Cohen Capital Markets just pocketed a massive $179 million advisory fee from the $NAKA-Kindly transaction. Here's the breakdown: the deal pulled in $740 million total.

CCM structured a $540 million PIPE investment alongside a $200 million convertible note. Their compensation? A cool $20 million in cash plus 11.7 million NAKA tokens (valued at $13.60 per token, totaling $159 million).

That's a 24% take on the entire raise. Not your typical advisory fee structure—this one heavily weighted toward equity upside rather than straight cash.