Fusion startup Avalanche Energy Inc. has raised $29 million to develop reactors small enough to sit on a desk that it hopes can one day power satellites, underwater drones and remote bases. The oversubscribed funding round was led by RA Capital Management and joined by new investor Overlay Capital and existing backers Congruent Ventures and Lowercarbon Capital. Fusion offers the promise of abundan...
Fusion startup Avalanche Energy Inc. has raised $29 million to develop reactors small enough to sit on a desk that it hopes can one day power satellites, underwater drones and remote bases. The oversubscribed funding round was led by RA Capital Management and joined by new investor Overlay Capital and existing backers Congruent Ventures and Lowercarbon Capital. Fusion offers the promise of abundant, clean energy, but the technical and engineering obstacles remain daunting, particularly to build reactors at such a small scale. While the funding round is modest, it’s another sign that investors are willing to pour money into the elusive technology . The industry has attracted more than $9.7 billion, according to the Fusion Industry Association’s 2025 report , including $2.6 billion invested in the 12 months ending in June 2025. Companies including Avalanche say they are making steady progress toward developing systems that will tap the energy created by fusing atoms — the same reaction in stars — but none have successfully demonstrated a viable commercial system. Avalanche Chief Executive Officer Robin Langtry said investors’ interest in the technology is driven by surging electricity consumption, especially from data centers. “We have an energy shortage coming in the next few years,” he said. Avalanche is pursuing magneto-electrostatic fusion, an approach that uses powerful magnets and high voltage to confine a cloud of plasma. There are technical barriers that make it difficult to scale the technology to large power plants, though Langtry said the design is well-suited for mass production in factories, a strategy that will eventually bring down costs. The startup is initially focused on specific applications that don’t require huge amounts of energy, but are willing to pay a premium for clean power that’s available around the clock and won’t require frequent refueling. That includes remote military bases, disaster relief missions and space exploration. Avalanche exp...
Governments Can Fix Money Fast. Here Is Why They Will Not Do It... Authored by Daniel Lacalle, The markets have been rocked by news of a possible intervention to control the Japanese yen slump, after it reached a forty-year low relative to the US dollar. Fixing the yen and any other fiat currency is simple: Implement an Austrian approach; eliminate constant deficit spending and monetization of gov...
Governments Can Fix Money Fast. Here Is Why They Will Not Do It... Authored by Daniel Lacalle, The markets have been rocked by news of a possible intervention to control the Japanese yen slump, after it reached a forty-year low relative to the US dollar. Fixing the yen and any other fiat currency is simple: Implement an Austrian approach; eliminate constant deficit spending and monetization of government outlays; and implement clear, sound money policies that support the purchasing power of the currency. Letting rates float and having zero deficit would help. However, no government seems to want to control spending and eliminate constant artificial currency creation, even knowing that, by doing so, they would limit the risk of financial crises, excessive risk-taking, and erosion of citizens’ wage purchasing power. The best a citizen can expect today is a mild form of Keynesianism that aims for lower taxes, relatively lower spending, and a constant expansion of money supply as the driver of economic growth. Even this “lesser evil” approach ends with malinvestment, financial crises, and more politicians demanding “public investment” as the solution. Governments avoid sound money and controlling spending because these choices can hurt them politically right away, while using inflation and interventionist methods allows them to take a lot of wealth from citizens and give it to themselves and their favored industries. Governments refer to the constant issuance of new currency that exceeds private sector demand as the “social use of money.” Inflationism is a tool to create dependency and limit individuals’ financial freedom. Inflation is not an accident; it is a policy. The erosion of the purchasing power of the currency makes governments more powerful; they present themselves as the solution to the problems their policies create, and citizens have fewer tools to gain financial independence. Governments and their “experts” constantly try to blame inflation on anything exc...
Privatizing Fannie Mae is risky. Would it be a win for taxpayers or Trump's donors? toggle caption J. David Ake/AP After a turbulent first year of President Trump's return to the White House, 2026 could bring something singularly disruptive in the housing and mortgage markets: a partial sale of Fannie Mae and Freddie Mac, the government-controlled mortgage giants that underpin roughly 70% of U.S. ...
