Benchmark cut its 2026 revenue estimate 23%, from $107 million to $82 million. SECZ has $179.5 million onchain, but $178.3 million sits on permissioned Avalanche rails, just $1.18 million is on Solana, and DeFi TVL is $0. Cantor only changes the multiple when it produces primary-issuance fees; the agreement names IPOs and follow-ons but no launch client.

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