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Consider the expenditure over the past decade—a gradual ascent, now culminating in this precipitous leap. It is as if the company, once content to merely build vehicles, has succumbed to a fever dream, a compulsion to engineer not just transportation, but a new form of existence. The burn rate, inevitably, will be considerable. To expect operating cash to sustain this ambition is…naive. It is a gamble, a desperate wager against the cold logic of accounting, driven by a conviction bordering on the messianic.

To be bullish on SoFi is, of course, the easy path. But a truly discerning investor – one who understands that fortunes are rarely built on enthusiasm alone – must look beyond the superficial gloss. There is, as always, a critical metric lurking beneath the surface, a whisper of caution amidst the fanfare.

They dumped 285,400 shares. Every last one. Zeroed out. Like erasing a debt, or a memory. The transaction happened in the fourth quarter of ’25, a period already looking like a bad dream for anyone holding digital promises. The fund’s holdings in ETHA? Dust. The net effect, after the market had its say, was just shy of nine million. A clean break. Almost elegant.

The filing, dated February 2nd, revealed this addition. Not a fanfare, but a notation. As if to say, “Yes, we’ve noticed the need for clean linens persists.” It increased their holdings, incrementally, to a little over one and a half percent of their reported U.S. equity assets. A rounding error, almost, in the grand scheme of things, yet a commitment nonetheless.

And yet, a curious thing occurred. Despite a balance sheet that hardly appeared distressed, SoFi elected to issue further shares, diluting the holdings of those who had already entrusted their capital to this venture. A peculiar decision, one might think. Like adding another room to a house already comfortably spacious, or acquiring a second umbrella on a clear day. The market, naturally, reacted with a raised eyebrow, a silent question hanging in the air.

The sale, reported in an SEC filing, leaves Tweedy, Browne with 400,924 shares, a reduction from a larger position. The fund’s overall stake in Autoliv has diminished in value by $5.84 million, a figure that reflects both the sale itself and the broader movements within the market. It is a reminder that even a successful investment can yield a diminished return, and that the relentless upward climb of share prices is rarely sustainable.

By investing in these computing companies, you’re acquiring a stake in something that’s demonstrably making money now. (A refreshing change, wouldn’t you agree? So much investment relies on the vague promise of future profitability. It’s like betting on a snail race.) You’re not entirely dependent on the speculative whims of generative AI taking over the world (though, let’s be honest, it’s a distinct possibility). Investors won’t fully grasp the implications of generative AI for years – decades, even – and by that time, a frankly alarming amount of money will have flowed towards Nvidia, Broadcom, and Taiwan Semiconductor. (Which, in a way, is reassuring. It proves someone knows what they’re doing.)

And so, a handful of these digital tokens find themselves under the gaze of the prognosticators. Not, mind you, because they possess inherent value – let us not be naive – but because they fluctuate. Ah, volatility! The lifeblood of the gambler, the playground of the speculator, and the siren song of the modern investor.