$SWC down 45% to 250p — thoughts: If you want a stock that can run 50-100% in a single day, you have to accept that the same volatility cuts both ways. Notably, both $SWC and $COIN started to roll over at the same time. Hard to say if that’s coincidence or if one or more large sellers stepped in (haven’t seen any big prints yet, but delayed prints are possible). $SWC just announced its largest BTC purchase to date. COIN announced a shareholder vote to disapply pre-emption rights for up to 600m shares — a clear precursor to a potential subscription agreement or ATM-style facility. For me, this is all part of the price and volume discovery $SWC is going through. A stock that’s done 200x in two months will see sharp pullbacks — that’s healthy. The fundamentals and BTC accumulation thesis remain intact. I’ll be adding on this dip (NFA).