When I look at BAE's Bitcoin mining strategy, they are really playing a fascinating game. They currently hold about 6,782 BTC, with a total value of around $450 million. But most importantly, there is an unrealized profit of $344 million from these assets. In other words, they are just holding and waiting, a strategic move for compound returns.

They continue to produce an average of 4.2 BTC per day. We're talking about a partnership between Abu Dhabi's royal family and Marathon Digital's (, now called MARA Holdings), with a 250-megawatt operation. This is one of the largest mining projects in the region. When calculated without considering energy costs, this position is much cheaper than buying on the open market.

Unlike Western governments—where the US and UK mostly accumulate Bitcoin through confiscation—BAE holds most of what it produces. It has transformed its mining power and energy infrastructure into a digital reserve that yields compound returns over time. Even when the market drops, most miners face financing difficulties and are forced to sell, while BAE steadily accumulates. They are playing a long-term game.