WEBVTT

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<v Speaker 1>Flip side.

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<v Speaker 2>When they start those distributions, you're going to be putting

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<v Speaker 2>billions of dollars back into the hands of a lot

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<v Speaker 2>of you know, individuals and institutions that still want to

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<v Speaker 2>own crypto. So the reverse side of this could be

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<v Speaker 2>quite interesting where we have a lot of that flow

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<v Speaker 2>come back. But I think it's just great that we're

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<v Speaker 2>kind of moving past like what happened with Voyager and

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<v Speaker 2>you know, Celsius and FTX, and you know, we don't

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<v Speaker 2>really see that type of you know, bankruptcy risk right now.

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<v Speaker 2>I mean, if these companies have survived this long, the most.

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<v Speaker 1>Likely are going to make it.

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<v Speaker 3>This content is brought to you by Uphold, which is

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<v Speaker 3>a great crypto platform that I've been using since twenty eighteen.

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<v Speaker 3>Uphold has all the top cryptocurrencies, Bitcoin and all the

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<v Speaker 3>all coins. In fact, they have two hundred and sixty

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<v Speaker 3>plus cryptocurrencies on their platform. You can also trade pressure metals,

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<v Speaker 3>stable coins, and thirty seven fiat currencies. In addition, they

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<v Speaker 3>are available in over one hundred and fifty countries and

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<v Speaker 3>this platform is fully reserved. They do audits so you

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<v Speaker 3>can trust that your funds are safe. No commingling, no

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<v Speaker 3>lending out your funds. If you'd like to learn more

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<v Speaker 3>about Uphold, please visit the link in the description. Welcome

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<v Speaker 3>into the Thinking Crypto Podcast. I'm your host, Tony Edward

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<v Speaker 3>and with me is Chris Ryan, who's the head of

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<v Speaker 3>Liquid Active Strategies at Galaxy. Chris, great to have you on.

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<v Speaker 1>Thanks for having me, Chris, excited.

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<v Speaker 3>To speak with you. Galaxy is doing some great things

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<v Speaker 3>as it relates to crypto investment products and working with

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<v Speaker 3>institutions and much more. And plus you have a plethora

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<v Speaker 3>of experience in trad FI, so lots of questions for you.

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<v Speaker 3>Let's start with your background, where you're from and what's

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<v Speaker 3>your professional background as well.

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<v Speaker 1>Yeah, sure, so, I guess I'm from Central PA.

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<v Speaker 2>From where I grew up a small town in the

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<v Speaker 2>middle of no but made my way to the big

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<v Speaker 2>city for school. Right out of university, I joined Blackrock,

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<v Speaker 2>which back then in the late nineties might have had

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<v Speaker 2>seven hundred employees, much larger today. There I spent twelve

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<v Speaker 2>years really as an analyst and then portfolio manager. In

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<v Speaker 2>twenty twelve, I left Blackrock and went to a niche

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<v Speaker 2>asset manager called Conan Steers real asset manager and there

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<v Speaker 2>I headed up the global natural Resources strategy, the strategic

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<v Speaker 2>Equities strategies, and was a CopM of.

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<v Speaker 1>The listed Infrastructure strategies.

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<v Speaker 2>And then I finally made the jump professionally over to

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<v Speaker 2>crypto when I joined Galaxy in early twenty twenty two

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<v Speaker 2>to start launching a suite of actively managed products, the

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<v Speaker 2>first one being our liquid Crypto strategy, which we launched

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<v Speaker 2>in the frightful time of May twenty twenty too, right

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<v Speaker 2>when Tara was having its you know, dominance.

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<v Speaker 1>Over the market at that point.

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<v Speaker 2>But we now have just over a two year track

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<v Speaker 2>record and have built it to over one hundred million

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<v Speaker 2>in assets.

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<v Speaker 3>Wow. So I'd love to talk a bit about your

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<v Speaker 3>transition from tradfi to crypto. You know, what was your

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<v Speaker 3>first encounter with bitcoin and how did that eventually lead

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<v Speaker 3>to you saying, you know what, I'm going to leave tradfi.

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<v Speaker 3>I'm going to go work in crypto and blockchain. Yeah.

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<v Speaker 2>Great question, and probably not the same as many others.

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<v Speaker 2>I was actually looking at Nvidia in twenty fourteen, investing

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<v Speaker 2>in Nvidia in our funds, and at that point in

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<v Speaker 2>time on the calls, Jensen was talking about bitcoin mining

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<v Speaker 2>as being a source of demand for GPUs, So the

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<v Speaker 2>more work I did, and I was had a bit

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<v Speaker 2>of a techy background, I decided to just spin up

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<v Speaker 2>a bitcoin mining rig.

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<v Speaker 1>And see what it was all about.

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<v Speaker 2>And then that ended up leading to a number of

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<v Speaker 2>them being spun up until my wife got very angry

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<v Speaker 2>at how many were in our nursery. So I actually

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<v Speaker 2>mined bitcoin with GPUs for a few years until the

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<v Speaker 2>having actually in twenty sixteen, and then ended up shutting

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<v Speaker 2>that down just because you know, at you know, I

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<v Speaker 2>think it was around a nine hundred dollars price at

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<v Speaker 2>that point. It was not necessarily economical, classic mistake, and really,

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<v Speaker 2>you know, I kept some bitcoin in a wallet, was

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<v Speaker 2>really excited when I sold it in November of twenty

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<v Speaker 2>seventeen for seventy five hundred dollars. Was very angry in

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<v Speaker 2>December when it was over seventeen thousand, five hundred dollars.

