The ability to run pump and dumps in crypto with impunity definitely helps.
Who cares about unit margin or operational margin, as long as you can pick a bunch of revenue items and by removing them they didn't make any profit.
And even if your argument was true and they didn't make #realprofit, who would even care as long as they keep having their current growth trend at the unit margin they have.
And the regulatory credit thing is so fucking played out that people who still bring it up can only be described as haters.
Are you seriously unable to look at a long term trend? Can you seriously not see how Bitcoin is totally irrelevant in their long term story?