They removed the "haircut" a couple of forks back. As it is now, the "equity" Hive, is less than the HBD "debt"...

My calculation the Market Cap of Hive is 9.725M USD - HBD not in DAO = 10.4M USD... Hive/HBD in the DAO represents over 72% of the Hive supply... if they burnt it all, it would be like taking a chain away from around the neck of Hive... but still the debt is HUGE compared to the true market cap..