Great chart. So they are 77% backed with Cash (or equiv) and remainder Loans/Gold/Bitcoin. Honestly looks like a pretty safe allocation.

I would point out that Gold/Bitcoin doesn't produce a yield, so there is no giant incentive for them to put too much into those.

As the article snarkly points out. They have a great business model, which is borrowing and 0% and investing in Treasuries at 4.5% - point being their incentives are to hold as much treasuries as possible to maximize their profit.