Privatizing Fannie Mae is risky. Would it be a win for taxpayers or Trump's donors? toggle caption J. David Ake/AP After a turbulent first year of President Trump's return to the White House, 2026 could bring something singularly disruptive in the housing and mortgage markets: a partial sale of Fannie Mae and Freddie Mac, the government-controlled mortgage giants that underpin roughly 70% of U.S. home loans. The idea, promoted by Federal Housing Finance Agency (FHFA) Director Bill Pulte and Trump himself, has alarmed critics, who warn that unwinding the 17-year federal conservatorship of the two firms could rattle financial markets and drive up mortgage rates, while potentially generating billions of dollars for key Trump supporters. Pulte has said the administration is "looking to extract … value from [Fannie and Freddie] for the benefit of the U.S. taxpayers." Sponsor Message Economists point out that there also could be significant risks for taxpayers and that the government would be giving up something of value that it currently controls and effectively owns. What are Fannie Mae and Freddie Mac? The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac) sit at the core of the $13 trillion U.S. housing finance system, guaranteeing mortgages to keep credit flowing and homeownership accessible to more people. Buying a home is the biggest purchase most Americans ever make. And fronting all that money to people is a risky proposition for lenders. So loan guarantees provided by Fannie and Freddie remove some of the risk for mortgage companies, which makes them more willing to make home loans and brings down the cost of borrowing for homebuyers. Formed more than 50 years ago as government-sponsored enterprises, Fannie and Freddie were owned by private stockholders before the 2008 housing crash, when the government took them over to prevent their collapse. Since then, Congress and previous administrations have deferred ...
Can't wait for Olympic curling? Trying its Southern cousin: skillet curling toggle caption Aileen Perilla for NPR When you put a downhome spin on an Olympic sport, you're bound to change the lingo a bit. Consider this description of skillet curling, a twist on traditional curling. "You throw the bacon, and then throw the skillet kind of like you're bowling, trying to get closest to the bacon," exp...
Can't wait for Olympic curling? Trying its Southern cousin: skillet curling toggle caption Aileen Perilla for NPR When you put a downhome spin on an Olympic sport, you're bound to change the lingo a bit. Consider this description of skillet curling, a twist on traditional curling. "You throw the bacon, and then throw the skillet kind of like you're bowling, trying to get closest to the bacon," explains Emily Rasmussen. She was part of one of the 32 teams that competed in the Skillet Curling Championship in Chattanooga, Tenn., over the weekend. Instead of the stationary bullseye that is the target for regular curlers, in this niche sport, the "bacon" is the players' target — a grill press, to keep it culinary — that is hurled down the ice before each round. Then teams take turns launching iron skillets in hopes of getting them bacon-adjacent, and also blocking the other team's skillets. toggle caption Aileen Perilla for NPR That might seem a bit technical, but the Chattanooga tournament, which started in 2019 and is one of a handful of similar events in the U.S., is a charity event that aims to combine "equal parts skill, luck, and hilarity." Sponsor Message "It's like a Mardi Gras sport, in a way," says competitor Alvaro Victoria. "It's flamboyant, it's fun, it's social." Throwing turtles, in hopes of a stovetop Scoring is similar to traditional curling, which awards points at the end of each round for stones that remain closer to the target than any opposing pieces. In skillet curling, a team scoring four points – the maximum possible in each round – is a "stovetop." Skillet curling is a bit like bocce on ice, Rasmussen says. But while it might seem inelegant to yeet iron skillets across an ice rink, the sport does involve technique. toggle caption Aileen Perilla for NPR Traditional curling has won fans with intense athletes who famously get very low and slide themselves forward before releasing a stone. Most skillet curlers simply stoop a bit before sending a fryi...
Here's why people say they're using 'Are You Dead?' and apps like it toggle caption Felice Rosa/Hans Lucas/AFP via Getty Images Each day, after feeding his cat and tidying up his home, Johnny Miller has one more task left on his to-do list: confirm on his phone that he is indeed still alive. He does this through a Chinese app called Sileme, which is Mandarin for "Are You Dead?" Its function is in ...
