David Weisburd

There's no real precedent for that.

On top of that, to me, the benefit of holding an ETF

outside of safety and all these things, is that now I can use it and I can borrow against it and I can lever it.

So whatever 10, 20% gain or whatever 10 to 20% loss I would hypothetically have in year 30, discounted back today, if I'm getting an extra 5, 10% return on that Bitcoin, not that I'm saying you should lever Bitcoin and things like that, but you could put it into real estate or other safe assets.

I feel like that's a much better trade than actually keeping it in cold storage and waiting for this nuclear option.

Today, you're up to a dozen entities with 850 million AUM of deals you've invested in, you've brought in other investors into.

What breaks at that scale?

What's proven hard?

Have you evolved that strategy where you really want to go to at least Series A, but really Series B and beyond for co-invest?

Or are you putting other people into seed checks?

But you find writing that seed check is a way to put your foot in the door, build the relationship, and then you have that optionality as a company figure together.

I literally found myself as a seed investor.

I just found today that I get surprised now when I get seed investments back.

I've internalized that it's lost money.

I just put it out there and then it's like, okay, the money's gone.

And I realized because I'm like, oh, that's crazy.

I do have these investments.

They're not actually zeros.

I have to remind myself.

Speaking of the founder relationships, what percentage of the time are you relying on pro rata rights versus the relationship of the founder?