Haseeb Qureshi

Yeah.

Like OKB is like a, you know, I don't know, a billion-dollar token or something like that, whereas ICE is worth $100 billion plus.

So all that is to say you have to understand the relative scale of what you're buying if you're buying an equity versus you're buying a token.

Now, that said, it's important to also remember the sense of scale, okay?

The entire crypto market, like just crypto assets, is over, I think it's on the order of like 2.5 trillion today.

Ethereum alone is over $200 billion today.

If you look at the crypto companies that are public, biggest is Coinbase.

Coinbase is about $50 billion.

Then you get to Circle.

Circle is like $19, $20.

And then it drops off pretty readily from there.

So you add all those together, maybe you get something like $100 billion in total value, which means that all of the stock market for crypto is worth less than half of Ethereum.

The crypto native market is way bigger than the crypto stock market, at least today.

Now, it's possible that changes at some point in the future, but it has not changed any time in recent memory.

And I don't think it's that likely to change.

And that's just Ethereum.

Say nothing of Solana and all the other assets that are out there that follow Ethereum.

So the crypto market is mostly the crypto asset market.

The stock market is great, but it's a sideshow right now to where the real trading volume, liquidity, and the overall mass of value in the crypto industry is.

It's still mostly in the token market.