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<v Speaker 2>But then of course we had the correction, and for me,

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<v Speaker 2>you know, as kind of I dealt further into crypto.

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<v Speaker 2>Then I had a good friend and he I would

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<v Speaker 2>still call himn Ethereum MAXI was telling me about Ethereum.

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<v Speaker 2>I spent a lot of time looking into it, and

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<v Speaker 2>then seeing all of these other applications and protocols that

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<v Speaker 2>were building on top of it, and it just started

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<v Speaker 2>spreading from there. It's probably a similar story with many others,

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<v Speaker 2>and starting investing in it personally, and then was thinking through,

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<v Speaker 2>you know, there's going to be a market where at

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<v Speaker 2>some point investors, institutional investors, family offices, they want to

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<v Speaker 2>get exposure to this, and I don't feel like there

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<v Speaker 2>are a lot of qualified managers who have run institutional

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<v Speaker 2>capital before, who know how to manage risk, who know

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<v Speaker 2>how to deal with clients and deal with client reporting.

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<v Speaker 2>And that's kind of what drew me to Galaxy and

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<v Speaker 2>the platform they have with the Asset Management Group here

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<v Speaker 2>to really try and start that business from the ground

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<v Speaker 2>up and provide a product like that, kind of top

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<v Speaker 2>tier product with the risk management you would expect for

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<v Speaker 2>institutional clients.

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<v Speaker 3>I hope you don't mind me asking this question, but

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<v Speaker 3>I'm curious, you know, you, being an analyst working at

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<v Speaker 3>these different firms and so forth, were you looking at

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<v Speaker 3>crypto from a technical analysis standpoint back in twenty sixteen,

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<v Speaker 3>twenty seventeen, or you were like, you know, I don't

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<v Speaker 3>know what to make of this obviously it wasn't as

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<v Speaker 3>mature of a market as it is now with ETFs

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<v Speaker 3>and so forth. But you know, were you looking at

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<v Speaker 3>Elliott wave fib and Nazi models, all the the metrics

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<v Speaker 3>of on chain supply and so forth.

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<v Speaker 1>You know, I was looking at everything through the lens

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<v Speaker 1>of macro at that point. And I remember, you know, in.

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<v Speaker 2>Our National Resources Fund, we invested in a lot of miners,

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<v Speaker 2>and I used to go to this quarterly mining dinner

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<v Speaker 2>with McCrory and at one of the dinners, there's a

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<v Speaker 2>gentleman and he's like, what the hell is bitcoin and

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<v Speaker 2>why does it keep going up? And we started having

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<v Speaker 2>this conversation about it, and you know, I think the

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<v Speaker 2>way I was looking at it, and I had charted

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<v Speaker 2>kind of this whole like Chinese currency relative to bitcoin,

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<v Speaker 2>and the moves were similar back in the time, and

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<v Speaker 2>then that relationship broke down. And then it seemed like

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<v Speaker 2>every piece of data you could find that mapped out

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<v Speaker 2>in a short period of time, then it would break

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<v Speaker 2>down as well. So I think that's kind of the

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<v Speaker 2>story of what we continue to do with bitcoin. You know,

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<v Speaker 2>it was supposed to be an inflation hedge, and then

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<v Speaker 2>in twenty two, it.

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<v Speaker 1>Wasn't necessarily an inflation hedge.

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<v Speaker 2>We're constantly trying to find these you know, these drivers,

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<v Speaker 2>these macro drivers, which are really kind of influencing the price,

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<v Speaker 2>and we found in short periods of time they do,

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<v Speaker 2>but the persistence hasn't necessarily been there. And I think

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<v Speaker 2>the issue with bitcoin is we just have a lack

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<v Speaker 2>of history. You know, every other asset class, be it

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<v Speaker 2>equities or fixed income, you know, you know, decades and

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<v Speaker 2>decades of data to kind of scrape and go back

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<v Speaker 2>on and look for these relationships, because, as you know,

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<v Speaker 2>correlations can come and go, but you know, they could

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<v Speaker 2>be higher for a longer period of time than lower.

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<v Speaker 2>And I think as we continue to get more data

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<v Speaker 2>and crypto, we're going to continue to look at kind

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<v Speaker 2>of where those correlations tend to be the highest relative

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<v Speaker 2>to those that tend to be the lowest, and use

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<v Speaker 2>that to try and base our thought process off, at

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<v Speaker 2>least from kind of a fundamental basis.

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<v Speaker 1>Not luckily for me.

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<v Speaker 2>When I started at black Rock, my mentor, my portfolio manager,

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<v Speaker 2>was a statistician and he loved technical analysis, so I

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<v Speaker 2>did use a bit of technical analysis as well to

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<v Speaker 2>kind of help dictate, you know, where you know things

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<v Speaker 2>look like opportunities. But I'm definitely of the camp where

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<v Speaker 2>I don't use technical analysis in days and weeks, but

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<v Speaker 2>I look at very long term trends and I look

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<v Speaker 2>for long term.

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<v Speaker 1>Breakouts and long term support levels.

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<v Speaker 2>I think using technical analysis in short periods of time

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<v Speaker 2>is really just.

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<v Speaker 1>A lot of noise.

