Note: Unlike my standard strategy notes, this report is a deep dive into a single company. While this will not become a standing weekly format, I plan to publish company-specific work on a selective basis when I believe it adds incremental value to the broader strategy framework.

Separately, I plan to initiate a small BTGO position in the crypto equities portfolio. That update will come tomorrow. The exact allocation has not yet been finalized, but is expected to fall in the 2–4% range.

Portfolios

Executive Summary