My understanding is that revenues are much much higher than that for JKM. But also as vast amount of the LNG market use brent crude percentages for their pricing so they trade LNG as 10-16% of the value of brent crude. Traders also trade Platts as well which is pipeline gas in europe as no physically delivered LNG contract existed until Abaxx. Having a liquid physically delivered contract is superior for risk management and would vacuum up the JKM liquidity but also the liquidity from platts and brent crude. Remember utilities companies relying on LNG are effectively short the LNG market. Trading a financially settled contract is unacceptable for this or even some ratio of crude oil. They need LNG, not oil. Which is why Abaxx has already 2 prs with chinese local governments to work together on making Abaxx LNG contracts benchmark. But remember JKM is only Asia, Abaxx also as Gulf of Mexico supply contract offering more capabilities for traders to buy Gulf LNG and sell into Asia or europe. Abaxx has 3 LNG contracts, JKM is just one. At the same time they are working with Minehub to support having those LNG shipments which take a month or more to be used as collateral on their exchange significantly improving clearing efficiencies and lowering cost. LNG is becoming one of the most important energy contracts and soon on pair with brent. Abaxx will have 3.

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How are you coming up with this: "I suspect Abaxx will overtake JKM in 2026 and make it essentially worthless. Abaxx's LNG contracts alone will likely be worth 5-10 billion USD creating a pretty good safety buffer at a 5x from here." I'm napkin mathing that if they take every bit of the existing JKM market, it would only net something in the $15M yearly revenue range. Maybe $50M if they increase the financialization ratio by 4x. If you assume even a large P/E like 40x you're still only at $2B market cap increase. I am specifically interested in that point because it does look like they stand a good chance of dominating that market. If the payoff of grabbing that market is good enough at the current share price I'd be in for that alone.

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CFTC takes longer than expected to grant approval giving more time for competitors to enter the market. But I can't imagine it takes more than a couple more months and competitors would need years to catch up. I suppose the other risk is that the tech doesn't meet others expectations but thats why the exchange is still a nice safety buffer. I think LNG benchmark with gold is a given which provides a 5-10x from here. Another concern is buyout. They have a big vision to change the financial sector, but someone with big money bags could just buy them out. Although I think they would need to offer significant premium. At the stage they are at, i'm more worried about it not going high enough for the risk I took way earlier in the company (was down 50% at one point) than I am that it goes down again.

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I was buying 4 years ago, so I feel your pain there. It is finally starting to take off with their LNG and gold contracts growing in volume quick. Definitely give it a look again

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Venture Global guys! * LNG imports from Russia to the EU will soon come to a complete stop. Large amounts of LNG have been coming from Russia to Europe. * EU–US "tariff/energy deal" will push EU to buy more LNG from US. * Ukraine is requesting additional LNG supplies from Venture Global. * The CEO is one of Trump’s “business associates.” * LNG orders from the EU are already increasing. * China "promised" to buy more LNG from this company. * The company is rapidly expanding its LNG production capacity. * Analysts are still trying to push the stock price above USD 15 (currently around USD 8.6). * There have been some issues with fulfilling orders for larger energy companies, which has caused the share price to drop recently (a temporary issue due to limited production capacity). Arbitrage cases few.

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VG 👌🏿 LNG demand will increase more from EU.

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Venture Global guys! This will benefit from EU-Russia LNG ban. Ukraine needs more LNG.

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