OTC Markets (OTCM) | Published Company Research

This report investigates the durability of the recurring business and its sensitivity to trading conditions.

Inside the published report

What we found.

Recurring revenue

Subscription and recurring sources represented 81% of 2025 gross revenue of $125.3 million; the company carried no debt.

Market sensitivity

Customers have alternative trading venues, and the fixed-cost structure could magnify weaker market activity.

Evidence before optionality

Tokenization preparations were documented, but disclosed company-specific activity or revenue did not support inclusion in the central valuation.

The complete investment case

Read the full analysis.

The report’s base estimate was $47.44 per share versus $53.50 on July 16, 2026. It identified business quality without a clear discount under its assumptions, alongside regulatory and share-liquidity risks.

Read full research · PDF Back to company research

This page summarizes research published July 17, 2026. Figures and valuations reflect that report’s assumptions and reference dates, and may not be updated. Valuation estimates are not price targets or predictions. Read the full report for the analysis, assumptions, and disclosures.

Prepared by Matthew Schaller, Founder and Chief Investment Officer, DeltaX Capital LLC.
Independent investment research · Charleston, South Carolina.

General, impersonal information; not individualized investment advice or a recommendation to buy, sell, or hold. Investing involves risk, including possible loss of principal. DeltaX Capital LLC, its personnel, and its clients may hold or trade securities discussed.