Dan Tapiero

they are very happy to short as well.

And they're aggressive shorters.

So when you see hedge fund performance sometimes do very well, as they did in January and let's say in Q4, you know, they're on both sides of the market.

So it's not like be careful what you wish for.

I think we broadly as a space have won.

Right.

But along with winning comes some other things that maybe the crypto native guys aren't so used to, which is a very aggressive investor base who will, you know, who are on both sides.

Growth.

No, I try to stay away completely from venture because in our space, it's just too difficult.

We've invested in 24 companies at the growth stage.

We're looking for companies generally with 50 to 100 million in revenue or more.

We don't have any liquid token exposure at all.

You know, I think there are complications now as to within the space, you know, where does revenue actually accrue to?

Does it accrue to a token?

Does it accrue to equity?

You know, there was a problem a few months ago with Aave.

And so even projects, and I consider everything except Bitcoin, ETH, and Solana as a venture project.

on the token side.

And on the business side, anything sort of, as I said, south of, you know, 30 million in revenue or so is venture.

And so we've invested in 24 companies, 10 board seats, 2 billion AUM.