Tom Lee

So it does raise that narrative question.

But the one thing that we do know now is that both Bitcoin and Ethereum have had a huge drawdown.

Ethereum's fallen 60%.

That's the eighth time in eight years.

So they're both super volatile assets.

It's a little bit like when someone says...

I want to own MAG-7.

So let's say someone says, I have geopolitical uncertainty, and this time gold really worked.

And there's times when someone's buying MAG-7 and they want to buy AI, only three of the seven names are working.

I do think we just have to be mindful that 2026 hasn't played out yet.

So if Bitcoin...

indeed stages of recovery, then it's going to recover its narrative.

But similarly, we think Ethereum is really tracking past decline.

So we think it's going to recover strongly.

But you're absolutely right.

In this battle, gold has won one, Bitcoin's lost zero in 2026.

As you know, Bitmine is the largest Ethereum treasury company in the world, the largest holder of Ethereum.

And it's our view that Ethereum, which is a smart contract platform, is the future of finance, where digitalization of not only dollars, but stocks and equities is going to take place.

And over time, that really blurs what is a service versus what's digital money.

And that's where a collaboration and investment into Beast Industries makes sense.