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FRMO is a double play: on their equity interest in Winland (they own nearly a third), which offers Bitcoin exposure through mining and the Mt Gox payouts - plus their inflation-hedge holdings. They have a large stake in Horizon Kinetic’s Inflation Beneficiaries ETF (INFL), but their largest holding of any kind - by far, well north of $100M – is TPL (Texas Pacific Land holdings). TPL has been making higher lows for almost four years and is showing no signs of reversing the trend.