Jeff Park

dictated by regulators in kind of like a box checking format.

What I mean to say is credit ratings matter.

And to get credit ratings, you've got to be able to do things that hasn't been done before.

And so there's things that just have to get solved.

But yesterday I saw Ledin actually issued an ABS securitization for the first time that the S&P actually graded.

And it was like a 200 million dollar program where the junior piece was graded B minus.

Right.

The equity tranche of an ABS securitization was rated B minus.

That's the same credit rating as MicroStrategy, which actually would have senior credit relative to all the other equity things they have in the past.

All to say, I don't think the SAP knows what they're doing.

I actually don't think people have an understanding of what the appropriate credit rating should be on these things.

And that's basically an opportunity for somebody who is smart and clever to think about what that appropriate risk-adjusted return is.

And people are going to figure it out.

And so I think it's a question of like just risk tranching and risk preferences.

And because we all know in the end, institutions, right, they're motivated by different things and principal investors like you and I that are here, they actually have, you know, a lot more guardrails as to how they're measured on their performance success.

the volatility drawdowns and the current operating needs that they have to support.

And credit just fits a role that Bitcoin historically, because it is a non-cash flowing asset, could never tap into.

And this digital credit finally opens a path, an aperture for that class of investors to come in, which I think is huge.

Yeah, I think what's really kind of amazing could be if there was a way to make your underlying collateral even more productive to be able to be the source of the current obligations on those liabilities.

I think that is kind of one version that is easy for everyone to understand, which is people are worried about, well, where's the cash flow going to come from if Bitcoin's actually kind of, you know, you're hoping for the price appreciation for which we're all assuming that value has to be realized, right, at some level.