Coin Pick - Innovative RWA Tokenization Platform

We do not see this project as fundamentally broken — but we also do not see fundamentals strengthening enough at this stage to justify a continued long position on this native token, purely on conviction. Yes, its native token can still have upside despite the comparative valuation analysis showing no immediate relative upside — but that upside is conditional, long-dated, and execution-dependent rather than valuation-driven. In our investment thesis, we look for near-term multiple expansion or accelerating organic usage, which, at this stage, we do not see in this project anymore.