REJECTEDWALL #87
Sam Ikkurty
Posted April 14, 2026
PERMANENT LINKcftcsucks.com/87
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Five bullet Friday - Issue #50
Published on samikkurty.com | Five Bullet Friday Investor Update
Dear Partners,
In our fund we do not invest in any other asset class other than crypto assets. From time to time, I check the
financial news and am often surprised by how overvalued the market is.
Warren Buffett always said the total market cap of Wilshire index growth cannot exceed the
growth of GDP, as it is impossible for all the companies in such a wide index collectively to grow
faster than the real economy, in terms of goods and services produced. The first chart shown below
shows how overvalued we are. For example, Wall Street analysts love this company, Nikola motors
(NKLA) and praising them for great results. They had a revenue of $36,000 ( we are not missing
any zeroes 😀 ) in the second quarter and had a loss of $86 million dollars. It has a market cap
of $14 billion dollars and is climbing steadily. They will be raising capital and diluting shareholders
continuously. It will chew up enormous capital because it is in a capital-intensive industry of
manufacturing. It does not pay any dividends and has no prospects of any earnings anytime soon.
We need to trust the financial statements generated by their auditors and trust that the insiders do
not give themselves too many options diluting retail investors. They had $38 million dollars in
stock-based compensation just in the second quarter.
Let us compare this Wall Street darling to a decentralized protocol, YFI token. We currently own
275 tokens, which is close to 1% of the total supply. This protocol is already operational and has
$500 million dollars of value locked in the smart contract pool, which can be publicly verified. It
has a market cap of $110 million dollars, when compared to $14 billion for NKLA. The total
supply of tokens is limited to 30,000. It is impossible for anyone to dilute our stake in the protocol.
In the first week of its launch it generated $58,000 in protocol fees. These fees are distributed
trustlessly to all the token holders automatically. I can believe their protocol fees as they are all
recorded on the ethereum blockchain. I don't need a statement from the auditor. It does not need
any capital for its operations as it is virtual. Its permissionless nature is enabling hundreds of
developers to build new applications on top of YFI. The dividends are not paid in inflationary US
Dollars like typical wall street companies which lose value due Fed Printing press, but they are paid
in tokens which have a fixed supply.
My current thesis is that over time decentralized protocols, decentralized exchanges are hundreds of
times more trustworthy than centralized exchanges like Binance or Chicago Mercantile Exchange.
They will slowly be replaced by decentralized alternatives like YFI or Synthetix. Yearn finance, is
launching a new financial product where users can deposit their LINK tokens into a yLINK vault
and receive new LINK tokens as Liquidity Provider fees. This helps current LINK holders to add
their tokens to this pool as they earn these new tokens, trustlessly. I believe that this is hugely
bullish for YFI tokens and waiting to see how it will play out in the next two months.
We are actively engaging in proof-of-stake mining with Synthetix. Synthetix will pass the trading
fees (0.3%) generated on the exchange to the token stakers. This week we have generated a staking
income of ( 231.38 SUSD + 2681 SNX * $4.52 ) totaling $12,349. The value of the staked
SNX (461478) is $2,085,870 at a price of $4.52. This gives us a yield of 12349 / 2085870,
1.
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Published on samikkurty.com | Five Bullet Friday Investor Update
Dear Partners,
In our fund we do not invest in any other asset class other than crypto assets. From time to time, I check the
financial news and am often surprised by how overvalued the market is.
Warren Buffett always said the total market cap of Wilshire index growth cannot exceed the
growth of GDP, as it is impossible for all the companies in such a wide index collectively to grow
faster than the real economy, in terms of goods and services produced. The first chart shown below
shows how overvalued we are. For example, Wall Street analysts love this company, Nikola motors
(NKLA) and praising them for great results. They had a revenue of $36,000 ( we are not missing
any zeroes 😀 ) in the second quarter and had a loss of $86 million dollars. It has a market cap
of $14 billion dollars and is climbing steadily. They will be raising capital and diluting shareholders
continuously. It will chew up enormous capital because it is in a capital-intensive industry of
manufacturing. It does not pay any dividends and has no prospects of any earnings anytime soon.
