Strategic Thinking / Strategic Assets
Tangible Shareholders' Equity
$ and per/share
FRMO Corp, from spin-off creation to current
| Date | Equity* | TBV | Ann. |
|---|---|---|---|
| 5/31/25 | $352,984,615 | $8.02 | 20.5% |
| 5/31/24 | $242,136,692 | $5.50 | 19.3% |
| 5/31/20 | $114,998,841 | $2.61 | 19.1% |
| 5/31/15 | $102,164,101 | $2.34 | 25.6% |
| 5/31/10 | $37,291,173 | $0.96 | 29.0% |
| 5/28/05 | $3,832,807 | $0.11 | 5.0% |
| 2/28/01 | $3,267,449 | $0.09 | — |
| 2/29/00 | $10,000 | $0.01 | — |
*2/28/01 and 5/28/05 BV adjusted to include remaining balance of $3.258 mill receivable from Control Group to buy 34.20 mill shares.
Cryptocurrency Mining Interests:
| Winland Electronics (WELX) | 45% |
| Consensus Mining & Seigniorage Corp (CMSC) | 12% |
| Synteq Digital Inc. | 8% |
| Digital Currency Group (private) | 3% |
Long-Horizon, Non-Conventional Asset Management
| HorizonKinetics HorizonCommon Inc. (HKHC) | |
| Equity Interest | 4.42% |
| Royalty Interest | 4.20% |
| AUM 12/95 | $7 billion |
Strategic Hard Assets: AI Datacenter Limiting Factors
| Texas Pacific Land Corp (TPL) | 2% |
| LandBridge Corp (LB) | 1% |
| WaterBridge Infrastructure Corp (WBI) | 3% |
| Permian Basin Royalty Tr. (PBT) | 1% |
| Bolt Energy & Land (private)* | 2% |
| $85 million |
* Direct and indirect TPL and HKHC proportionate beneficial interests
Strategic Developing Securities Exchanges*
| Miami Int'l Holdings (MIAX) | 5% |
| CNSX Markets Inc. (private) | 3% |
| Urbana Corp (URB-A.TO) | 4% |
* Direct and indirect TPL and HKHC proportionate beneficial interests