Profit didn’t rise while Bitcoin bled — accounting did.
Today’s cover, When Profit Rises While Bitcoin Bleeds, What’s Real?, is really about a strange split on the same balance sheet: Metaplanet’s options premiums soaring, while a Bitcoin mark-down turns into a paper wound. And beside it, Strategy calmly saying it can survive an $8,000 Bitcoin… by turning debt into equity if it has to.
So stay with us, because this is the moment the market stops being a chart and becomes a biography. You’re going to watch how leverage changes the story people tell themselves… and how “profit” can be a cash river in one column and a mirage in the next. You can feel the tension already: prices falling, confidence speaking louder. And somewhere inside that noise, one quiet question forms—what, exactly, are these firms selling: Bitcoin exposure… or time?
