Last Updated: February 19, 2026

Download Research Documents

Complete Analysis in Portable Formats

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Download the complete research documents for offline reading, printing, or sharing. All documents contain the same comprehensive analysis presented on this portal, formatted for professional presentation.

Primary Research Documents

📄

Investment Research White Paper

Complete 28-page investment thesis including SEC filing analysis, valuation models, catalyst timeline, and risk factors.

Microsoft Word (.docx) ~40 KB
⬇ Download White Paper
📊

Ecosystem Summary

12-page visual ecosystem map showing entity relationships, integration scenarios, probability-weighted valuations, and catalyst timeline.

Microsoft Word (.docx) ~25 KB
⬇ Download Ecosystem Summary

Document Contents

White Paper Structure (~28 pages)

  1. Executive Summary
    • Investment Thesis Overview
    • Key Findings (6 points)
    • Valuation Summary Table
  2. Company Overview
    • Corporate Profile
    • Executive Management
    • Recent Corporate Developments
  3. Financial Position Analysis
    • Balance Sheet Strength
    • Capital Raises and Dilution
    • Use of Proceeds
  4. The StablecoinX Connection
    • SEC Filing Evidence
    • Transaction Overview
    • Board Composition
    • PIPE Investor Base
    • Ethena Protocol Background
  5. Token Purchase Agreement
    • $0.29 ENA Entry Price
    • 48-Month Lock-up Structure
    • Carnegie Park Capital Confirmation
    • Institutional Entry Price Significance
  6. Ecosystem Integration Analysis
    • Potential Integration Pathways
    • JuCoin × USDe/ENA Scenario
    • Aberfeldy × Validator Scenario
    • Strategic Investment Scenario
    • Important Caveats
  7. Ownership Structure Analysis
    • December 2025 Share Placement
    • Chairman Zhou Ownership
    • Current Distribution
  8. Valuation Analysis
    • Sum-of-Parts Valuation
    • Discount Analysis
    • Scenario Analysis
  9. Catalyst Timeline
    • Near-Term (Q1 2026)
    • Medium-Term (Q2-Q3 2026)
    • Critical Date: March 10, 2026
  10. Risk Factors
    • Company-Specific Risks
    • Thesis-Specific Risks
    • Market Risks
  11. Investment Thesis Summary
    • Bull Case
    • Bear Case
    • Conclusion
  12. Appendices
    • A: Source Documents
    • B: Glossary of Terms
    • C: Key Calculations

Ecosystem Summary Structure (~12 pages)

  1. Executive Overview
    • Investment Opportunity Summary
    • Key Metrics Dashboard
  2. Entity Profiles
    • YYAI (AiRWA Inc.) — Navy Box
    • StablecoinX — Purple Box
    • Core AI Holdings (CHAI) — Orange Box
    • Ethena Protocol — Green Box
  3. The Tarala Triangle
    • Connection Diagram
    • SEC Filing Evidence
  4. Integration Scenarios
    • JuCoin Listing (HIGH probability)
    • Aberfeldy Infrastructure (MEDIUM)
    • Strategic ENA Investment (SPECULATIVE)
  5. Probability-Weighted Valuation
    • Scenario Table
    • Expected Value: $6.14 (469% return)
  6. Catalyst Timeline
    • Visual Timeline
    • March 10, 2026 Primary Catalyst
  7. Risk Factors Summary
  8. Conclusion

Usage Notes

Document Compatibility

Documents are in Microsoft Word (.docx) format, compatible with:

  • Microsoft Word 2007 and later
  • Google Docs (upload to view/edit)
  • Apple Pages
  • LibreOffice Writer
  • Most modern word processors
Printing Recommendations

For best print results:

  • Use Letter size (8.5" × 11") paper
  • Print double-sided if available
  • Color printing recommended for charts and diagrams
  • 1" margins are preset for clean printing

Version History

Document Version Date Changes
White Paper 2.0 February 19, 2026 Added Token Purchase Agreement section, updated TOC
White Paper 1.0 February 18, 2026 Initial release
Ecosystem Summary 1.0 February 19, 2026 Initial release
Important Disclaimer

These documents are provided for informational purposes only and do not constitute investment advice. All information is derived from publicly available SEC filings and believed to be accurate but is not guaranteed. Past performance does not guarantee future results. Investing in securities involves substantial risk of loss. Readers should conduct their own independent research and consult with qualified financial, legal, and tax advisors before making any investment decisions. The author may hold positions in securities discussed.