NEW ALL IN: $BOT

This is either really smart or really dumb.

There is no TLDR. Please read the whole thing. Spent 8 hours researching and writing this.

THESIS

This is essentially $DRAM for robots.

Generally, humanoid robots is an insane 1000x trend but frustratingly there aren't that many good public company stocks to take advantage of it.

Enter: $BOT. Closed-end fund with multiple early stage startup stock in it. Just debuted this week.

Great ticker too.

This is like early stage startup investing for the masses which is kind of insane.

Here are the stocks in its portfolio as of Feb 2026:

Serenity is also researching into robots btw.

And Amit is invested in both Figure and Apptronik too.

FIGURE AI

The main one I want to focus on is Figure.

You've probably been seeing the robot ASMR livestream.

They have been going HAM on socials recently.

Figure CEO hyping up the livestream https://x.com/adcock_brett
Hour-long factory tour with 228k views posted 2 weeks ago https://www.youtube.com/watch?v=ch_UM_JJU9w
CEO doing more podcast interviews https://x.com/PTrubey/status/2054766957594112344

This will continue to gain momentum and enter the mainstream (CNBC, IG, etc) and soon people will make the connection that $BOT is a way to invest in Figure.

This is an information dissipation arbitrage play.

We think it's already yesterday's news (it is). But it will still take an S-shaped path to reach the masses.

I've been tracking Figure for a while, and they've been pretty secretive. People joked if their robots even worked.

So it's interesting how hard they're going with marketing right now.

DEFENSE

Robots will 100% be a part of national security.

China is currently leaps and bounds ahead of America in terms of robots.

I can go on a loooong rant about this but here's a good summary: https://x.com/stevehou/status/2024078831452078298

Steve actually has SO many good insights on robots btw https://x.com/search?q=from%3Astevehou%20robots

No doubt the US will declare robots a top issue and accordingly make investments or executive orders in favor of USA-made robots.

Another crazy prediction I have is that I expect robots to have a huge presence in LA's 2028 Olympics.

Robots are going to be a very big deal in the coming years.

CATALYST

Catalyst is next valuation update for the startups.

I'm a Silicon Valley founder and I know how this industry works.

VCs love their markups.

I'm in a few syndicates and constantly getting pitched robotics deals right now at crazy valuations.

Figure was last valued at $39B back in September 2025.

That is ages ago.

Once Figure announces their new valuation, $BOT will explode.

NAV

Now here's the major problem everyone will point out.

Their NAV aka book value of underlying assets should make the stock price $7.34.

At $25 right now, it's trading at 3.4X NAV which is an insane premium just for access.

But so were the SPVs for OpenAI and Anthropic too.

There is insatiable demand for access to good names. Look at $RVI and $VCX.

And $TSLA with Optimus can't be the only public stock available for robots.

So this is a bet that once the robot rally starts, people will be looking for good names and be drawing up empty.

And with their perfect ticker, $BOT could really be the go-to ticker for robotics.

Risks

There are several risks like:

early insider selling
low volume
tiny float
huge spread
limited operational history

It's still so new not much is out there about $BOT. So it's inherently risky, please do your own research.

It's also extremely hard to get a good entry price so sometimes you just gotta trust your gut.

THE TRADE

I absolutely hate the price but my gut tells me otherwise.

This is very much a gut play.

I was waiting for it to get cheaper but worried it might start rallying soon.

Other closed-end funds like $RVI $PS $VCX have made similar shaped charts. Crazy dip on debut but then rally rather quickly.

I'm also extremely okay with a severe drawdown if my timing is off. Like -30% is fine.

Why?

This market is kangaroos and this is a kangaroo play.

Challenge Account

As a reminder: this is my challenge account where I restarted with $35k to go all-in swing trading 1 stock at a time to $10M again.

Now at $62k

As always, please do your own research with your own independent thinking and risk tolerance and decide your own buys and sells.

ADDENDUM

There's so much more I wasn't able to fit in here.

I first got really interested in robotics from this clip with Steve Hou on Oct 2, 2025 who brought up there's "two distinct lanes" for AI winners.

But I knew nothing about robotics nor was there a good way to invest in robotics directly.

$BOT is the perfect answer to this problem and may prove to be interesting to many investors.

I also kinda thought we didn't stand a chance against China and their robots and supply chain.

But with so much investment being poured into world models and hard tech, along with a desire to be less dependent, USA won't go down here without a fight.

So humanoid robotics is the perfect example of that Jeff Bezos quote: