Matthew Sigel

So why is that?

It's a handful of reasons.

One is if the investors aren't seeing a cash return in the form of dividends, then they don't really believe why they should pay a premium to NAV.

Another reason is related party transactions.

Those companies tend to do some self-dealing between themselves, which investors hate.

And then a third reason is that they're often kind of founder-led with no succession plan for management.

And the

Minority shareholders feel like if things go wrong, they have no recourse to get the management out, maybe contribute to the board, things like that.

And I see a lot of parallels between the DATs and that model.

And yeah, that's one reason that I've stayed away.

And you can see that...

I do think it's encouraging that some of these companies are giving up basically selling their coins, buying back stock.

You know, Mara is kind of one quasi example.

But there are other smaller cap names that are – you're buying back a stock, right?

I think it's really smart.

With cash.

Yes.

With cash.

For now.

Yeah.