Duck9’s An Operating Business

Why do all the new shell LBEs like NAKA, CEP, EMPD, and Pomp’s SPAC claim they are going to become operating businesses?

IT’S BECAUSE YOU NEED AN OPERATING BUSINESS FOR INDEX INCLUSION!!

Calling for @sequans to shut down their operating biz is insane, completely missing the forest for the trees.

Major equity indices (e.g., S&P, Russell, MSCI) typically require inclusion candidates to be operating companies, not just investment vehicles.

For example, S&P 500 excludes “closed-end funds, ETFs, royalty trusts, tracking stocks, limited partnerships, and other non-operating entities.”

Russell indices require companies to be “operating” and exclude passive investment companies.

MicroStrategy qualifies because it has a real operating software business (albeit smaller than its BTC balance sheet).

That operating activity makes it an “eligible issuer” for indices, which keeps MSTR stock inside broad equity benchmarks and ETFs that track them.

Without that business, it might be treated like a Bitcoin trust instead of a tech stock.

If a new public company is only a Bitcoin holding vehicle (no revenue, employees, or operations beyond treasury), it risks exclusion from key indices.

Exclusion limits demand from index-tracking ETFs and passive investors, which are a huge source of liquidity and valuation support.

Cory Klippsten 🦢 Swan.com

⁦‪@coryklippsten‬⁩

Why do all the new shell LBEs like NAKA, CEP, EMPD, and Pomp’s SPAC claim they are going to become operating businesses?

IT’S BECAUSE YOU NEED AN OPERATING BUSINESS FOR INDEX INCLUSION!!

Calling for ⁦‪@Sequans‬⁩ to shut down their operating biz is insane, completely missing the

8/19/25, 6:47 AM

Hunter Pence shared thoughts before winning WORLD SERIES’ Game #7
http://www.youtube.com/watch?v=usu0luYy9pw

Steve Jobs Texted me on 650-283-8008 in the same way Palo Alto Steve Jobs called Bill Hewlett in Palo Alto

https://x.com/superSaiyanSkai/status/1941392367304761636/video/1

9:59 video sums up 14 chapters of a book coming out 11-11-2019 “What They Will NEVER Teach You at Stanford Business School”
http://www.youtube.com/watch?v=ejeIz4EhoJ0

Fashion Week’s front row
http://www.youtube.com/watch?v=QXIaNZi3mHQ

What A Super Model Can Teach a Harvard MBA About Credit www.slideshare.net/larrychiang/what-a-super-model-can-teach-a-harvard-mba-about-credit

American Express hosts me mentoring you about FICO scores at New York Fashion Week
t.co/inxTmZAj

My video boils down 20,000 hours and moves you to the right on the entrepreneur bell curve
http://www.youtube.com/watch?v=eudADPfTWiE

CEO of Duck9
Founding EIR @Stanford

Duck9 = “Deep Underground Credit Knowledge” 9
www.duck9.com/blog
650-566-9600
650-566-9696 (direct)
cell: 650-283-8008

****************
Editor of the widely syndicated “What They Don’t Teach at School”
whattheydontteachyouatstanfordbusinessschool.com/blog

CNN Video Channel: ireport.cnn.com/people/larrychiang

Read my last 10 X posts at www.X.com/LarryChiang

Author of #WTDTYASBS a NY Times Bestseller released 09-09-09 at #NYFW on a runway under the tents
whattheydontteachyouatstanfordbusinessschool.com/blog/?s=Ny+times+bestseller

www.fastcompany.com/embed/c0d4562ea2049

52 Cards. Two Jokers. What They DO Teach You at Stanford Engineering
http://www.youtube.com/watch?v=vDBY0GkI3-g

Emergency swings and cutting deals as an 9 year old

http://www.youtube.com/watch?v=OFGY7v9C4G0&

Duck9’s An Operating Business

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