Jeff Walton

It's like, well, that was before the Bitcoin ETF.

That was before digital credit was an instrument.

That was before there was regulatory clarity of Bitcoin being incorporated into the United States, having a strategic Bitcoin reserve.

That was FTX, Celsius, BlockFly, Contagion, interest rates going up at a faster rate than we've seen in history, in our lifetimes.

And you think about that event and underwriting that event, like I can underwrite that.

I could throw a probabilistic curve on top of that and you start to think about the relative risk profile.

And that looks pretty interesting.

I think that's a compelling story.

And I think that would be a healthy perspective to take

is what does this look like in a very bare scenario?

As a credit investor, you are underwriting the balance sheet.

You're underwriting the balance sheet of us and our transparency of that balance sheet.

The great thing about this, we're filing 8Ks very frequently with the SEC, the regulator.

Everybody knows what our balance sheet looks like.

We're not rehypothecated.

It's very clear.

It's very simple.

You compare that to dollars that you store in a bank.

You have no idea how much is rehypothecated.

You have no idea what's going on with that.