NASDAQ delisted Triller. Now the pain begins for BKFC.

What happened to the mystery $350M Florida valuation?

NASDAQ officially delisted Triller from its stock exchange on Tuesday, just ten months after a big party was thrown at the Opening Bell.

For MMA Draw subscribers, this has been a long-simmering situation. Our first report on Triller’s financial troubles was published in April 2024. For FITE TV customers, this news was initially interpreted as no bueno.

We first reported on complications in the business relationship between Bare Knuckle FC and majority-owner Triller in April 2025.

The current relationship between BKFC and Triller remains unclear. Here’s what we do know — and more importantly, why it impacts the fight business at large.

Triller has repeatedly failed to file required financial statements with the SEC. Given the current regulatory temperature at the SEC under Trump 2.0, it’s difficult to envision enforcement action against delinquency with biting punishment.

Which makes Tuesday’s NASDAQ delisting announcement all the more significant. Not even the Trump Administration could delay this inevitable outcome.

Why should you care? Because the future of TrillerTV and BKFC is at stake.

A week after Triller initially failed to report its 2024 financials to the SEC, a critical financial transaction caught our attention.

Triller has been fundraising left and right for survival. What we discovered from multiple lawsuits filed by creditors against Triller is that Triller allegedly used BKFC as collateral for multiple loans and promissory notes.

Currently, the highest profile court case is in the state of New York, with plaintiffs Yorkville Advisors suing Triller over a supposedly unpaid $33.5M note at a very high interest rate.

Yorkville attempted to obtain a summary judgment — circumventing “regular” civil case procedure — to enforce its collection rights. The court denied summary judgment because the dispute involved the interpretation of multiple contracts. The court converted the summary judgment motion into a complaint and answer, and ordered the case to proceed to discovery and eventual trial.

Then the first set of Triller attorneys withdrew from the case. This caused a critical time delay. Yorkville’s heavyweight attorneys at DLA Piper were furious, as revealed in e-mails produced through discovery via various motions. Yorkville started dishing out the discovery dirt by submitting various e-mails and letters telling the chronological story about how they were recruited for cash at the swanky Polo Lounge inside The Beverly Hills Hotel and The Links private club in Manhattan.

The contents of the e-mails revealed some very interesting and high-profile financiers involved in the Triller fundraising process, including John D’Agostini of Clear Street and Bob Diamond of Atlas Merchant Capital. Mr. Diamond would soon find himself suing Triller in Federal court, obtaining a $2 million default judgment plus 5.9M common shares of Triller stock.

Patience was running thin for those who thought Triller was going to deliver on its promises.

Yorkville proceeded to go after Triller’s most valuable asset, BKFC. Three million common shares of BKFC stock were put up for sale via a non-judicial procedure called a UCC-9 auction.

According to Richelle Kalnit of Hilco Streambank, which conducted the UCC-9 auction of BKFC assets, 21 interested parties signed NDAs to access the digital data room that contained key financial information.

Hilco claims that no one placed a bid on the 3M shares of BKFC stock, estimated to be worth 20% of total company ownership. With no active bidders, Yorkville placed its own bid with a valuation of $250,000.

Yorkville’s valuation of BKFC is $1.25M US dollars.

Dave Feldman claims that he — and various investors — have a much higher valuation on BKFC.

The mystery $350M BKFC valuation

As chaos was unfolding in New York court and with NASDAQ, Conor McGregor and company announced a $25M dollar World’s Baddest Man tournament in one of the wildest combat sports press conferences ever produced.

Three months later, Dave Feldman confidently made his BKFC sales pitch on Ariel Helwani’s interview show (video at top of this post).

When Mr. Helwani asked Mr. Feldman about Triller’s ownership in BKFC, Mr. Feldman made quite a significant material representation regarding BKFC’s ownership structure.

ARIEL HELWANI: Last year, last time we spoke, we talked about Triller and all that. Where do we stand with that?

DAVE FELDMAN: They’re just a minority shareholder now.

ARIEL HELWANI: Okay, so who’s the majority?

DAVE FELDMAN: Actually, it’s up for grabs right now.

ARIEL HELWANI: I mean, what’s the price? What are we talking? Why doesn’t Conor just become the...

DAVE FELDMAN: I think we want value added, more value added partners involved. And I think the one we’re talking to now, which we actually having a closing date of October 15th to close our big deal. And that’s with a guy that’s got really great connections all around the world.

ARIEL HELWANI: He’d be the majority owner? What would that mean for you?

DAVE FELDMAN: Nothing. I mean, except we have the money to fund this thing the way we want to. And as far as my equity, it won’t, actually, I’ll go up a little bit.

ARIEL HELWANI: And this is what, one singular guy or a whole like...

DAVE FELDMAN: Well, he owns a group, but it’s him doing it himself because he actually had some outsiders that wanted to come in, some big Sovereign countries that wanted to come in, but he didn’t want to take them. He wanted to do it himself.

ARIEL HELWANI: So, the gentleman that you’re talking about is in Florida. So, you feel good about this?

DAVE FELDMAN: Yeah. Feel great about it.

ARIEL HELWANI: Can I ask what the price is? What valuation we’re talking about?

DAVE FELDMAN: Yeah, uh, $350 million.

ARIEL HELWANI: And what did Triller buy it for?

DAVE FELDMAN: $80 million.

ARIEL HELWANI: Wow. This is great. And do you make some of this as well?

DAVE FELDMAN: I don’t think we’re going to get liquidity in this because I want to keep it in the business.

I think there’s an opportunity to have a liquidity event right now, but I don’t want to. I want to grow this thing. I love it. I really truly think it’s a $2-3 billion dollar exit.

Three months later, nobody publicly fully knows who owns what when it comes to BKFC. Triller never filed any new financial disclosures with the SEC. Yorkville applied a $1.25M valuation on BKFC. Dave Feldman claims someone has a $350M valuation.

Meanwhile, Triller’s second set of attorneys filed a motion in New York court to withdraw from the Yorkville case because of $28,000 in unpaid attorney fees. Yorkville is asking the trial judge to stop the delays and enter a final judgment. There will be a court hearing next week in New York to determine an outcome.

At the time of this publication, Triller’s now delisted stock — trading on the Pink Sheets — is currently at 3 cents a share. If the stock zeroes out, are we headed towards a Chapter 15 bankruptcy?

If Triller files for bankruptcy, would the bankruptcy court appoint a trustee to oversee future spending limits for BKFC events?

Zach Arnold is the lead opinion writer for The MMA Draw Newsletter on Substack. You can e-mail him at fightopinion - at - protonmail dot com.