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<v Speaker 3>Yeah, I definitely agree with you there, And you brought

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<v Speaker 3>up such a great point that we don't have as

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<v Speaker 3>much history. We're still trying to figure out all the

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<v Speaker 3>use cases for bitcoin. I think the strongest is probably

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<v Speaker 3>digital goal, even though it was initially started to be

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<v Speaker 3>or created as a digital currency, and don't get me wrong,

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<v Speaker 3>it is that. But from a day to day use,

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<v Speaker 3>you know, the fees and the speed and so forth,

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<v Speaker 3>it's not ideal, but we can still use it that way,

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<v Speaker 3>depending on which part of the world we're in. But

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<v Speaker 3>I guess maybe the strongest use case is digital goal.

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<v Speaker 3>And what I found is it's the entire asset class

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<v Speaker 3>is still correlated to global liquidity. And maybe that's part

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<v Speaker 3>of the ethos, right, a hedge against the money printing,

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<v Speaker 3>so it will rise with global money printing, and you know,

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<v Speaker 3>the basement of fiah.

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<v Speaker 2>Absolutely, and you know, I think that's true not just

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<v Speaker 2>with US central banks, but you know, if you're a

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<v Speaker 2>citizen living in Argentina and they're debasing the currency, if

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<v Speaker 2>you buy bitcoin, the benefit of that is is you're

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<v Speaker 2>now an asset that's priced in dollars. So you actually

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<v Speaker 2>can get away from that debasement using bitcoin because it's

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<v Speaker 2>priced in dollars. So if you think that your central

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<v Speaker 2>bank is going to completely, you know, erode the value

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<v Speaker 2>of the currency, Historically you had to buy hard assets,

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<v Speaker 2>you had to buy real estate. You know, it's very

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<v Speaker 2>difficult for a citizen in Argentina to buy Nvidia.

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<v Speaker 1>Or US equity.

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<v Speaker 2>It's much easier for them to get access to something

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<v Speaker 2>like bitcoin, which can actually preserve their wealth.

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<v Speaker 3>I did want to ask you, what is it like

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<v Speaker 3>to see your old firm, Black Rock and the other

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<v Speaker 3>Wall Street giants now going all in on crypto. At

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<v Speaker 3>one point they were skeptics, they were bad talk shit,

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<v Speaker 3>right Larry Fink, back in twenty eighteen. Now they're all

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<v Speaker 3>in there. They're building investment products, they're building with the technology,

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<v Speaker 3>tokenizing and much more.

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<v Speaker 2>I absolutely love it, you know, I think it's really

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<v Speaker 2>helping to almost certify or clarify digital assets as an

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<v Speaker 2>investment class. And I think it's really helping to help

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<v Speaker 2>drive the regulatory and political side of things into a

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<v Speaker 2>less hostile kind of playground, into something where they're like, Okay,

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<v Speaker 2>we now have many, many, many smart individuals who are

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<v Speaker 2>talking about bitcoin and crypto as a real asset and

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<v Speaker 2>there's real value there. Maybe we should soften our stance

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<v Speaker 2>a little bit and start to really proactively, not proactively,

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<v Speaker 2>but more productively work with crypto companies and hopefully drop

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<v Speaker 2>some of these you know, lawsuits and things like that.

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<v Speaker 1>You know.

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<v Speaker 2>And for Blackrock, I'd say their solutions business, their technology

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<v Speaker 2>platform is top notch, and they've got a lot of

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<v Speaker 2>great engineers there. I would love to see them build out,

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<v Speaker 2>you know, risk management platforms like things that are just

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<v Speaker 2>missing from kind of crypto portfolio management that I'm certain

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<v Speaker 2>that they could really make a part of their broader platform.

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<v Speaker 3>Now with black Rock and these firms getting involved on

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<v Speaker 3>launching ETFs and so forth, what type of impact has

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<v Speaker 3>that had on galaxies big business? Have you seen an

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<v Speaker 3>influx of demand from institutions for crypto products?

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<v Speaker 2>Yes, so, I guess the kneejer response is that before ETFs,

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<v Speaker 2>the only way for investors to get access was through

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<v Speaker 2>private fund vehicles, and what we've definitely seen is a

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<v Speaker 2>reduction in the holdings in private funds that have rotated

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<v Speaker 2>into ETFs.

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<v Speaker 1>Now, luckily, we're partnered.

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<v Speaker 2>With Investo on both the Bitcoin and the Ethereum ETF,

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<v Speaker 2>and we've kind of been able to kind of route

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<v Speaker 2>that flow back into those products. So there's been a

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<v Speaker 2>little bit of you know, products switching going on. You know,

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<v Speaker 2>in terms of what it's done for investors, it is

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<v Speaker 2>only been positive. And I can say with complete certainty

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<v Speaker 2>that if we didn't have those ETFs this year, we

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<v Speaker 2>would not have the same type of.

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<v Speaker 1>Conversations we're having today.

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<v Speaker 2>And you know, FTX was a huge, you know impact

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<v Speaker 2>to the credibility of crypto, and you know, the discussions

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<v Speaker 2>with institutions just kept falling and falling and falling even

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<v Speaker 2>through twenty twenty three. But now that we have these ETFs,

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<v Speaker 2>those discussions are starting to pick back up again, and

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<v Speaker 2>we're hearing more that we have to do our homework

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<v Speaker 2>because they're starting to realize that, hey, this might be

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<v Speaker 2>a very legitimate asset class in the not too distant

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<v Speaker 2>future and we don't want to be left behind.

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<v Speaker 3>And to your point of the FTX situation, it feels

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<v Speaker 3>the dark clouds of those days have been pushed away.

