"Or, they can hedge by selling during bull run and buying during the bear run."

That has nothing to do with hedging since it doesn't reduce risks but only makes the volatility less. Hedging would mean they go short while also being long to get a neutral position.

"Let us do the backward thought experiment. STINC had sold 5M Steem at $5 during the bull run and withdrew $25M from the market. They invested this $25M in safer REIT, Annuity stocks which easily earned them $200K per month. With little bit cost cutting STINC could run the whole company with annuity and still keep $25M as hedging. Or, they could start buying Steem now from the advertising."

You could also use your own money and invest. Most fund managers underperform the market, there is no reason to trust the people managing this fund. Unless there is a >10 year track record of outperformance that has been audited by a third party big law firm.

"STEEM blockchain has recently reached 1.3M userbase including all DApps such as Palnet, Steemleo, Steemhunt, it can rise to 10M pretty soon due to network effect."

Are those just registered accounts or real active people? Because there are a lot of people here who have multiple accounts and there are lots of bots also. + not everyone is very active on steemit, some left this place long time ago.
I bet in reality only 20% of that number are real active people. If it's even that much.