Here's why people say they're using 'Are You Dead?' and apps like it toggle caption Felice Rosa/Hans Lucas/AFP via Getty Images Each day, after feeding his cat and tidying up his home, Johnny Miller has one more task left on his to-do list: confirm on his phone that he is indeed still alive. He does this through a Chinese app called Sileme, which is Mandarin for "Are You Dead?" Its function is in its morbid name: Users check in with the app daily. If they miss a number of check-ins, the app notifies a designated emergency contact. "It's kind of nice. It's almost like someone cares," said Miller, 57, a former IT analyst from Seguin, Texas. While part of the app's appeal is its dark humor, many people who live alone have signed up for its practicality and to relieve a very serious fear of dying unbeknownst to anyone for days or weeks. Sponsor Message Soon after its release last summer, the app went viral — first among young people in China — sparking discourse about the country's grueling work culture, dwindling marriage rates and a shift toward individualism. Then, this January, the app found international appeal, becoming a top paid download in the Apple Store in Australia, Spain, and the U.S. (The app recently changed its English name to "Demumu" which is a combination of death and the plush toy Labubu, according to Wired. ) In many countries around the world, more people are living by themselves. That includes the U.S., where over a quarter of all households comprise one person — more than double the share in 1960, according to 2020 Census data. The nation's trend toward physical solitude also parallels rates of loneliness and social isolation. Demumu is one of many safety apps that have popped up over the years, designed for people living solo. Their demand reflects broader changes within modern society, such as a decline in face-to-face social interaction and an erosion of mutual reliance, according to Julianne Holt-Lunstad, director of the Social Connection & H...
Energy Star has emerged stronger after Trump's EPA tried to end it toggle caption Joe Raedle/Getty Images North America The Trump administration tried to end the government's Energy Star program last year, but now Congress has passed — and President Trump has signed into law — bipartisan budget legislation that has the potential to strengthen the energy efficiency program by giving it dedicated fu...
Energy Star has emerged stronger after Trump's EPA tried to end it toggle caption Joe Raedle/Getty Images North America The Trump administration tried to end the government's Energy Star program last year, but now Congress has passed — and President Trump has signed into law — bipartisan budget legislation that has the potential to strengthen the energy efficiency program by giving it dedicated funding. Such policy reversals have so far been rare for the Trump administration. But pushback against killing Energy Star came from a broad swath of stakeholders, including industries like real estate and construction, to which President Trump has longstanding ties. More than 1,000 manufacturers, home builders, advocacy groups and local governments signed a letter last April asking the administration to keep the program. Sponsor Message "What it shows very clearly is that Congress, both Republicans and Democrats, strongly support Energy Star and want to see it continued," says Ben Evans, federal legislative director for the U.S. Green Building Council, which advocated for saving the program. Lawmakers allocated just over $33 million to the Environmental Protection Agency for Energy Star, slightly more than the 2024 fiscal year. That also reverses a decade-long trend, since the first Trump administration, of reducing the program's budget, according to the Congressional Research Service. That leaves the program financially healthy, though it still faces staffing challenges. Most Americans probably haven't noticed changes in the program yet, because previously approved products are still available in stores. But advocates say the program's work has been disrupted — and that could have lingering effects. "Getting new products certified as Energy Star has been slowed with the loss of staff capacity," Evans says, and his group plans to watch closely to see how the EPA manages the program in coming months with the new funding. The campaign to end Energy Star Almost 90% of American...
Kilmar Abrego Garcia becomes symbol of mistaken deportations toggle caption Anna Moneymaker/Getty Images The case of Kilmar Abrego Garcia captured national headlines last year as part of a wave of criticism against the second Trump administration's aggressive immigration enforcement. It was the speed of his deportation — from working in Maryland one week, to getting whisked off to a notorious pris...
Kilmar Abrego Garcia becomes symbol of mistaken deportations toggle caption Anna Moneymaker/Getty Images The case of Kilmar Abrego Garcia captured national headlines last year as part of a wave of criticism against the second Trump administration's aggressive immigration enforcement. It was the speed of his deportation — from working in Maryland one week, to getting whisked off to a notorious prison in El Salvador the next. But it was also because it was a mistake: something a government lawyer admitted in court. Immigration lawyers said Abrego Garcia's landmark case highlights the challenges with the speed and scale of the Trump administration's goal of mass deportations. "We really thought this was going to be one of a kind," said Simon Sandoval-Moshenberg, one of Abrego Garcia's lawyers. "If anything, it was just the tip of the spear. There have been countless illegal deportation cases since then. If anything, the problem is getting worse and not better." Sponsor Message Sandoval-Moshenberg said he alone has a dozen other plaintiffs like Abrego Garcia. It's impossible to quantify how many such mistaken deportations are happening — as only a small subset of immigrants have lawyers to argue for their return. But judges have stepped in with other cases. For example, last April — the same month a Maryland judge told the government to bring Abrego Garcia back to the U.S. — another judge in the state asked for the return of Daniel Lozano-Camargo, a 20-year-old Venezuelan man, identified in court documents as "Cristian." And in July, a New York appeals panel ordered immigration officials to return Jordin Melgar-Salmeron, a 31-year-old Salvadoran. All three were held at a notorious prison in El Salvador that has since been described by detainees as unsanitary and violent. Judges said that these removals violated court orders. Meeting deportation targets Advocates warn that the speed at which the administration is removing some people increases the possibility of errors. ...