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<v Speaker 3>There's a bit of sunshine and I don't know, it's

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<v Speaker 3>like we've turned a new leaf because folks that have

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<v Speaker 3>completely forgotten about that, and you know, like you said,

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<v Speaker 3>there's a legitimacy. Now the stigma is gone and more

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<v Speaker 3>people want to learn about it, want to put it

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<v Speaker 3>into their portfolios. And it's almost like you have a

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<v Speaker 3>fuduciary duty to do that now because other products like

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<v Speaker 3>bonds and so forth are not are not performing as well.

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<v Speaker 1>Yeah, it's true.

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<v Speaker 2>You know many people might know this. So we've actually

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<v Speaker 2>worked very closely with the FTX estate and winding down

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<v Speaker 2>a lot of their exposure because the bankruptcy port told

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<v Speaker 2>them that they have to make returns to creditors as cash.

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<v Speaker 2>So when we think about just the rally that markets

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<v Speaker 2>have had since you know, September, and that was in

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<v Speaker 2>the face of US selling billions of dollars of crypto,

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<v Speaker 2>it's pretty impressive. Flip side, when they start those distributions,

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<v Speaker 2>you're going to be putting billions of dollars back into

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<v Speaker 2>the hands of a lot of you know, individuals and

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<v Speaker 2>institutions that still want to own crypto. The reverse side

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<v Speaker 2>of this could be quite interesting, where we have a

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<v Speaker 2>lot of that flow come back. But I think it's

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<v Speaker 2>just great that we're kind of moving past like what

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<v Speaker 2>happened with Voyager and you know, Celsius and FTX, and

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<v Speaker 2>you know, we don't really see that type of you know,

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<v Speaker 2>bankruptcy risk right now. I mean, if these companies have

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<v Speaker 2>survived this long, the most.

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<v Speaker 1>Likely are going to make it.

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<v Speaker 2>And the levels of leverage in the market are just

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<v Speaker 2>way down. The levels of speculation on you know, a

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<v Speaker 2>product that constantly returns twenty percent is not there. So

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<v Speaker 2>I feel like the environment has has kind of been

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<v Speaker 2>cleaned up, and it's definitely more amenable for investment than

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<v Speaker 2>it had been back in kind of that.

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<v Speaker 1>You know twenty one twenty two where things definitely got pretty.

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<v Speaker 3>Fraud Yeah, And to your point of, you know, cleaning

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<v Speaker 3>up of the environment, I noticed that the stand have

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<v Speaker 3>been raised significantly with many exchanges, with proof of reserves

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<v Speaker 3>and transparency reports, and you know, you look back and

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<v Speaker 3>you're like, why weren't these things in place in the

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<v Speaker 3>you know, but I guess you live and you learn,

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00:16:12.879 --> 00:16:16.080
<v Speaker 3>and hopefully we can put those type of issues and

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00:16:16.200 --> 00:16:20.519
<v Speaker 3>collapses behind us. And I've been, you know, saying, to

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<v Speaker 3>some people it almost feels like the kids have been

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<v Speaker 3>put to bed and the adults are in the room now.

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<v Speaker 3>And some of the adults are from Wall Street, right, Galaxy,

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00:16:30.639 --> 00:16:33.879
<v Speaker 3>Black Rock and so on and so forth. And where

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<v Speaker 3>you have trust in these brands and institutions and proper

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<v Speaker 3>custody and all all those things.

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<v Speaker 2>Yeah, I mean, we had the financial crisis of crypto,

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<v Speaker 2>you know, back in the mid two thousands.

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<v Speaker 1>It was the banks that were really you know, taking.

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<v Speaker 2>Obscene leverage and putting together products that made no sense,

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<v Speaker 2>and that led to a lot of regulation changes, you know,

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<v Speaker 2>Dot Frank and numerous other regulatory acts that were put

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<v Speaker 2>into place. And I think kind of the cleanup process

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00:17:03.759 --> 00:17:07.000
<v Speaker 2>is happening right now as well. And this goes back

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00:17:07.000 --> 00:17:10.039
<v Speaker 2>to what you say, like people are demanding more information,

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00:17:10.240 --> 00:17:13.160
<v Speaker 2>they want to make sure that their assets are safe.

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<v Speaker 2>But what we really need is that regulatory side to

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00:17:17.160 --> 00:17:19.440
<v Speaker 2>shape up a bit so that we can get those

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00:17:19.480 --> 00:17:22.279
<v Speaker 2>same type of protections that make sense in place.

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<v Speaker 3>Now, there was some big news issue today around Galaxy

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<v Speaker 3>and that is a one hundred and thirteen million dollar

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<v Speaker 3>initial close of the Galaxy Ventures Fund. One tell us

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<v Speaker 3>about that.

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<v Speaker 2>Yes, So this is the team that's been working at

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<v Speaker 2>Galaxy investing in.

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<v Speaker 1>Our balance sheet for the past five years and.

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<v Speaker 2>We probably we definitely have over one hundred different investments

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00:17:47.640 --> 00:17:51.440
<v Speaker 2>of you know, venture based companies on balance sheet. We

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00:17:51.519 --> 00:17:54.880
<v Speaker 2>made a decision that it would make more sense if

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00:17:55.000 --> 00:17:57.920
<v Speaker 2>we move that team over to the asset management group.

