I do think they build a warchest. But the price dropping from 8$ to 30 cents (instead of 1$+/-) with no way of knowing that it won't drop further, will reduce this war chest pretty fast.
That's probably why they decided to cut all costs.
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That's a fair point.
I am Godsmacked at what appears to be a lack of hedging against a crypto black swan event by having a budget for the current year and upcoming year, and having those funds in fiat +10% in a bank account. The only explanation I can see for this would be naked hubris.