Robbie Mitchnick

That's a bridge in both directions, right?

So clearly with the ETFs, for instance, as well as what we did with Aladdin in terms of the technology integration with Coinbase Prime that

supported direct crypto trading.

But in particular with the ETFs, that was a tremendous bridge helping all of mainstream finance access Bitcoin and then Ether.

But there's a bridge in the other direction too, right?

If you think of what some of the tokenization is, tokenization of money market fund, for example, that's kind of doing the inverse of what iBit was, which is take a digital asset underlier and put it in a TradFi wrapper.

tokenizing, say, a money fund is taking a TradFi underlier and putting it in a digital asset wrapper.

And these two worlds, I think, increasingly will converge.

Different sets of clients are at different stages of comfort and adoption with each.

But over time, there's certainly going to continue to be a greater role for digital assets and this technology theme in general for many of our clients.

Yeah, so I think that it's a really interesting moment because narratives are so important in this space.

and i think the fundamentals of bitcoin is this global emerging monetary alternative right that is scarce decentralized digitally native that exists outside of any one country's political economic fiscal monetary risk factors

that that is an incredibly intriguing and important innovation in the world that has, I think, a significant amount of adoption trajectory to come, right?

But then you have just a...

procession of her self-inflicted wounds that our space has done.

And, you know, look at one part of that obviously is

an incredible amount of leverage and leverage speculation on some of these levered purpose platforms in particular, you know, why someone needs to be 100X long, anything, Bitcoin, Dogecoin, like, I'm not sure.

But what it's done

this has turbocharged the volatility.

So Bitcoin's volatility had been trending down, down, down, and that's attractive to more conservative allocators.