Jeff Walton

And we're seeing that in DeFi.

It happens really fast.

We're also going to see it in TradFi.

So I've got a background in TradFi.

I worked in insurance for 11 years and I worked in structured finance.

Like I literally have done this stuff.

Feels like the right background.

Dude, it's perfect.

You can take this perpetual preferred equity instrument and you can wrap it up into something and you can splice it again.

So you can make it now a senior perpetual preferred equity in a different capital structure and you've got a junior perpetual preferred equity.

You can slap a term on it and maybe make it a four-year product.

Now it's a bond and it's trading 144A.

You effectively just made transparent private credit.

You know what the market is for transparent private credit that's backed by another equity tranche?

And you can go get it rated.

It's enormous, right?

Like if you slap a term on it and you protect it with another senior structure, now it's like, okay, what's protecting this super tight, you know, trunched instrument?

Well, it's like all of this Bitcoin, all of this cash, all of the equity in the company, and then it's protected by equity of another, you know, special purpose vehicle.

It's like incredibly transparent.

it would be paying, you know, 100 and 200 basis points more than any other senior, potentially IG-rated instrument in the market.