Disclosure: Avi is an angel investor of Zorp (the operating company developing Nockchain) and owns $NOCK. Delphi Digital led the Zorp Seed round in Fall 2023. This is not financial advice. All opinions are my own.
This is an updated version of an X article by @ avizurlo (former Delphi Digital Ventures Associate) that was posted on September 24, 2025 ($NOCK = $0.016).
This summer, $NOCK has traded between a range of $0.015-0.02 ($16-25M MCAP; $56-87.5M FDV).
This weekend $NOCK broke out of this range and sits at $0.043 at the time of writing, as it ride the tailwinds of the recent $ZEC move and broader market enthusiasm for privacy coins. My thesis for $NOCK remains intact and I continue to be a buyer at these prices as I believe the market has yet to price any of the catalysts I outline below.
I believe $NOCK is set to reprice to $0.20 by EOY and can make a run to $1.00 in 2026, leading the charge for a new category of alternative SOV assets.
$NOCK fits squarely into my broader crypto thesis that SOV asset demand will grow 10x in the next decade. Gold and $BTC will capture most of that flow, but the market misprices how narrowly flows will concentrate. Other credibly sovereign assets will benefit and outperform Gold and $BTC, especially innovative PoW and privacy coins. Among them, Nockchain is differentiated and advantaged — my highest-conviction bet in crypto today.
This piece breaks down my $NOCK thesis: what @nockchain is, why $NOCK is mispriced, the catalysts that could reprice it in the near term, and the risks investors should keep in mind over the long run.
Nockchain: Bitcoin, but Better
Nockchain is a scalable L1 purpose-built for zero-knowledge proofs. It is an ecosystem for scalable, public and private applications and the home of a new SOV asset, $NOCK. Nokchain serves as a settlement layer for NockApps and uses a UTXO transaction model that supports arbitrary intents. In many ways, Nockchain is what Bitcoin might have looked like if zero-knowledge cryptography had been practical in 2008.
an interesting piece of crypto lore is that in 2010 a forum member suggested making Bitcoin private with ZK
and Satoshi responded that this would make Bitcoin better but that he didn’t know how to do it pic.twitter.com/old23v1pQ8
— mert | helius.dev (@0xMert_) September 7, 2025
Like Bitcoin, Nockchain relies on proof-of-work: $NOCK is distributed 100% to miners who solve puzzles to win blocks. The difference is that Nockchain’s work isn’t wasted. Miners generate a ZKP proving the correct execution of transactions in a block via NockVM.
NockVM is an order of magnitude more performant than today’s leading RISC-V zkVMs. Miners are heavily incentivized to optimi
...