Jeff Walton

Money markets are paying you nothing.

It's just like you look at the scale, like the scale of capital is absolutely astronomically enormous.

relative to the size of this asset and these vehicles that can access capital, right?

We're an asset management company.

We've been around since 2022.

We've launched 13 ETFs.

And in ETF land, in institutional capital land, there are companies that cannot buy ETFs.

Like a majority of companies cannot buy ETFs until they're three years old.

So we're out like in the beginning of this company's history, they were out going to sell these ETF products to the small capital managers, right?

There's somebody that can invest in something before it's three years old.

And it's just a very small pool of capital.

And as soon as you hit the three-year mark, it's like pension funds have a filter, like can't buy until it's three years old.

And as soon as you hit the three-year mark, there's a hockey stick.

Hockey stick growth.

And that's because institutional capital, it's like seasoned, it's gotten older, they understand the credit profile, the rating agencies are probably starting to look at it a little bit more, it's become integrated into the market.

That is...

That is what this growth trajectory is on.

And you think about these instruments, right?

Like we have 18 years of Bitcoin payments on our balance sheet to use.

We have 18 years of coverage on our balance sheet from the Bitcoin.