Matthew Sigel

And that creates a really interesting flywheel.

So they started out with HELOCs.

They're now moving into auto loans.

They have a yield-bearing stablecoin, YLDS, which is a security.

So it doesn't have this regulatory risk that –

you know, USDC kind of has via its partnership with Coinbase.

And can you or can you not pass the yield on?

In the case of Wild, yes, you can pass the yield on, but it's a security.

So, you know, all of those regulations apply.

And that creates a really interesting ecosystem for the banks to keep their balances on chain.

So figure, you know, I guess there was some

controversy because they reported, I guess, a weak quarter last quarter when we dug into the numbers.

We thought it was actually really strong.

So we doubled down on that stock at the lows or hopefully they were the lows.

And it's now a top five position in the fund.

So that's a big change over the last couple of months.

Yeah.

It's pretty standard equity analysis, trying to make sense if

the price of the stock is justified by the fundamentals and is it pricing in the growth that we think is possible?

And then how much can crypto and blockchain add to that growth and is the market paying for it?