REJECTEDWALL #163
Sam Ikkurty
Posted April 14, 2026
PERMANENT LINKcftcsucks.com/163
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Five bullet Friday - issue #132
Published on samikkurty.com | Five Bullet Friday Investor Update
Dear Partners,
I realize how painful it is to see this big drawdown in the month of January. As a big holder of fund
1, I feel the pain of this recent drop along with all of you. One of the major reasons is due to the drop in the
price of KLIMA.
1. In our Fund 1, I have not withdrawn any performance fees last year. These crystalized performance fees act
as a liability on the balance sheet of the fund. Since our NAV dropped so much that this liability has become
a big part of the fund's assets and reduced the NAV. This debt gives a lot of leverage. When we start going
up, it will help the NAV go up significantly faster, as these fees are in the form of coins.
2. I completely underestimated the impact of the cascading liquidations. Almost 500,000 tokens of KLIMA
were used by others to borrow. When the price started falling, it caused cascading liquidations causing many
people to lose their positions. There was no way out for the price to go up till this massive debt was paid off.
Even though we did not borrow against our KLIMA we are affected by the price drop.
3. Bond markets in the US are hit with the largest drop in bond prices since 1977. The previous biggest drop
ever happened in 1994, was only -2.9%. This year so far we have dropped by -6.3%. So far we only had one
rate hike and the impact of the next rate hikes are not priced in. Bond markets are much bigger than equity
markets. This sounds very ominous to me.
Published on samikkurty.com | Five Bullet Friday Investor Update
Dear Partners,
I realize how painful it is to see this big drawdown in the month of January. As a big holder of fund
1, I feel the pain of this recent drop along with all of you. One of the major reasons is due to the drop in the
price of KLIMA.
1. In our Fund 1, I have not withdrawn any performance fees last year. These crystalized performance fees act
as a liability on the balance sheet of the fund. Since our NAV dropped so much that this liability has become
a big part of the fund's assets and reduced the NAV. This debt gives a lot of leverage. When we start going
up, it will help the NAV go up significantly faster, as these fees are in the form of coins.
2. I completely underestimated the impact of the cascading liquidations. Almost 500,000 tokens of KLIMA
were used by others to borrow. When the price started falling, it caused cascading liquidations causing many
people to lose their positions. There was no way out for the price to go up till this massive debt was paid off.
Even though we did not borrow against our KLIMA we are affected by the price drop.
3. Bond markets in the US are hit with the largest drop in bond prices since 1977. The previous biggest drop
ever happened in 1994, was only -2.9%. This year so far we have dropped by -6.3%. So far we only had one
rate hike and the impact of the next rate hikes are not priced in. Bond markets are much bigger than equity
markets. This sounds very ominous to me.
4. OHM is about to launch Inverse bonds which will create a secondary bond market. This is analogous to the
Federal Reserve creating a bond market, where they are a major participant (whale) in that market. This
creates a yield-curve for OHM bonds, with 1 month maturity to 10-year OHM bonds, similar to US Dollars.
This is a massive game changer for OHM and locks up a huge amount of supply.
5. KLIMA recently launched the beta version of Klima Infinity here: https://www.loveletter.klimadao.finance/
loveletters It is expected to announce a major Oil and Gas company as the first partner to offset their carbon
emissions. This site enables people to write a "love letter to the planet" each time they offset their emissions.
It collects these texts and shows them publicly. These comments are permanently recorded on the blockchain.
At the peak of the bull market, we used to have 17,000 tokens of KLIMA, but due to our steady staking
income, we currently have 223,662 tokens of KLIMA.
Have a wonderful weekend!
Sam Ikkurty
Source: samikkurty.com | This document is part of the public record of the CFTC v. Ikkurty case.
Federal Reserve creating a bond market, where they are a major participant (whale) in that market. This
creates a yield-curve for OHM bonds, with 1 month maturity to 10-year OHM bonds, similar to US Dollars.
This is a massive game changer for OHM and locks up a huge amount of supply.
5. KLIMA recently launched the beta version of Klima Infinity here: https://www.loveletter.klimadao.finance/
loveletters It is expected to announce a major Oil and Gas company as the first partner to offset their carbon
emissions. This site enables people to write a "love letter to the planet" each time they offset their emissions.
It collects these texts and shows them publicly. These comments are permanently recorded on the blockchain.
At the peak of the bull market, we used to have 17,000 tokens of KLIMA, but due to our steady staking
income, we currently have 223,662 tokens of KLIMA.
Have a wonderful weekend!
Sam Ikkurty
Source: samikkurty.com | This document is part of the public record of the CFTC v. Ikkurty case.
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VERIFICATION RECORD
Submission trackF
StatusREJECTED
Posted2026-04-14T08:13:49.000Z
SHA-256 hash3b8e689c5dbe8361df15543d473eae9d08e2611a800dcd2611b17d4e94e4ec75
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