David Friedberg

And so when I had the Coinbase thing, I sold it the first day and I texted Brian.

I said, this is not a directional indication of your company.

It's the dynamics of the direct listing because I learned it the hard way that the time to sell is on day one.

So where does the SPAC come in?

You know, especially now in version two, version two being the thing that I have been tinkering and refining with and I'm trying to push in this new version.

I think that it's creating an incredibly competitive vehicle where you can have a ton of money, go into these private companies, take them public at a very, very low cost of capital.

And I think that that should be very enticing.

What do you hear?

Yeah, so you know, Nick, maybe you can find it.

You know that image of the Raptor engines?

Yeah, Nick, can you maybe just throw that up?

What I would say is like SPAC 1.0, of which I was right in the front of the parade, had a bunch of misfires.

And it was complicated, but it worked.

There were some hot fires that worked, but then there were some clear misfires.

And the whole point was to prove that you could create a competitive alternative to the IPO.

The thing that I'm the most proud of, quite honestly, is for all intents and purposes, I started...

a normalization of this vehicle that's now raised more than $150, $200 billion for American companies.

I am very proud of them.

That's an important thing for the American capital markets.

I think what we did in American exceptionalism is Raptor II.