Your Destiny (DXYZ) - The Anthropic Trade Most People Aren't Taking

DXYZ: Long from $34.68 (spot $34.52). Pre-IPO wrapper trading 0.73x central forward NAV $47.25 (27% discount) vs peers VCX/BOT at 6x+. Thesis lives/dies on Anthropic (83% of uplift, +$18.95/sh), marked at $380B vs Series H $965B, secondaries ~$1.3T; IPO Oct 2026 clears $2T+. 31.4% MM = $7.71 cash floor. Stretch NAV $58.94. Add Dec26 $30/$25 put credit spread. Risks: Anthropic flat-$1T IPO, late-2027 slip, dilutive ATM, AI capex break.

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