Metaplanet’s revenue surged 738% YoY to ~$58M. In this context, BTC-related operations now make up 95% of total sales. Q4 2024 pivoted the company from hotels & media to crypto income, largely via premium BTC options. Despite reporting $40M in operating profit, a net loss of ~$619M reflects accounting for Bitcoin price swings. CEO Simon Gerovich confirmed the strategy remains intact despite the broader crypto downturn: accumulate and hold BTC long-term as a treasury hedge against fiat dilution and for potential value appreciation. Will long-term accumulation withstand the swings?