Ghost chains: Tezos and Vaulta (EOS) treasuries vs FDV
Thread87 words
Bearish call$XTZ−43%since this piece, moved with the call · 1 more callHow it played out ↓Contrasts Tezos, whose $650-750M treasury exceeds its $578M FDV, and Vaulta, which raised over $4.2B since 2018 against a $1B FDV, both on low-activity chains.
Key claims
Tezos treasury of $650-750M vs $578M FDV
Vaulta raised over $4.2B since 2018 vs $1B FDV
Two crazy facts:
- Tezos $XTZ has a $650-750M treasury, while operating a ghost chain with a token at $578M FDV.
- Vaulta $A (formerly EOS) raised >$4.2B since 2018, and also operates a ghost chain that has a token at $1B FDV.
Only in crypto. t.co/vRnnl6swHi
What’s even wilder tho is that I’m not sure if the crazy part is raising 4x your FDV (Vaulta) and having a treasury thats worth more than your FDV (Tezos) OR that they are still worth a combines $1.6B lol.
4 images on X
How the calls played out · since 25 Jun 2025
Prices as of 23 Oct 2026This piece takes a view on $XTZ, $A, so those moves are read against the call.
$XTZTezosBearish thesis
XTZ looks absurdly valued for a ghost chain whose treasury is worth more than its own FDV.
−43%
Moved with the call · over 16 months
- At publication
- $0.536
- Now
- $0.306
- vs BTC
- −26%
- After 1 month
- +63%
- After 3 months
- +31%
- After 1 year
- −60%
- High since
- +100.0% 21 Jul 2025
- Low since
- −64% 13 Aug 2026
$AVaultaBearish thesis
Vaulta is a ghost chain that raised four times its FDV, yet its token is still valued at $1B FDV.
−82%
Moved with the call · over 16 months
- At publication
- $0.51
- Now
- $0.093
- vs BTC
- −76%
- After 1 month
- +13%
- After 3 months
- −17%
- After 1 year
- −88%
- High since
- +23% 21 Jul 2025
- Low since
- −88% 30 Jul 2026
Since then
No follow-up pieces on this subject yet. This is the latest take.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.