Why not hedge the sale? 😭 As Metaplanet sold the 10,000 BTC, they could’ve gradually opened an equivalent long BTC futures position, remaining roughly delta-neutral. Then close the hedge while buying the BTC back. Using Q3 funding rates, the estimated cost: 1 day~$145K 7 days~$1.0M 30 days~$4.3M 60 days~$8.7M 92 days~$13.3M Even hedging the entire quarter would’ve cost ~$13M vs. the ~$73M price difference they absorbed.