Hold SPOT by Feb 13, 2026.

I've been bullish on SPOT for years, started buying at $73 in 2022 and DCA'd up to a cost basis of $120, so I've done well so far but is my original thesis playing out and still intact? **OG Thesis:** My original thesis, shortened so we can focus on today and the future: The majority of Spotify users are ad tier (at the time around 60%), but they made up less than 15% of revenue. Spotify was focused on growing …