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<v Speaker 2>And you know, Galaxy parent co can still invest capital

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<v Speaker 2>into the fund if they want and participate, but now

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<v Speaker 2>we can also take outside capital as well. So the

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00:18:09.839 --> 00:18:12.680
<v Speaker 2>team's really excited. You know, it's going to focus on

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00:18:12.920 --> 00:18:17.240
<v Speaker 2>early stage investments and it's more focused on kind of

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<v Speaker 2>the infrastructure layers of crypto, the payments type of companies

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00:18:21.839 --> 00:18:26.319
<v Speaker 2>in crypto, and you know, we're I'm on the investment

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<v Speaker 2>committee as well. We're looking at a range of different

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<v Speaker 2>companies there that are really interesting.

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<v Speaker 1>Really unique, and are finding.

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<v Speaker 2>These niche opportunities and opportunities that could grow quite significantly

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<v Speaker 2>in the marketplace.

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<v Speaker 3>And are there plans to do all the rounds of

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<v Speaker 3>funding this year or into next year.

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<v Speaker 2>Yeah, So we will probably have a second close in

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<v Speaker 2>the fall, and I have to give props to kind

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00:18:54.680 --> 00:18:58.000
<v Speaker 2>of our team for putting together the first clothes as

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00:18:58.039 --> 00:19:00.880
<v Speaker 2>quickly as they did. I feel like they only spent

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00:19:01.000 --> 00:19:03.599
<v Speaker 2>maybe two months on it, and it was just too

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00:19:03.640 --> 00:19:06.680
<v Speaker 2>fast for a number of investors, where the IC takes

340
00:19:06.759 --> 00:19:07.839
<v Speaker 2>a little bit more time.

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<v Speaker 1>So we're expecting second.

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<v Speaker 2>Closing Q four and feel quite confident that that's going

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<v Speaker 2>to push the fund up to about one hundred and

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<v Speaker 2>fifty million, and the team's comfortable with that level of

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<v Speaker 2>capital going into these early stage companies because in early stage,

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<v Speaker 2>you know, you're not investing significant chunks of money. We're

347
00:19:27.440 --> 00:19:31.000
<v Speaker 2>typically doing maybe three million, five million if you're lucky

348
00:19:31.119 --> 00:19:34.319
<v Speaker 2>type tickets. And the team wants to have, you know,

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<v Speaker 2>a portfolio maybe thirty to thirty five different.

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<v Speaker 3>Names, and I don't know if you're able to tell

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<v Speaker 3>us names or maybe the types of institutions you're raising from.

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00:19:43.000 --> 00:19:45.559
<v Speaker 3>Is it in Dowman's family offices and so forth?

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00:19:47.039 --> 00:19:50.119
<v Speaker 2>So I would say there were a number of family offices.

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00:19:51.039 --> 00:19:55.799
<v Speaker 2>There was a very well known fund of fund. You

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00:19:55.799 --> 00:20:01.359
<v Speaker 2>know those right now are tend to be the biggest investors.

356
00:20:01.359 --> 00:20:04.079
<v Speaker 2>There's still a lot of high net worth individuals that

357
00:20:04.119 --> 00:20:09.400
<v Speaker 2>invest as well, and we actually enabled employees to invest

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<v Speaker 2>into the strategy as well.

359
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<v Speaker 3>Awesome. Now, the Etherorem's bodytfs launched this week, and of

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<v Speaker 3>course Galaxy, as you mentioned, Galaxy Invesco have the q

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<v Speaker 3>eth ETF, and I would love to get your thoughts

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<v Speaker 3>on how that launch went and what's your outlook for

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00:20:29.599 --> 00:20:32.119
<v Speaker 3>these ETFs. Obviously I don't think there's going to be

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<v Speaker 3>as much demand as there was for bitcoin, but certainly

365
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<v Speaker 3>significant and we're seeing good performance so far.

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<v Speaker 1>Yeah.

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<v Speaker 2>So the launch, of course, I think with all of

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<v Speaker 2>the issuers was very much a surprise. On the nineteen

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<v Speaker 2>be fours, Nobody had marketing plans in place, nobody really

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<v Speaker 2>was prepared for it. So we had a very fast

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<v Speaker 2>sprint in the month or so between the nineteen B

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<v Speaker 2>four's and the s ones being approved. But you know,

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<v Speaker 2>all of the issuers got the docs in the SEC

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<v Speaker 2>approved and we're up into the races. So I agree

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<v Speaker 2>with your assessment that I think there's a good long

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00:21:14.680 --> 00:21:19.480
<v Speaker 2>term opportunity tactically. I'm just you know, seeing what happened

377
00:21:19.559 --> 00:21:22.359
<v Speaker 2>with GBTC and knowing that we have a lot of

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<v Speaker 2>arms still in the ETag product. We actually reduced our

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00:21:26.480 --> 00:21:31.839
<v Speaker 2>eth exposure just two days ago. Just thinking through the

380
00:21:31.880 --> 00:21:34.400
<v Speaker 2>fact that I think flows are just going to really

381
00:21:34.440 --> 00:21:37.400
<v Speaker 2>struggle in the near term, and it's really going to

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00:21:37.440 --> 00:21:39.000
<v Speaker 2>be due to the EB outflows.

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<v Speaker 1>And I think similar to what would happened with Bitcoin.