As some states try to show ICE the door, others throw out the welcome mat toggle caption Stephen Maturen/Getty Images North America The deaths of Renee Macklin Good and Alex Pretti have shaken up the conversation about how states should respond to immigration crackdowns across the country. Some Democratic leaders have vowed to hold federal Immigration and Customs Enforcement officers accountable —...
As some states try to show ICE the door, others throw out the welcome mat toggle caption Stephen Maturen/Getty Images North America The deaths of Renee Macklin Good and Alex Pretti have shaken up the conversation about how states should respond to immigration crackdowns across the country. Some Democratic leaders have vowed to hold federal Immigration and Customs Enforcement officers accountable — even charging them with crimes. After an ICE surge in Chicago last year, state leaders established the Illinois Accountability Commission to collect evidence from citizens about ICE's actions, including the agency's leadership, and to make accountability recommendations. The chair of the commission and former federal judge, Rubén Castillo, says the group is having conversations with local law enforcement to "suggest prosecutions that should be coming as we speak." Sponsor Message Prosecutors in Philadelphia and California say they are also considering criminal charges against federal agents. Can states charge federal agents with crimes? White House officials have raised the idea of agents having immunity when they're on the job, but legal experts say that is not the case. "There is no structural or blanket barrier to states bringing a criminal prosecution against federal officials," says Harrison Stark, an attorney who works with the University of Wisconsin Law School's State Democracy Research Initiative. "If a state believes that a federal official has violated state criminal law," Stark says, "the state has broad Investigatory Powers to collect evidence, to explore that criminal action, basically in the same way they would against anybody else." And it's not just about criminal prosecutions; Illinois has a law on the books that allows people to sue federal agents in civil court . The Trump administration has sued to block the law, saying it violates federal powers. Democratic lawmakers in New York, California, Colorado and Oregon are considering similar laws. Republican...
Powerful people, random redactions: 4 things to know about the latest Epstein files toggle caption Jon Elswick/AP The release of millions of pages of Epstein files Friday has raised more questions than they have answered. Convicted sex offender Jeffrey Epstein's private communications continue to reveal the web of powerful figures who sought his friendship and counsel. Internal notes from the Just...
Powerful people, random redactions: 4 things to know about the latest Epstein files toggle caption Jon Elswick/AP The release of millions of pages of Epstein files Friday has raised more questions than they have answered. Convicted sex offender Jeffrey Epstein's private communications continue to reveal the web of powerful figures who sought his friendship and counsel. Internal notes from the Justice Department show the extent of allegations made against Epstein — but also against others who have not faced criminal charges for sex trafficking. Speaking on CNN's "State of the Union" Sunday, Deputy Attorney General Todd Blanche said new charges for anyone are unlikely. "I can't talk about any investigations, but I will say the following, which is that in July, the Department of Justice said that we had reviewed the 'Epstein files,' and there was nothing in there that allowed us to prosecute anybody," he said. "We then released over three and a half million pieces of paper which the entire world can look at now and see if we got it wrong." Sponsor Message Here are four takeaways from the latest release of the Epstein files. The files aren't organized and have issues with redactions NPR's review of the documents has found numerous examples of the Justice Department failing to redact names of publicly-identified victims of sexual abuse as well as names of individuals who have not previously been publicized. The Epstein Files Transparency Act, signed by President Trump last year, called for the Justice Department to minimize its redactions while turning over information about the life and death of Epstein and the criminal charges he and his accomplice Ghislaine Maxwell faced. Maxwell is serving a 20-year sentence in federal prison for sexual exploitation and trafficking of children, crimes she committed with Epstein. Those redactions, too, are inconsistent with what the law directs. "In addition to the documentary redactions, which includes personal identifying informatio...
New York, February 3, 2026, 05:00 EST — Premarket Advanced Micro Devices shares climbed roughly 4% in early trading Tuesday, reaching $246.27. The stock had ended the prior session at $236.82. After the close, the chipmaker will release its earnings, with investors betting on another solid quarter from its data-center segment. Wall Street forecasts adjusted EPS of $1.32 on revenue near $9.7 billio...
