$NB2 is down 25% since $RUM’s related-party “takeunder” bid. Tether owns ~54% of NB2 and ~48% of RUM. The proposal assumes Peak Mining is sold (MOU signed for up to $235m) and the cash is used to repay part of a ~€600m loan Northern Data owes to Tether, before minorities are asked to swap into RUM stock at a discount rather than a premium. But even ex-Peak, NB2’s Cloud + Taiga business looks very cheap on EV/Sales and EV/EBITDA vs. $CRWV, $NBIS, $WYFI and others. VanEck is already the #3 shareholder of $NB2 via one of our passive ETFs and we’ve also initiated a small position in $NODE after the selloff. The deal would require shareholder and regulator approval, and minorities can pursue appraisal or fairness proceedings if terms remain inadequate. Disclosure is lacking: the IR deck hasn’t been updated since a Capital Markets Day more than a year ago, and IR does not return our calls. Other Tether-backed firms ($RUM, $AGRO) face similar gaps in communications and low liquidity, and the stocks have struggled. Unless the goal is to pick up NB2 on the cheap, more transparency is needed on the underlying business and the rationale for this possible deal. We are watching.