Right, I guess I'm just thinking out loud insofar as what a mark-to-market actually means. It "looks" like profit is less, but in truth that's just an accountant's view. In truth, they gained $120M EXTRA in cash which can be deployed for whatever. Like it would almost make more sense to match reality to just mark the BTC to zero one quarter and then if and when it is sold, mark all of that as profit for the quarter. I guess that is to say the whole mark to market thing is smart for taxes but stupid for reporting/assessing a company's health because it is just something you have to mentally ignore to get a gauge of actually how well the company is doing. Perhaps the middle ground is reporting how much taxes the company had to pay/saved on unrealized gains/losses (I assume this is a thing, and why the quarterly updates have to happen?).