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<v Speaker 2>Where we had a bit of a pullback, we might

385
00:21:43.960 --> 00:21:46.119
<v Speaker 2>see that with ethereum, and we're going to use that

386
00:21:46.160 --> 00:21:49.640
<v Speaker 2>opportunity to step back in and as those you know,

387
00:21:49.960 --> 00:21:54.440
<v Speaker 2>reductions from EB kind of start trickling down, then those

388
00:21:54.480 --> 00:21:56.160
<v Speaker 2>positive flows are going to overwhelm that.

389
00:21:56.319 --> 00:21:59.039
<v Speaker 1>I think it's going to be a better market sentiment afterwards.

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00:21:59.400 --> 00:22:01.920
<v Speaker 3>Yeah. Point, we saw a bit like you said of

391
00:22:01.920 --> 00:22:06.440
<v Speaker 3>that with the bigcoin ETF situation, and it's just you know, uh,

392
00:22:06.559 --> 00:22:09.400
<v Speaker 3>it'll resolve itself and then eventually we'll be on good

393
00:22:09.440 --> 00:22:12.400
<v Speaker 3>ground there. I know. One of the things that people

394
00:22:12.440 --> 00:22:15.359
<v Speaker 3>are really bullish on with etherorem is staking right the

395
00:22:15.359 --> 00:22:18.640
<v Speaker 3>ability to earn yield and the passive rewards, but those

396
00:22:18.640 --> 00:22:22.759
<v Speaker 3>are not available in the Etherorem ETFs is yet. Are

397
00:22:22.759 --> 00:22:25.440
<v Speaker 3>you guys engaged with the SEC asking them about this.

398
00:22:25.839 --> 00:22:28.599
<v Speaker 3>I saw Hesler Purse, Commissioner of the SEC, spoke about

399
00:22:28.640 --> 00:22:31.519
<v Speaker 3>it recently, and do you think once that's at it,

400
00:22:32.079 --> 00:22:34.400
<v Speaker 3>that will have a surge and demand for eth.

401
00:22:35.279 --> 00:22:38.400
<v Speaker 2>So I think it's going to take a little time,

402
00:22:38.799 --> 00:22:41.720
<v Speaker 2>uh for the SEC to to come around to that.

403
00:22:41.880 --> 00:22:45.200
<v Speaker 2>You know, Gensler has already publicly stated that, you know,

404
00:22:45.200 --> 00:22:50.319
<v Speaker 2>a state is a security, but he is not. So

405
00:22:50.359 --> 00:22:53.000
<v Speaker 2>we kind of have to really work with the SEC

406
00:22:53.160 --> 00:22:56.720
<v Speaker 2>to make sure that they realize what's staking is why

407
00:22:58.880 --> 00:23:03.119
<v Speaker 2>it's done, instituted being a security, but just knowing you know,

408
00:23:03.160 --> 00:23:05.359
<v Speaker 2>how things work with the SEC. I don't think that

409
00:23:05.359 --> 00:23:09.839
<v Speaker 2>that's going to be something that's completed this year. I

410
00:23:09.920 --> 00:23:13.359
<v Speaker 2>do think to your point, if staking is introduced into

411
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<v Speaker 2>the ETFs, it's a huge positive and I think a

412
00:23:17.279 --> 00:23:20.200
<v Speaker 2>lot of individuals. You know, I have a very close

413
00:23:20.200 --> 00:23:22.480
<v Speaker 2>friend he's like, why would I ever move my point

414
00:23:22.559 --> 00:23:26.039
<v Speaker 2>to an ETF when I can stake it and generate yield?

415
00:23:27.559 --> 00:23:30.680
<v Speaker 1>He said, if it would stake it in the ETF.

416
00:23:30.519 --> 00:23:33.240
<v Speaker 2>Easy because you know, I want all of my assets

417
00:23:33.279 --> 00:23:35.240
<v Speaker 2>to be in one tidy place where.

418
00:23:35.039 --> 00:23:36.039
<v Speaker 1>I can manage them.

419
00:23:36.960 --> 00:23:39.039
<v Speaker 2>So I do think we would see a bit of

420
00:23:39.079 --> 00:23:41.759
<v Speaker 2>a pickup and flows from people who had been staking

421
00:23:41.799 --> 00:23:46.079
<v Speaker 2>on their own and moving those into the ETFs. And

422
00:23:46.279 --> 00:23:49.720
<v Speaker 2>part of that is you know, when a retail user stakes,

423
00:23:50.000 --> 00:23:53.559
<v Speaker 2>the take rate from whoever is staking.

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00:23:53.200 --> 00:23:54.440
<v Speaker 1>That tends to be higher.

425
00:23:55.000 --> 00:23:58.759
<v Speaker 2>And when you negotiate with these big issues, because there's

426
00:23:58.799 --> 00:24:00.799
<v Speaker 2>going to be so much volume, we can kind of

427
00:24:00.839 --> 00:24:05.079
<v Speaker 2>negotiate that take rate down to the end point coming.

428
00:24:04.839 --> 00:24:08.160
<v Speaker 1>To the staker or to the ETF could be much higher.

429
00:24:09.839 --> 00:24:12.599
<v Speaker 3>Yeah, I'm like your friend, I'm of the same mindset.

