It is with my calculation LOL, some big haircuts on HBD incoming... the question is which HBD holders take the haircut, at the moment it is the Hive token holders bring wiped out, but HBD will come soon:

Total HIVE Supply: 523,000,000

• DAO HIVE Treasury: -41,000,000
• DAO HBD Treasury: -369,230,769 (24M ÷ $0.065)

Circulating HIVE: 112,769,231 HIVE equivalents
HIVE Shareholder Market Cap: 112.8M × $0.065 = $7,330,000

HIVE Shareholder MC (DAO excluded): $7,330,000
Circulating HBD Debt: $11,000,000
Difference: -$3,670,000
HBD Debt > HIVE Equity: YES [code_red]