Good question.
NTA is now over $200M, while the market capitalization is $37M.
That's probably the starkest indication that the market does not believe in the company.
Obviously, the spin outs can only occur if and when the markets -- on new exchanges -- do believe that the company's trajectory is real.
There is only one policy that gives doubters a reasonable argument, in my view. Obviously, it's the subject of 1/2 the posts.
There most be a better explanation of the policy; better yet, a change, as has been alluded by the company.
Then, the two numbers above will converge, even as NTA continues to increase.