Matt Cole

You don't have to model it and think and hope we can actually show you that.

So from that perspective, I think we're in a great time to build digital credit.

And then the second thing is, well, what does the risk return opportunity look like?

about the volatility of these instruments as we speak, right?

How the market treats them.

And I think the TLDR is that I view them as investment grade credit.

S&P doesn't know what they're talking about.

They give zero credit to Bitcoin.

But the market is assigning basically almost two times of the yield of high yield.

So the market is assigning a very high risk to these assets.

So the market is disconnected.

That's an opportunity for people that can underwrite Bitcoin risk.

But if you're a pension, how do pensions think?

They think, how do I earn a 7% yield over the long term?

And how they construct their portfolio is the fixed income side is less than 7%.

And then the equity side is more than 7%.

And they try to blend that together to earn 7%.

If someone could go in there and say, here's income.

that's 10% or 11% or 12%.

So it's income, but it's offensive income versus negative, you know, defensive income.