Niccolo De Masi

Well, it's a match made in heaven because, to your point, momentum.

So things that are trendy are where we've seen SPACs flock to.

Think back to SPAC 1.0 or 2.0, depending how long you've been following the industry.

EVs, we saw Nikola Go Public.

We saw DraftKings when sports betting was starting to pick up steam.

So as we see the transition, as we saw a rush of companies, whether it was reverse mergers over the summer, creating digital asset treasuries, or now SPACs, it really is kind of latching onto the latest theme.

And then we've seen that

parlay or turn into quantum, just given that the majority of companies that are already publicly listed were quantum de-SPACs back in 2020 and 2021.

Well, they're hurting.

Really, when you look at the whole pitch of DATS over the summer was,

we can trade it a premium to the actual cryptocurrencies we're holding and we'll continue to sell shares or convertible debt to fund that well those premiums are evaporating a number of these companies are trading below that net asset value so the big question is if the whole market is propped up by companies selling shares or converts to buy cryptocurrencies well when we enter a bear market what happens next and we're seeing a lot of this kind of falling down quite a bit

So turduckens historically are chicken stuffed in duck, stuffed in turkey.

So if you look at the graphic, the crypto is the chicken stuffed in the duck, which is the treasury company, which then gets stuffed in the stack.

Is that not delicious?

I've never had one.

Supposedly they're awesome if they're done well.

But the comparison from Peter...

It seems pretty spot on because you're taking kind of a concept, if you will, with cryptocurrencies, you're putting it into ADATs, which were all the rage, and then it's like, okay, well, why don't we marry those with SPACs?

And we saw that and are continuing to see that play out.

We'll see if it...