Jeff Park

and if you could just maybe make bitcoin a little more productive where it can generate yield because it can participate in the capital markets in a healthy way i think you know when you put those things together it makes the story much more digestible and rational and and in some ways risk reduced and so

With Bitcoin in particular, I've always said, and I'll say it again, the volatility is the best part of why that asset is valuable.

And if you can monetize that volatility by doing some call over rights or cash cover put sellings or other kinds of things around it where you're being paid essentially to be patient.

you can actually then make that into a yield engine where you can either give it to the pref holders as interest income, or you can use it to buy more Bitcoin on the balance sheet with that organic kind of yield generation.

So I think the next versions of Bitcoin treasury companies will continue to see will probably fall into that kind of more kind of advanced operation of trying to make the Bitcoin useful somehow, or finding cash flows adjacent to Bitcoin that can also bring more utility to the underlying balance sheet.

Thank you.

The drawdowns in Bitcoin are no longer that violent in the way that it doesn't stay there for very long.

How people want to position across three different categories of meta is going to mean whether they make it or they don't make it.

And the three metas that I chose were one, geopolitics, two, AI, and three, culture.

And all of those three in the first week of January have hit.

Geopolitics, man, what a thing to wake up to one day and realize that Maduro has been captured and brought to New York overnight.

There are rumors that Venezuela may actually have as much as $60 billion in Bitcoin.

Indeed, indeed.

And happy new year, Pomp.

It's great to be back here and love to get after it.

2026, I think, will be a really fun year.

I think it'll be great for Bitcoin.

And right now, what's happened is we have a clean slate.

So after December, large option expiries rolled off, a lot of futures rolled off.

And so we basically have little leverage in the system.