ETP payables, as well as management fees, are closely correlated with capital inflow for Valour’s ETPs and the price of digital assets underlying Valour’s ETPs, which has continued to grow since the end of 2023. Furthermore, revenue from arbitrage and liquidity provision is highly linked to overall market activity and turnover in Valour’s listed ETPs. The Company also formed DeFi Alpha in Q2 2024, which generated approximately $111.5 million (US$82 million) in Q2 2024, Given the foregoing factors, the Company’s annualized revenue is forecasted to be approximately $179 million (US$131 million) for 20241. Further growth in AUM may lead to proportional increases in revenue.
For Q3 2024, it is anticipated that new ETP launches, improved ETP mix and continuous inflow of funds into Valour’s ETPs, further trading opportunities identified and executed by DeFi Alpha and accretive acquisitions of the Company, will continue to add to revenues of the Company. The Company maintains its plans to launch approximately 15 ETP products in 2024 and an additional 30 in 2025 as the Company continues to take advantage of positive macro fundamentals for the digital asset ecosystem in general.
1 The Company provided an Operating Revenue guidance of $119 million (US$87.45 million) in Q1 2024. Operating Revenue is a non-IFRS financial measure that excludes the one-time effect of the adjustment in the value the BTC collateral held by Genesis Global Capital LLC (“Genesis”). As the Genesis liquidation is a one-time effect and given the passage of time and progress of the Genesis liquidation, the Company has elected to use revenue as defined under IFRS for its financial outlook beginning Q2 2024.
About DeFi Technologies
DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF) is a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance (DeFi). With a dedicated focus on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance. Backed by an esteemed team of experts with extensive experience in financial markets and digital assets, we are committed to revolutionizing the way individuals and institutions interact with the evolving financial ecosystem. Join DeFi Technologies’ digital community on Linkedin and Twitter, and for more details, visit https://defi.tech/
About Valour
Valour Inc. and Valour Digital Securities Limited (together, “Valour“) issues exchange traded products (“ETPs“) that enable retail and institutional investors to access digital assets like Bitcoin in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF) .
In addition to their novel physical backed digital asset platform, which includes 1Valour Bitcoin Physical Carbon Neutral ETP, 1Valour Ethereum Physical Staking, and 1Valour Internet Computer Physical Staking, Valour offers fully hedged digital asset ETPs with low to zero management fees, with product listings across European exchanges, banks and broker platforms. Valour’s existing product range includes Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Ripple (XRP), Toncoin (TON), Internet Computer (ICP), Chainlink (LINK) Enjin (ENJ), Valour Bitcoin Staking (BTC), Bitcoin Carbon Neutral (BTCN), Valour Digital Asset Basket 10 (VDAB10) and 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETPs with low management fees. Valour’s flagship products are Bitcoin Zero and Ethereum Zero, the first fully hedged, passive investment products with Bitcoin (BTC) and Ethereum (ETH) as underlyings which are completely fee free.
For more information on Valour, to subscribe, or to receive updates and financial information, visit valour.com.
About Reflexivity Research
Reflexivity Research LLC is a leading research firm specializing in the creation of high-quality, in-depth research reports for the bitcoin and digital asset industry, empowering investors with valuable insights. For more information please visit https://www.reflexivityresearch.com/
Research DeFi Technologies, Inc (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF)!
