The U.S. Securities and Exchange Commission (SEC), otherwise known as “the folks who read fine print for fun,” sent Chairman Paul S. Atkins and Commissioner Hester M. Peirce to ETHDenver on Feb. 18. Their mission? To explain how they’ll turn crypto regulation into a tidy game of checkers. Spoiler: It involves a lot of red tape and zero actual checkerboards.
Potrero, it seems, has been whispering to the market, a reduction in their Ramaco stake, a gesture barely perceptible amidst the roar of the exchanges. The fund’s remaining position, once a robust pillar, has diminished to $9.52 million, a phantom weight in the portfolio. It’s a dance as old as the hills, this constant recalibration, this trimming of the sails to catch the prevailing winds. They’ve lessened their grip, allowing Ramaco to drift a little further from their core, a subtle acknowledgement that even the most carefully constructed narratives require pruning.
Alight’s fourth-quarter and full-year pronouncements were released unto the world on Thursday. The reception, shall we say, was not one of joyous acclaim. One imagines the analysts, those diligent scribes of the market, clutching their pearls, or perhaps simply adjusting their spectacles with a weary sigh. It is a curious thing, this obsession with quarterly pronouncements, as if the fate of nations hinged upon the decimal point.
The shift followed Integer’s report, figures that showed a little more profit, a little more revenue than expected. A decent showing, certainly, but hardly a cause for champagne. Still, it was enough to loosen a few tongues among the so-called experts. They adjusted their forecasts, raised their price targets. It’s a game, this forecasting. A dance of numbers and assumptions, with little bearing on the lives of those who actually build and use the devices Integer produces.
The fund, it appears, still retains a respectable 1,724,544 shares, representing a value of around $21.80 million at the quarter’s end. The net effect, after accounting for market fluctuations and the general vagaries of finance, is a decrease of $12.64 million in their TransAlta portfolio. Not a disaster, by any means, but enough to raise a quizzical eyebrow, what?
Both began, rather innocently, by providing facilities for the computationally intensive, and let us say, ethically ambiguous, world of Bitcoin mining. Now, sensing a shift in the prevailing winds – and the direction of investment capital – they aspire to cater to the more respectable demands of the AI industry. The transition, naturally, is not without its ironies.
The filing speaks for itself: 370,557 shares acquired. It places BlackLine among Potrero’s holdings, a 6.9% slice of their reported assets. A deliberate choice, not a rounding error. Consider the landscape: Talen Energy, Teck Resources… names that carry the grit of tangible things. BlackLine, a cloud-based accounting solution, feels… different. More ethereal. But money, it seems, recognizes no such distinctions.
The allocation to Frontdoor warrants consideration within the context of Breach Inlet’s broader portfolio strategy. The position, currently constituting 4.62% of the firm’s $212.33 million in reportable U.S. equity assets as of December 31, 2025, suggests an assessment of Frontdoor’s potential for sustained revenue growth and, critically, cash flow generation.
The filings reveal an increase in their holding, bringing the total to nearly 18% of their portfolio. Eighteen percent! That’s a considerable portion of a fund tethered to the whims of vacationers. It’s a testament to their conviction, or perhaps, a lack of imagination for more substantial endeavors. The valuation has risen by $5.14 million, a phantom increase built on promises of sun-drenched resorts and carefully curated experiences. It’s a house of cards, beautifully constructed, but still…cards.
Anthropic PBC, purveyors of the rather unimaginatively named Claude, have announced a new feature – a code security scanner. It promises to identify vulnerabilities and suggest remedies. The very notion that one can patch security with software is, frankly, charmingly naïve. It’s akin to believing one can inoculate against folly. Still, the market, ever susceptible to a glittering distraction, has reacted as if a new god has descended.