Losing 118k dollars but still stubbornly holding onto BTC: Is TMTG betting the country's future on tomorrow?

Just finished reading TMTG's Q1 report, and this holding data really shows the "reckless" attitude of a big investor.
The financial report shows a loss of 400 million USD, with revenue under 1 million, but their crypto holdings are shockingly aggressive: holding onto 9,542 BTC. Although the cost basis is around 118k, and they are currently showing unrealized losses on paper, this position has already completely tied the company to Bitcoin's fate.
Even more interesting details:
Heavy position in CRO: 110 million cost cut in half to 53 million, this move is indeed a bit confusing.
Hedging defense: They also hold 4,000 BTC covered call options. Indicating they are worried about volatility but will not exit the market.
My opinion:
This is not a social media company? It’s a crypto whale disguised as a media firm. The political capital of the United States and digital gold are now deeply intertwined. Although the current balance sheet looks bad, as long as BTC dares to hit new highs, TMTG’s valuation logic will instantly skyrocket.
This is not investing; it’s a high-stakes gamble on the pricing power of the next era. #Gate广场五月交易分享 #Polymarket每日热点 $BTC $TON $LAB