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There was a time, of course, when the charts flared with a reckless exuberance. February 2021 saw it briefly touch $65, then, caught in the whirlwind of the tech boom, it soared past $320 in October of the same year. A rather dizzying climb for a company still finding its footing. The subsequent descent, hastened by the banking anxieties of early 2023 – a mere $12 a share – and a subsequent, partial recovery to $85, only to slip again to its current level, feels less like volatility and more like a weary resignation. The past year has seen a 65% decline; year-to-date, a 33% subtraction. Numbers, of course, tell a story, but they rarely capture the full measure of disappointment.

Transaction value is based on the SEC Form 4 reported price of $120.68. Post-transaction value reflects the market close price on February 10, 2026, as reported in the SEC filing.

Solana (SOL 0.39%), you see, is the native cryptocurrency of a network launched in 2020, with the rather ambitious aim of being a faster, cheaper, and generally more capable version of Ethereum (ETH +0.04%). Developers, apparently, are flocking to it to construct these ‘decentralized applications’ – mostly, one suspects, for gaming and financial speculation. The very notion.

Several parties have presented themselves, each with varying degrees of preparedness and, one suspects, a differing understanding of the costs involved. Orbital Reef, a venture backed by the considerable resources of Blue Origin and Amazon, appears to be operating on a scale befitting their founders, though a touch of uncertainty hangs about their timeline. Starlab, an even more extensive alliance, boasts a multitude of partners, both American and international, a circumstance which, while lending a degree of stability, may also prove cumbersome in the execution of their plans.

But hark! The year 2026 has brought a change of scenery. A distinct murmur of discontent has rippled through the audience, and a rotation, a shifting of favor, has begun. Investors, weary of the predictable performance of the usual suspects, now cast their gaze upon the small caps, seeking value and, dare I say, a touch of excitement. For too long, portfolios have been weighted toward artificial intelligence and the so-called “Magnificent Seven,” a concentration of risk that any sensible player would deem… imprudent. Diversification, it seems, is not merely a word for the textbooks, but a principle for the preservation of capital.

(These numbers are based on the SEC filing, which, let’s be honest, is where dreams go to die… or, you know, get reported.)

The recent pronouncements from Micron—a commitment, a veritable pledge, to unleash upwards of two hundred billion dollars upon the construction of memory fabrication facilities, primarily within the borders of the United States, with further disbursements destined for more distant shores—have understandably generated a chorus of optimistic pronouncements. But a seasoned observer—one who has witnessed the cyclical nature of this industry with a detached, almost entomological curiosity—cannot help but perceive a subtle discord, a hint of precariousness beneath the veneer of prosperity.

The numbers themselves, when finally tallied by the diligent clerks of the SEC, were merely a footnote to the larger story. Twenty thousand shares, representing a fractional sliver – 0.31%, to be precise – of Mahan’s indirect holdings, moved from one account to another, like dust motes in a sunbeam. His remaining stake, a considerable 6,454,875 shares, remained, a silent testament to years of careful cultivation. The transaction, weighted at $40.49 per share, was not a frantic escape, but a pre-planned maneuver, orchestrated under the auspices of a Rule 10b5-1 trading plan – a legal labyrinth designed to shield the captain from accusations of insider trading, or perhaps simply to allow him a semblance of control over the inevitable tides.

The financial sector, it seems, is perpetually poised for either a grand ascent or a quiet collapse. Should one feel particularly optimistic – a dangerous state, that – and wish to amplify the potential gains, there exists a mechanism. The ProShares Ultra Financials (UYG +1.41%) promises twice the daily performance of the S&P Financial Select Sector Index. A tempting proposition, like a brightly colored confection offered to a weary traveler.

They want you to think this metric represents actual recurring revenue. That most of their money is predictable, dependable, the kind of stuff that makes investors drool. It’s a lovely thought. A comforting narrative. But it’s a narrative carefully constructed, shall we say, with a generous helping of creative accounting. It’s less ‘recurring revenue’ and more ‘a really good story they’re telling.’ And I’m paid to see through those.