We need to trust the financial statements generated by their auditors and trust that the insiders do
not give themselves too many options diluting retail investors. They had $38 million dollars in
stock-based compensation just in the second quarter.
Let us compare this Wall Street darling to a decentralized protocol, YFI token. We currently own
275 tokens, which is close to 1% of the total supply. This protocol is already operational and has
$500 million dollars of value locked in the smart contract pool, which can be publicly verified. It
has a market cap of $110 million dollars, when compared to $14 billion for NKLA. The total
supply of tokens is limited to 30,000. It is impossible for anyone to dilute our stake in the protocol.
In the first week of its launch it generated $58,000 in protocol fees. These fees are distributed
trustlessly to all the token holders automatically. I can believe their protocol fees as they are all
recorded on the ethereum blockchain. I don't need a statement from the auditor. It does not need
any capital for its operations as it is virtual. Its permissionless nature is enabling hundreds of
developers to build new applications on top of YFI. The dividends are not paid in inflationary US
Dollars like typical wall street companies which lose value due Fed Printing press, but they are paid
in tokens which have a fixed supply.
My current thesis is that over time decentralized protocols, decentralized exchanges are hundreds of
times more trustworthy than centralized exchanges like Binance or Chicago Mercantile Exchange.
They will slowly be replaced by decentralized alternatives like YFI or Synthetix. Yearn finance, is
launching a new financial product where users can deposit their LINK tokens into a yLINK vault
and receive new LINK tokens as Liquidity Provider fees. This helps current LINK holders to add
their tokens to this pool as they earn these new tokens, trustlessly. I believe that this is hugely
bullish for YFI tokens and waiting to see how it will play out in the next two months.
We are actively engaging in proof-of-stake mining with Synthetix. Synthetix will pass the trading
fees (0.3%) generated on the exchange to the token stakers. This week we have generated a staking
income of ( 231.38 SUSD + 2681 SNX * $4.52 ) totaling $12,349. The value of the staked
SNX (461478) is $2,085,870 at a price of $4.52. This gives us a yield of 12349 / 2085870,
1.
2.
3.
4.
which is 0.592% per week. If we annualize the yield by (1.00592)^52, it results in a yield of
35.92% APY. This can be seen directly from this website here: https://snx.tools/address/
0xE787DEEc0BE77Db98A1294193E2c1600C8a8687d/staking/rewards-claims on the reward
claims tab. We currently hold 485,764 tokens of Synthetix.
Our 7 darknodes running on the Digital Ocean platform are generating good income for us. Last
week each of the nodes generated an income of $32.40. These are the fees generated from
operating our digital toll-booth. These fees are in bitcoin but I calculate their value based on the
current market value of BTC. Our current track record is maintained in this Google Sheet. Our July
month performance is looking better than June.
Have a wonderful weekend!
Sam Ikkurty
Managing Partner
Cell:813.389.3380
1.
5.
35.92% APY. This can be seen directly from this website here: https://snx.tools/address/
0xE787DEEc0BE77Db98A1294193E2c1600C8a8687d/staking/rewards-claims on the reward
claims tab. We currently hold 485,764 tokens of Synthetix.
Our 7 darknodes running on the Digital Ocean platform are generating good income for us. Last
week each of the nodes generated an income of $32.40. These are the fees generated from
operating our digital toll-booth. These fees are in bitcoin but I calculate their value based on the
current market value of BTC. Our current track record is maintained in this Google Sheet. Our July
month performance is looking better than June.
Have a wonderful weekend!
Sam Ikkurty
Managing Partner
Cell:813.389.3380
1.
5.
4.
5.
Source: samikkurty.com | This document is part of the public record of the CFTC v. Ikkurty case.
Source: samikkurty.com | This document is part of the public record of the CFTC v. Ikkurty case.
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Submission trackF
StatusREJECTED
Posted2026-04-14T08:12:07.000Z
SHA-256 hash957b133d2dfd667da68ec2ea983fe5680fd75e167014f1188396082fcd7c8ff5
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