Cosmo Jiang

And so you can track that revenue.

And then you can, you know, you get a sense of what the operating expense structure might be and then how much cash flow ultimately get produced or returned to token holders.

It happens that most protocols, because they are new businesses and new startups, have less of a track record and less history, less data to use, but you can dream the dream.

And there's that same, you know, and so there's a wider range of outcomes, but you can still do that same sort of analysis.

So this surprises many of our prospective investors when we talk to them.

But for all of our positions, we have three statement models, right?

We build out income statements, we build out cashflow statements, we build out balance sheets to understand the fundamental growth of this business.

I think the answer is very much yes.

And that is a driver of some of the interest that we're seeing from clients.

Because if you think about what happened last year, not only did it became clear that there was regulatory clarity, that the governments are supportive, that access was improving, but also that quietly Coinbase was added to the S&P 500 in the second quarter of last year.

And what that does is...

All of a sudden, every single professional investor now has blockchain exposure in their benchmark, right?

Nearly everyone in the world uses some version of the S&P 500 or maybe it's MSCI to benchmark their returns.

And truly, prior to Coinbase being added to the S&P 500...

you had zero blockchain in your index.

And so if you're a manager that's thinking about where you want to be, overweight or underweight, it was never a consideration for you.

But all of a sudden, starting last year, you are now required to think about whether you are overweight, underweight, or equally the asset class.

And so that is a major shift and a major change.

So it does become risky to not have access to this asset class now that is actually in your benchmark and how you're judged against, and because that happens to be outperforming everything else.

We get that question a lot.