New York, February 3, 2026, 05:00 EST — Premarket Advanced Micro Devices shares climbed roughly 4% in early trading Tuesday, reaching $246.27. The stock had ended the prior session at $236.82. After the close, the chipmaker will release its earnings, with investors betting on another solid quarter from its data-center segment. Wall Street forecasts adjusted EPS of $1.32 on revenue near $9.7 billion for the December quarter, including about $5 billion from data centers, based on consensus estimates. RBC Capital Markets’ Srini Pajjuri highlights supply constraints at Intel that might keep pushing server CPU orders AMD’s way, while competition from Arm Holdings adds uncertainty. Several analysts are predicting a “beat-and-raise” — results and guidance topping expectations. (MarketWatch) Sentiment took a hit after Reuters reported late Monday that OpenAI is exploring alternatives to certain Nvidia chips, eyeing deals with AMD and startups like Cerebras and Groq, according to sources familiar with the matter. The focus is on the “inference” stage—when a trained model produces answers—even though OpenAI still depends heavily on Nvidia hardware. OpenAI CEO Sam Altman posted on X that Nvidia makes “the best AI chips in the world,” while Nvidia said customers choose its gear for “best performance” at scale. (Reuters) AMD jumped 4% on Monday, riding a wave of enthusiasm for AI spending that pushed chipmakers higher. The S&P 500 ended the day up, narrowly missing a record close. Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, noted that “the fundamentals are good and earnings are strong” as investors dive deeper into earnings season. (Reuters) HSBC’s Frank Lee bumped up his price target for AMD to $335 while maintaining a buy rating. He pointed to a boost in server demand driven by “agentic AI” — AI software agents capable of handling multi-step tasks. (Barron’s) Another earnings preview showed consensus estimates pointing to about 27% year-over-year revenue gro...
In addition to generating more churn, wider adoption of AI may also shake up the demographics of the CEO pool. Industry observers expect the next wave of CEOs to skew younger , as boards seek leaders who are fluent in AI. And CEOs may also need youth—or at least youthfulness—to help stave off burnout as AI generates a faster rate of change inside their companies. “What we are seeing across the boa...
In addition to generating more churn, wider adoption of AI may also shake up the demographics of the CEO pool. Industry observers expect the next wave of CEOs to skew younger , as boards seek leaders who are fluent in AI. And CEOs may also need youth—or at least youthfulness—to help stave off burnout as AI generates a faster rate of change inside their companies. “What we are seeing across the board is a desire for CEOs who bring more of a beginner’s mind and adaptability.” But elsewhere in tech, and across the Fortune 500, such long tenures will likely become increasingly rare—at least during the first waves of the AI boom. Indeed, the numbers are already beginning to shrink. The average global CEO tenure has declined to 7.2 years, below the highs of 8.4 years recorded in 2021 and 2023, according to leadership advisory firm Russell Reynolds . (Tech CEO tenures are roughly in line with the cross-industry average.) And that figure will likely continue to drift downward for a few years. The firm surmises that that’s because boards are closely monitoring CEO effectiveness and whether they respond to change with precision and adaptability, considerations AI is bringing to the fore. And those boards are quicker to act if performance lags. This new reality is taking shape as several of the most high-profile Silicon Valley CEOs are extending their tenures into their second decades. They include 53-year-old Sundar Pichai (10 years at Google , six heading its more recently formed parent, Alphabet), and Apple’s 65-year-old Tim Cook (14 years as CEO). It’s becoming clearer that AI will play a major role in how much longer these CEOs remain at the top. With that act, the 58-year-old Microsoft chief, whose 12 years in the corner office are an eternity by Fortune 500 standards, was telegraphing that mastery of AI was nonnegotiable. During Nadella’s extremely successful run , shares have risen 11-fold and Microsoft has joined the very tiny club of companies with valuations above $...
Kinnevik AB press release ( KNVKF ): Q4 Non-GAAP loss per share of SEK 6.05. NAV of SEK 35.9bn (SEK 130 per share), down 1.7bn or 4 percent in the quarter (down 3 percent in constant currencies) and down 3.3bn or 8 percent during the year (up 2 percent in constant currencies) NAV per share of SEK 129.51. More on Kinnevik AB, Kinnevik AB Seeking Alpha’s Quant Rating on Kinnevik AB Historical earnin...