430
00:24:12.680 --> 00:24:16.000
<v Speaker 3>I stake eth I self custody for the most part,

431
00:24:16.960 --> 00:24:19.039
<v Speaker 3>and I don't want to, you know, go through the

432
00:24:19.119 --> 00:24:23.119
<v Speaker 3>ETF because I won't be earning a reward. So hopefully,

433
00:24:23.359 --> 00:24:25.279
<v Speaker 3>you know, the SEC can come around soon. I think

434
00:24:25.319 --> 00:24:28.079
<v Speaker 3>that would be really great for the ETFs and for

435
00:24:28.160 --> 00:24:31.680
<v Speaker 3>the market at large, and giving retail the general public

436
00:24:32.039 --> 00:24:36.920
<v Speaker 3>who may not be you know, crypto enthusiasts and techies

437
00:24:37.480 --> 00:24:40.039
<v Speaker 3>and so forth, they can at least get some of

438
00:24:40.079 --> 00:24:43.799
<v Speaker 3>those rewards. So hopefully you can get it soon. Now

439
00:24:43.920 --> 00:24:47.559
<v Speaker 3>Solana has been on the rise significantly, getting adoption and

440
00:24:47.599 --> 00:24:50.680
<v Speaker 3>so forth. It's now within the top five of the

441
00:24:50.720 --> 00:24:54.759
<v Speaker 3>crypto market cap. Some folks have filed for a Solana ETF.

442
00:24:55.240 --> 00:24:57.200
<v Speaker 3>Are you guys playing to do that? And do you

443
00:24:57.240 --> 00:24:58.960
<v Speaker 3>think we see that in twenty twenty five?

444
00:25:01.319 --> 00:25:05.039
<v Speaker 2>I would give twenty twenty five kind of a forty

445
00:25:05.160 --> 00:25:10.960
<v Speaker 2>sixty forty sixty zero twenty twenty six, I'd probably say

446
00:25:10.960 --> 00:25:12.039
<v Speaker 2>the odds are much higher.

447
00:25:13.440 --> 00:25:14.240
<v Speaker 1>You know, Solana is.

448
00:25:14.240 --> 00:25:16.079
<v Speaker 2>In the same boat that it was named as a

449
00:25:16.119 --> 00:25:19.240
<v Speaker 2>security in one of the sec lawsuits against coinbase, so

450
00:25:19.519 --> 00:25:22.880
<v Speaker 2>we kind of have to first, you know, backtrack on that.

451
00:25:24.559 --> 00:25:27.839
<v Speaker 2>I think it would be fantastic and to be fair,

452
00:25:28.000 --> 00:25:30.279
<v Speaker 2>if we can get the staking in eth we would

453
00:25:30.319 --> 00:25:32.920
<v Speaker 2>definitely want the staking in Solana as well because the

454
00:25:32.960 --> 00:25:37.039
<v Speaker 2>reward is actually quite a bit higher with Salon right now.

455
00:25:37.599 --> 00:25:41.359
<v Speaker 2>But you know, actively in Solana ecosystem has picked up significantly,

456
00:25:41.640 --> 00:25:44.400
<v Speaker 2>and it was left for dead after the FTX collapse,

457
00:25:44.519 --> 00:25:47.559
<v Speaker 2>but more recently we even see D five volumes exceeding

458
00:25:47.599 --> 00:25:51.759
<v Speaker 2>that of Ethereum now, so the ecosystem continues to grow.

459
00:25:52.000 --> 00:25:55.160
<v Speaker 2>I think people are catching on to what's going on there,

460
00:25:55.440 --> 00:25:59.160
<v Speaker 2>and I think, you know, the prospects for Solana look

461
00:25:59.240 --> 00:26:02.279
<v Speaker 2>quite well. I would love to see an ETF but

462
00:26:02.519 --> 00:26:04.119
<v Speaker 2>I just think it's going to take a little bit

463
00:26:04.160 --> 00:26:05.599
<v Speaker 2>more time until we can get there.

464
00:26:06.400 --> 00:26:09.839
<v Speaker 3>Yeah, there's to your point of complications of those lawsuits

465
00:26:09.839 --> 00:26:15.759
<v Speaker 3>against exchanges or Slona is named, but possibly Chris you know,

466
00:26:16.000 --> 00:26:18.720
<v Speaker 3>Congress is able to get something like the fit twenty

467
00:26:18.759 --> 00:26:21.480
<v Speaker 3>one bill to go through the Senate, and then whoever

468
00:26:21.480 --> 00:26:23.680
<v Speaker 3>it becomes president, you know, they sign into law by

469
00:26:23.720 --> 00:26:28.079
<v Speaker 3>twenty twenty five. That could you know, escalate things incredibly fast,

470
00:26:28.480 --> 00:26:31.799
<v Speaker 3>and maybe we see it. But until then, you know,

471
00:26:32.079 --> 00:26:33.319
<v Speaker 3>we'll have to wait and see.

472
00:26:34.039 --> 00:26:36.160
<v Speaker 2>Yeah, and you know, I think the Senate is going

473
00:26:36.200 --> 00:26:37.880
<v Speaker 2>to have their hands tied into the election.

474
00:26:38.160 --> 00:26:41.680
<v Speaker 1>So you know, whether they you know, put.

475
00:26:41.519 --> 00:26:43.440
<v Speaker 2>Their fingers on it and make some edits and send

476
00:26:43.480 --> 00:26:45.279
<v Speaker 2>it back to the House this year, if it gets

477
00:26:45.279 --> 00:26:47.799
<v Speaker 2>pushed it early next year, it remains to be seen.

