Haseeb

The risk is dependent on how you think about the future volatility as well as the future progression of these assets and where the demand floor is going to be on them.

I think if you look at, you know, if you look right now at Bitmine, Bitmine has no structure.

There's no debt.

There's no anything, right?

This would be the first structure that gets added onto Bitmine's cap table.

So clearly, as is, Bitmine is not a Ponzi.

It cannot be a Ponzi.

There's no way to stop them out.

There's no way to margin call them.

There's no debt.

So it's just like a trust, you know?

Was GBTC a Ponzi?

Obviously not.

It's just a big pile of Bitcoin that's trading on, you know, in the public markets.

So...

i i think the reality is that these things are still mostly just trusts that are trading on public markets that's like mainly what you're buying even when you buy strategy right there's some leverage but the leverage is very small relative to the balance sheet so mostly it's a bitcoin trust that just moves up and down you know relative to nav so that's why i think calling it a ponzi is just kind of too simplistic

I like this argument, although I was not expecting it from you, David.

I do like this argument.

It's sort of like if your girl is never a little bit nervous, like you're not sort of, you're not putting yourself out there enough.

It's like to keep a good relationship, there's got to be a little bit of fear.