Kinnevik AB press release ( KNVKF ): Q4 Non-GAAP loss per share of SEK 6.05. NAV of SEK 35.9bn (SEK 130 per share), down 1.7bn or 4 percent in the quarter (down 3 percent in constant currencies) and down 3.3bn or 8 percent during the year (up 2 percent in constant currencies) NAV per share of SEK 129.51. More on Kinnevik AB, Kinnevik AB Seeking Alpha’s Quant Rating on Kinnevik AB Historical earnings data for Kinnevik AB Financial information for Kinnevik AB Seeking Alpha’s Quant Rating on Kinnevik AB Historical earnings data for Kinnevik AB
The deal reportedly values SpaceX at $1tn and xAI at $250bn. Credit: sdx15/Shutterstock.com. Elon Musk has revealed that SpaceX acquired the AI startup xAI in a move aimed at integrating its space exploration and AI ventures. The deal stands as one of the most significant mergers within the technology sector, aligning the renowned space-and-satellite company with xAI, known for its Grok chatbot. T...
The deal reportedly values SpaceX at $1tn and xAI at $250bn. Credit: sdx15/Shutterstock.com. Elon Musk has revealed that SpaceX acquired the AI startup xAI in a move aimed at integrating its space exploration and AI ventures. The deal stands as one of the most significant mergers within the technology sector, aligning the renowned space-and-satellite company with xAI, known for its Grok chatbot. The merger could also enhance SpaceX’s ambitions in data centres as Musk positions himself against key competitors like Google, Meta, Amazon-backed Anthropic, and OpenAI in the burgeoning AI industry. This deal values SpaceX at $1tn and xAI at $250bn, reported Reuters, citing an undisclosed source privy to the information. As part of the agreement, investors in xAI will receive 0.1433 shares of SpaceX for each share they own in the AI start-up. Additionally, some xAI executives might choose to accept cash in lieu of SpaceX stock at a rate of $75.46 per share. Another source indicated to the publication that the combined company’s shares are expected to be priced at about $527 each. SpaceX was previously valued at $800bn during an insider share sale, maintaining its status as the world’s most valuable privately-held firm. The Wall Street Journal reported that xAI had a valuation of $230bn last November. GlobalData Strategic Intelligence US Tariffs are shifting - will you react or anticipate? Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis. By GlobalData Learn more about Strategic Intelligence The merger occurs ahead of a planned public offering by SpaceX that could value the company at over $1.5tn. Last month, xAI secured $20bn through a Series E funding round, exceeding its initial target of $15bn. Proceeds from the round will be allocated towards developing AI models and computing infrastructure, alongside supporting research initiatives. The fund raising coincides with xAI’s preparations to train its next-generation Grok...
jroballo/iStock via Getty Images I last covered the ProShares Bitcoin ETF ( BITO ) in May 2025 where I viewed it as a workable middle ground between direct Bitcoin growth investments and the income that BITO offered. The payout model had looked attractive despite the known inefficiencies of the futures structure. A couple of developments have led to a shift in view. The first reason is that we now...
jroballo/iStock via Getty Images I last covered the ProShares Bitcoin ETF ( BITO ) in May 2025 where I viewed it as a workable middle ground between direct Bitcoin growth investments and the income that BITO offered. The payout model had looked attractive despite the known inefficiencies of the futures structure. A couple of developments have led to a shift in view. The first reason is that we now have 6 more months of data, where clearer evidence of NAV erosion has emerged. Futures roll-related drag were evident in May too, but comparisons with IBIT or spot-like vehicles showed decent spot tracking for the whole year in 2024, and some material divergence had started showing up only for a few months in 2025, at that point. That trend has continued to deteriorate (as we will see in the total return charts in the subsequent section) through 2025 altering my view from one that was based on the payoff-tracking balance to that of structural and persistent disadvantage that limit's BITO's long term role in both income and growth portfolios. The second reason is that Bitcoin has undergone severe corrections since. This has only accelerated visible NAV erosions (As noted before). BITO is trading at half the value it did in May 2025. This keeps less left to ride a bounce back unless dividends have been reinvested (which is not tax efficient anyway). Overall, in sustained drawdowns, the fund’s distribution policy compounds NAV pressure, while futures roll costs persist. That magnifies structural disadvantages. As it stands now, BITO presents a puzzling use case for investors looking for straightforward Bitcoin exposure. Its credentials as an income tool also look redundant over spot strategies that can be used for DIY payouts with better control and tax benefits. It can tactically outperform spot alternatives, but such regimes are brief and do not stick. Overall, I find it difficult to include BITO in any crypto or income portfolio for a long term view. Methodology and Implic...