Haseeb

It's very favorable terms to take on leverage.

It's not a lot of leverage in percentage terms, but this is leverage.

So getting levered only works when number go up.

Yeah, you're not wrong.

I do think that it's very likely that, you know, Tom Lee is probably going to reevaluate that 5% number when he gets the spinning distance of it.

And this, you know, this offering doesn't make a lot of sense if you're slowing down, right?

This is a speed up kind of offering.

This is a speed up thing, yeah.

This is a speed up thing.

So I think that you are right.

I think this is maybe a signal of that is that, you know, look, Tom Lee gets paid the bigger that this thing becomes.

It becomes really big.

He makes more money.

So his incentive is very obvious.

Now, that being said, it is also true that ETH is actually different from Bitcoin.

in that owning a lot of Bitcoin doesn't really impair Bitcoin's properties because the consensus of Bitcoin is around proof of work.

It's not around ownership.

Whereas for Ethereum, the governance power of Ethereum is actually in staking.

And so if you own a lot of ETH and you're staking it, you actually do exert more control and more power over the network in a way that is potentially somewhat sus.

And so I think, yeah, I don't know if this is playing into that equation, but he might be mindful of that.