🔹 You were the only one who didn't know... Sorry, I didn't know.

I previously criticized Bitmain's investment in $ORBS , the treasury company of Worldcoin, but I want to incorporate some information I wasn't aware of and give a more accurate perspective.

1️⃣ $ORBS stock is not simply a company that holds Worldcoin
I thought it was just a company that accumulates Worldcoin, but it turns out to be a company that invested in OpenAI, and holding shares in this company means having an indirect stake. $ORBS has 30% of its asset value in OpenAI shares, and it is composed of ETH, cash, and $WLD (10%. Holding shares in ) implies an indirect investment in OpenAI.

2️⃣ How much did they buy it for?
Based on the timing of the investment, I suspect $ORBS invested in OpenAI at around $ORBS . Of course, it's cheaper than SpaceX, but considering that Anthropic is valued at $840B and xAI at $380B , the valuation is quite high.
Later, if OpenAI conducts an IPO at the end of this year or early next year... and if the economic situation worsens, turning this into a failed investment, Bitmain could also face criticism. Of course, if it succeeds, that would be great.

3️⃣ Despite this, there are bullish opinions.
Recently, institutional holdings have increased significantly. Some say that the current mNAV of $250B market cap divided by net asset value (NAV) is around 0.93 to 0.97x, making the investment attractive.
Of course, since most of the assets are in (, if its value drops, the net assets are directly affected—something to keep in mind. It seems many are buying based on the logic that they'd rather buy ( than ETH anyway.
Whether there are flaws in this perspective... I plan to look into it when I have free time next time.
Anyway, I wondered why they were investing in a company that buys Worldcoin, and it seems like they did so to ride the OpenAI hype. Some are also targeting index inclusion, but given the current situation, Nasdaq seems completely out of reach. Just sharing some missing information from my previous opinion!