Ryan Sean Adams

We learned about this actually through our conversations with Michael Saylor.

We recorded with Michael Saylor yesterday.

That episode is going to come out in a week from Monday.

So premium subscribers get it like 10 days earlier.

So if you want to go listen to that episode, you can subscribe to Bankless.

Get that in your podcast feed.

Apex is bringing Strategies Stretch product, their yield-bearing $100 pegged equity instrument that spits out, I think, 11% yield right now.

And it's putting that on a base.

And so we have strategy, which buys Bitcoin, puts it into its equity holdings behind MSTR, issues another equity instrument called Stretch.

Fixed income instrument.

Fixed.

because it flexes up and down.

It used to be eight, now it's 11.5.

It's got $6 billion of AUM right now because retail just loves those products.

And then we have Apex tokenizing that equity instrument and putting it on base.

Okay.

Yeah.

And we issued another security in between those steps.

You missed one of those steps.

It's hard to get excited about $1.75 trillion valuation.