iShares Bitcoin Trust ETF

• Patient Capital Management 1Q26 Portfolio Activity & Attribution ↗ Patient Opportunity Equity Strategy initiated Adobe and iShares Bitcoin Trust ETF, replacing its Fidelity bitcoin fund exposure, while selling Alibaba, Mattel and Peloton after reassessing valuations and funding new ideas. The strategy argues that its energy holdings offer an anti-fragile diversifier, and increased UnitedHealth after its Medicare reimbursement-driven selloff. 1Q26 ADBE $90BCHYM $11BIBIT $173B +5
• Patient Capital Management 2Q26 Portfolio Activity & Attribution ↗ Opportunity Equity added Adyen, Global Payments, Genius Sports, Fidelity Wise Origin Bitcoin Fund and QXO preferred securities while exiting IBIT, Noble and Dave & Buster's. The strategy argues that depressed expectations create value in health care, payments, biotech and selected software, while retaining conviction in QXO's building-products consolidation strategy. second quarter of 2026 ADBE $90BADYEN $31BBIIB $33B +9
• Horizon Kinetics 2025 New Year Letter from Our Founders ↗ Bitcoin's institutional acceptance and the emergence of cryptocurrency lending markets frame Horizon Kinetics' case for digital assets as a new asset class. Horizon Kinetics retains concentrated energy and water-resource exposures, arguing that artificial intelligence and data-center growth will make water, dispatchable power and other physical resources scarcer. 2024 —

All coverage of IBIT →