Victory Square Technologies Inc. ^{CSE: VST}

Today we are breaking down a classic micro-cap market anomaly.

The public markets valuation machine is completely broken.

If you like simple math and massive valuation disconnects, this corporate holding structure is worth a serious look.

🧩 The “Sum-of-the-Parts” Math Disconnect

The market is mispricing VST relative to its core, publicly traded subsidiary, Hydreight Technologies Inc. (TSXV: NURS).

• The Subsidiary’s Value: Hydreight trades at a market cap of $226.45M CAD.

• VST’s Ownership Cut: Victory Square owns a 51.03% majority stake in NURS.

• The Paper Value: VST’s equity piece of NURS is worth roughly $115.55M CAD.

• The Market Reality: VST trades at just $0.67 CAD per share, giving the parent company a total market cap of only $69.85M CAD. 

The Takeaway: VST’s total market cap trades at a massive 40% discount to the value of its stake in NURS alone. Buying VST today is essentially buying Hydreight at 60 cents on the dollar.

🎁 Getting 20+ Tech Ventures Completely For Free

Because the parent stock is valued significantly lower than its core asset, the market is effectively valuing the rest of Victory Square’s Incubator Portfolio at less than zero.

Investors buying into VST get exposure to several massive pipelines without paying a dime for them:

• Insu Therapeutics (22.8% Ownership): An active biotech player entering Phase II clinical trials at the University of British Columbia to test a patented cheek-absorption (buccal) platform for blockbuster GLP-1 weight loss drugs like semaglutide.

• Pawsible Ventures (49% Ownership): A dedicated platform built to capture the $270B global pet-care space, backed by a fresh $10M investment fund and global venture studio.

• The Venture Tail: Liquid footprints across artificial intelligence, climate tech, Web3, and the recently spun-off Yocale.ai dividend shares. 

 📊 The Fundamental Backstop
 

This isn’t a speculative shell company scenario. The consolidated corporate financials are aggressively scaling:

• Revenue Moonshot: Q1 2026 revenue surged to $24.9M CAD, up from $4.5M in Q1 2025.

• Real Earnings: The incubator locked in $3.9M CAD in net income for the quarter.

• Fortified Balance Sheet: Exit liquidity sat at a healthy $31M CAD in cash and liquid marketable securities. 

💡 The Bottom Line

Victory Square is a textbook holding company inefficiency. The market hasn’t updated VST’s stock price to accurately mirror its public subsidiary’s growth, leaving the core cash balance, clinical biotech assets, and tech studios sitting on the table entirely for free.

Sponsored Content Disclosure & Financial Disclaimer

Paid Sponsorship Transparency 
This website and our accompanying newsletters publish opinions, editorials, and sponsored content. Commercial sponsorships and advertisements are the core financial engine that keeps our publication running. Because this content is produced on behalf of or funded by our sponsors, the views, opinions, and data presented herein are neither completely unbiased nor fully comprehensive. We have received or expect to receive compensation in the amount of Thirty Thousand dollars, directly or indirectly, from Victory Square Technologies or its subsidiaries to produce and distribute this write-up and other digital content. 

No Investment Advice or Fiduciary Duty 
We are not registered investment advisers, financial planners, or broker-dealers. All content published by us is strictly for informational and entertainment purposes only. Nothing contained within this publication constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments.

Independent Due Diligence Required 
You should not rely on this content to make financial decisions. Micro-cap and growth equity investments carry an extremely high risk of capital loss. We strongly urge you to conduct your own independent due diligence and consult with a qualified, licensed financial professional before making any investment.

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Market conditions change rapidly. We are under no obligation—and readers should not expect us—to update, revise, or supplement any previously published information or forward-looking statements in the future.

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