REJECTEDWALL #120
Sam Ikkurty
Posted April 14, 2026
PERMANENT LINKcftcsucks.com/120
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Five bullet Friday - Issue #84
Published on samikkurty.com | Five Bullet Friday Investor Update
Dear Partners,
Crypto markets have taken a breather in March. I see that a huge number of NFT (non-fungible tokens)
are sold by a number of artists for huge sums of money. This trend is a niche use of Decentralized Finance
tokens, which I believe will accelerate.
1. We currently have a direct exposure to one of the NFT tokens, called Axiel Infinity. Apparently, another
big investor Marc Cuban also purchased a stake recently in Axiel Infinity (AXS) recently, which pushed the
price up a bit. We originally bought at $0.40 and currently it is trading around $5.60. We still hold all of the
tokens.
2. We don't have a market leader in the NFT segment of Crypto assets. This prompted me to buy an index of
NFT tokens (NFTP) . This index was offered by indexed.finance. NFTP Index weights components according
to the square root of their circulating market cap. This data is provided by off-chain oracles. The index is
composed as follows:
$ENJ: 23%
$MANA: 17%
$SAND: 10%
$SUPER: 8%
$AUDIO: 8%
$AXS: 7%
$ERN: 6%
$GALA: 6%
$RARI: 4%
$NFTX: 4%
We currently hold 1561 tokens of NFTP. It is also possible for us to get each of the individual tokens if we
try to redeem, out of the index. Currently the entire market cap of this index is only a million dollars. You
can see this position in Zapper currently.
3. This week, KLON tokens migrated to KLONX. The total number of tokens shrank from 1 million to
500,000. This is very good news for us, as our stack becomes more valuable. We are the largest single holder
of KLONX tokens in the world with close to 24,753 tokens. Klondike finance has started their V2 migration
and launched a new stable coin that is priced to US Dollar. This will also give us income in the coming
weeks.
Published on samikkurty.com | Five Bullet Friday Investor Update
Dear Partners,
Crypto markets have taken a breather in March. I see that a huge number of NFT (non-fungible tokens)
are sold by a number of artists for huge sums of money. This trend is a niche use of Decentralized Finance
tokens, which I believe will accelerate.
1. We currently have a direct exposure to one of the NFT tokens, called Axiel Infinity. Apparently, another
big investor Marc Cuban also purchased a stake recently in Axiel Infinity (AXS) recently, which pushed the
price up a bit. We originally bought at $0.40 and currently it is trading around $5.60. We still hold all of the
tokens.
2. We don't have a market leader in the NFT segment of Crypto assets. This prompted me to buy an index of
NFT tokens (NFTP) . This index was offered by indexed.finance. NFTP Index weights components according
to the square root of their circulating market cap. This data is provided by off-chain oracles. The index is
composed as follows:
$ENJ: 23%
$MANA: 17%
$SAND: 10%
$SUPER: 8%
$AUDIO: 8%
$AXS: 7%
$ERN: 6%
$GALA: 6%
$RARI: 4%
$NFTX: 4%
We currently hold 1561 tokens of NFTP. It is also possible for us to get each of the individual tokens if we
try to redeem, out of the index. Currently the entire market cap of this index is only a million dollars. You
can see this position in Zapper currently.
3. This week, KLON tokens migrated to KLONX. The total number of tokens shrank from 1 million to
500,000. This is very good news for us, as our stack becomes more valuable. We are the largest single holder
of KLONX tokens in the world with close to 24,753 tokens. Klondike finance has started their V2 migration
and launched a new stable coin that is priced to US Dollar. This will also give us income in the coming
weeks.
4. We continued to generate income from Synthetix. This week we claimed 3361 SUSD tokens and 4468
SNX tokens as our staking rewards. These produced a weekly yield of 41%. We currently hold 762,711
tokens of Synthetix. As the price of SNX raises, it enables us to print new SUSD tokens. I am planning to
use these tokens to reduce our USDC debt slowly. My goal is to remove all the outstanding debt paid out
with SUSD tokens. The details can be seen in our retained earnings spreadsheet here.
5. I continued to add to our Olympus DAO (OHM) tokens last week. We currently hold 547.92 tokens. Each
OHM token is backed by 1 DAI token. You may wonder, why are we paying $400 to buy a token that is
SNX tokens as our staking rewards. These produced a weekly yield of 41%. We currently hold 762,711
tokens of Synthetix. As the price of SNX raises, it enables us to print new SUSD tokens. I am planning to
use these tokens to reduce our USDC debt slowly. My goal is to remove all the outstanding debt paid out
with SUSD tokens. The details can be seen in our retained earnings spreadsheet here.
5. I continued to add to our Olympus DAO (OHM) tokens last week. We currently hold 547.92 tokens. Each
OHM token is backed by 1 DAI token. You may wonder, why are we paying $400 to buy a token that is
backed by $1? It is because every day when OHM price is above $1 the system mints new OHM tokens and
gives 90% of them to stakers. At some point in time in future, I would expect OHM price to go below $1.
By that time, the DAO (Distributed Autonomous organization) would have acquired enough DAI tokens in the
treasury that it can buy up big quantities of OHM from the market. Because of these positive rebases, close to
94% of the outstanding tokens are locked up in the smart contract. This is naturally pushing its price above
$1 and causing a lot of scarcity.
Have a wonderful weekend!
Warm regards,
Sam Ikkurty
Managing Partner
Source: samikkurty.com | This document is part of the public record of the CFTC v. Ikkurty case.
gives 90% of them to stakers. At some point in time in future, I would expect OHM price to go below $1.
By that time, the DAO (Distributed Autonomous organization) would have acquired enough DAI tokens in the
treasury that it can buy up big quantities of OHM from the market. Because of these positive rebases, close to
94% of the outstanding tokens are locked up in the smart contract. This is naturally pushing its price above
$1 and causing a lot of scarcity.
Have a wonderful weekend!
Warm regards,
Sam Ikkurty
Managing Partner
Source: samikkurty.com | This document is part of the public record of the CFTC v. Ikkurty case.
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StatusREJECTED
Posted2026-04-14T08:12:53.000Z
SHA-256 hashcff6afa8c78c19141fa433d9d7fa462d9207998f90a60dbc849bc4178a06c51a
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