Ryan Adams

Now, let's talk about the raises, though, because this is the other side of that.

So if that's the bearish news, layoffs, there were some pretty big VC raises.

A16Z and Han Ventures, is that right?

Yeah.

And the total between them, $3.2 billion.

Well, did you read it?

So it was new financial infrastructure.

A lot of stable coins mentioned.

Yeah.

New assets and markets, agentic economy, that kind of thing mentioned.

Things not mentioned.

I didn't hear much DeFi.

instance.

Now, Haseeb reminded everyone that all of these funds, including, by the way, Dragonfly, their mandate is broad, so they can totally deploy into Bitcoin and Ether and Zcash and any other liquid crypto token out there as well.

But that was not the stated reason for the fundraise this time.

Notably missing.

David, Michael Saylor said the words out loud, the thing he should never say, that he was thinking about maybe at some point selling some Bitcoin.

This was all over my feed this week.

Why would he sell Bitcoin?

What would he need to sell Bitcoin for?