This report reflects my own views and not necessarily the views of Kronos Ventures or WOO. The following analysis reflects my personal conviction and is provided solely for educational context, it should not be construed as financial advice. I am writing this of my own volition, and it is important to state that I have received no compensation, incentives, or advisory fees from the Lighter team or any affiliated parties. While I earned a small points allocation approximately ten months ago, my current exposure is driven by my own capital. As of December 16, 2025, I am long on both Lighter and Extended points.

Over the last two weeks, I have concentrated on strategic secondary accumulation, primarily acquiring whole wallets through private OTC deals. By leveraging established relationships within my network, I’ve been able to facilitate these transfers on a reputation-based, non-collateralized basis. This approach has allowed me to secure a cost basis that currently sits at a 20% discount to prevailing market speculation.

This thesis serves as a breakdown of my internal investment framework as it applies to Lighter’s fundamental value proposition. My focus here is on the underlying mechanics of the platform and the specific demand sinks for the

Since publishing my original Shuffle report for Delphi on July 7th, the project has delivered solid progress across the board. Beyond $SHFL’s price appreciation, we’ve seen clear growth in NGR (net gaming revenue), steady user engagement, and lottery dynamics that continue to validate the core thesis.

In this update, I’ll break down why I remain bullish on $SHFLas a cornerstone of crypto’s emerging “revenue meta,” highlight key catalysts on the horizon, and outline a few steps the team could take to accelerate a rerating.

With the right adjustments and as the market begins to recognize SHFL’s underlying business strength, I see a credible path for Shuffle to break into the top 100 coins by market cap (from its current rank of #455).