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Many of the securities we profile are considered penny stocks. Penny stocks inherently involve high risk and price volatility. You may lose your entire investment in any penny stock that you invest in. You should be review the following risks of a penny stock investment, including as applicable to us: (a) we receive monetary or securities compensation from persons that claim they are a non-affiliate shareholder or an issuer; however, we conduct no due diligence whatsoever to determine whether in fact they are a non-affiliate; (b) there is an inherent conflict of interest between our information dissemination services involving various issuers and our receipt of compensation from those same issuers; (c) we may buy and sell securities in the securities that we provide information dissemination services, which may cause significant volatility in the issuer’s stock, price declines from our selling activities, permit us to make substantial profits while we are disseminating profiles or information about the issuer, yet may result in a diminished value to the stock for investors; (c) we conduct no due diligence on the content of our Publications; (d) Penny stocks are subject to the SEC’s penny stock rules and subject broker-dealers to customer suitability rules and other requirements, which may lead to low volume in the securities and/or difficulties in selling the shares; (e) penny stocks are often thinly traded or have low trading volume, which may lead to difficulties in selling your securities and extreme price volatility; (f) many of the penny stocks we profile or provide information about are subject to intense competition, extreme regulatory oversight and inadequate financing to pursue their operational plan; (g) the issuer profiles and information we provide is wholly insufficient to formulate an investment decision and should not be used in any way as a basis for making an investment decision and, at the most, it should be used a starting point from which you conduct an in-depth investigation of the issuer from available public sources, such as www.sec.gov, www otcmarkets.com, www.sec.gov, yahoofinance.com, www.google.com and other available public sources as well as consulting with your financial professional, investment adviser, registered representative with a registered securities broker-dealer; (h) we urge you to conduct an in-depth investigation of the issuer from the above or other available sources, especially because we only present positive information, which is an insufficient basis to invest in any stock, yet alone a penny stock; accordingly, you should proceed with such investigation to determine, among other things, information pertaining to the issuer’s financial condition, operations, business model, and risks involved in the issuer’s business; (i) the issuers we profile may have negative signs on the otcmarkets.com website (i.e. Stop Sign, No Information, Limited Information, Caveat Emptor), which you should determine from entering the symbol of the stock profiled into the otcmarkets.com website; (j) you should determine whether the issuer we profile or provide information about is a development stage company, which is subject to the risks of a development stage company in a similar such business, including difficulties in obtaining financing for operations and future growth; (k) because we only present positive information regarding an issuer, ; you should conduct an in-depth investigation of any possible negative factors regarding such issuer; (l) our information is “as is” and you your use of the information is at your own risk and such information may change at any time and it is not based upon any verification or due diligence of the statements made; (m) we state that profiled stocks are consistent with future economic trends; however, future economic trends or analysis has its own limitations, including: (i) due to the complexity of economic analysis as well as the individual financial and operational characteristics of an individual issuer, such economic trends or predictions may amount to nothing more than speculation; (ii) consumers, producers, investors, borrowers, lenders and government may react in unforeseen ways and be affected by behavioral biases; (iii) human and social factors may outweigh future economic trends and predictions that we state may or will occur; (iv) clear cut economic predictions have their limitations in that they do not account for the fundamental uncertainty in economic life, as well as ordinary life; (v) economic trends may be disrupted by sudden jumps, disruptions or other factors that are not accounted for in such economic trends analysis; in other words, past or present data predicting future economic trends may become irrelevant in light of fully new circumstances and situations in which uncertainty becomes reality rather than of predictive economic quality; (vi) if the trends involves a single result, it ignores all other scenarios that may be crucial to make a decision in the event of various contingencies; (n) the information we disseminate about issuers contain forward looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, projections as indicated by such words as “expects”, “will”, “anticipates”, “estimates; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation into any such forward looking statements; (o) forward looking statements are limited to the time period in which they are made and we do not undertake to update forward looking statements that may change at any time; and (p) we make statements in our profiles that an issuer’s stock price has increased over a certain period of time; however, these statements only reflects an arbitrary period of time, and is of little or no predictive or analytical quality.
Compensation
On May thirteenth twenty twenty four, Gold Standard Media LLC and its affiliates, have been compensated five hundred thousand dollars by Defi Technologies Inc for a twelve month marketing agreement. On May twenty first twenty twenty four, Gold Standard Media LLC has been granted one million five hundred thousand deferred share units. On May 28 twenty twenty four, Wallace Hill Partners LTD purchased one million five hundred thousand shares. On June nineteenth twenty twenty four, Gold Standard Media LLC was compensated one million thirty nine thousand dollars for marketing reimbursements. On August twenty third twenty twenty four, Gold Standard Media LLC was compensated one million five hundred thousand dollars for marketing reimbursements.