Before they use up 100 million undistributed NSR, Nu is young, after that, Nu DAO equity is drained continuously by high cost on liquid providing service, and so on.
Equity = Asset - liability
When more NBT sold, both liability(NBT) and Asset(FIAT cash flow) increases, so the equity remains same. However, the operation expenditure bleeds Nu’s equity until you find enough profit business.
The most difficult time hasn’t come yet, although I believe it’s near.