478
00:26:47.920 --> 00:26:51.240
<v Speaker 2>But you know, I'm kind of encouraged by what I

479
00:26:51.319 --> 00:26:54.160
<v Speaker 2>hear about the Harris camp and kind of what their

480
00:26:54.279 --> 00:27:00.119
<v Speaker 2>view is on crypto, And you know, it feels like,

481
00:27:01.640 --> 00:27:04.079
<v Speaker 2>you know, it feels like crypto has kind of checkmated

482
00:27:04.160 --> 00:27:07.119
<v Speaker 2>the politics a bit, where there's a lot of voters

483
00:27:07.799 --> 00:27:11.000
<v Speaker 2>that phone crypto and like crypto, and this is going

484
00:27:11.039 --> 00:27:14.400
<v Speaker 2>to be a very very close presidential race, and the

485
00:27:14.440 --> 00:27:18.920
<v Speaker 2>crypto voter could really sway which direction that goes, particularly

486
00:27:18.920 --> 00:27:21.559
<v Speaker 2>in some of these swing states. So I wouldn't be

487
00:27:21.599 --> 00:27:25.799
<v Speaker 2>surprised if the Harris camp comes out and takes a

488
00:27:25.880 --> 00:27:30.880
<v Speaker 2>different approach to crypto than the you know, Biden's administration.

489
00:27:31.920 --> 00:27:35.400
<v Speaker 3>I certainly hope so. And i'm i'm I spoke to

490
00:27:35.480 --> 00:27:39.240
<v Speaker 3>a Congressman Roe Conna just yesterday and he's talking about

491
00:27:39.240 --> 00:27:42.160
<v Speaker 3>he's loving to her camp and so forth. And it

492
00:27:42.200 --> 00:27:45.319
<v Speaker 3>would be great to not have crypto be a partisan issue.

493
00:27:45.319 --> 00:27:48.200
<v Speaker 3>But it shouldn't even be an election issue. But it

494
00:27:48.319 --> 00:27:51.759
<v Speaker 3>is because of Elizabeth Warren. I think there's a culprit

495
00:27:51.839 --> 00:27:55.279
<v Speaker 3>behind that. But what are your thoughts on? Man? It

496
00:27:55.359 --> 00:27:57.920
<v Speaker 3>just seemed like a switch flip earlier this year, and

497
00:27:58.000 --> 00:28:00.680
<v Speaker 3>you know Donald Trump certainly took advantage of it where

498
00:28:00.720 --> 00:28:05.279
<v Speaker 3>he saw his opponents on the Democrat side, we're trashing

499
00:28:05.319 --> 00:28:08.519
<v Speaker 3>this technology and you know, doing all kinds of things

500
00:28:08.559 --> 00:28:12.640
<v Speaker 3>with regulation by enforcement, and you know, look, as a politician,

501
00:28:12.680 --> 00:28:14.880
<v Speaker 3>that's a smart move. It's the art of war, right,

502
00:28:15.119 --> 00:28:20.240
<v Speaker 3>you expose your enemy's weakness and so forth. But it's

503
00:28:20.240 --> 00:28:22.599
<v Speaker 3>incredible he's going to be speaking at the Bitcoin conference,

504
00:28:22.880 --> 00:28:26.720
<v Speaker 3>you know, on Saturday and possibly announcing a plan to

505
00:28:27.200 --> 00:28:29.839
<v Speaker 3>have bigcoin be used as a treasury reserve asset. It's

506
00:28:29.839 --> 00:28:30.720
<v Speaker 3>it's pretty incredible.

507
00:28:31.920 --> 00:28:37.000
<v Speaker 2>Yeah, if he says it, well, he says whatever hits

508
00:28:37.079 --> 00:28:38.359
<v Speaker 2>him on the top of the mind, so.

509
00:28:40.160 --> 00:28:43.680
<v Speaker 1>You know, most of his advisors would probably.

510
00:28:43.440 --> 00:28:47.039
<v Speaker 2>Tell him not to say that, but it doesn't mean

511
00:28:47.039 --> 00:28:49.319
<v Speaker 2>that it will stop him from saying that. But I

512
00:28:49.359 --> 00:28:52.200
<v Speaker 2>think it's you know, it's a really good signal to

513
00:28:52.279 --> 00:28:56.200
<v Speaker 2>the crypto community that you know, he's going to take

514
00:28:56.240 --> 00:29:00.319
<v Speaker 2>crypto seriously. And from what I heard Harris's camp, they

515
00:29:00.359 --> 00:29:06.039
<v Speaker 2>were actually seriously considering going and they decided not to

516
00:29:06.079 --> 00:29:07.640
<v Speaker 2>at the end of the day, which is probably the

517
00:29:07.720 --> 00:29:10.319
<v Speaker 2>right decision for her too, because.

518
00:29:11.519 --> 00:29:13.480
<v Speaker 1>I don't know if the bitcoin crowd would have been.

519
00:29:13.559 --> 00:29:17.000
<v Speaker 2>Nearly as as kind to her as I think they

520
00:29:17.000 --> 00:29:17.799
<v Speaker 2>will be to Trump.

521
00:29:18.359 --> 00:29:23.799
<v Speaker 3>M hmm. Yeah, it's fascinating. And I read the other

522
00:29:23.880 --> 00:29:28.160
<v Speaker 3>day that Fairshake has the largest super pack within this election,

523
00:29:28.240 --> 00:29:31.400
<v Speaker 3>and it's of course crypto funded right from Ripple, a

524
00:29:31.519 --> 00:29:34.680
<v Speaker 3>sixteen z coinbase and so forth. What are your thoughts

525
00:29:34.680 --> 00:29:38.079
<v Speaker 3>on that it's crypto has become like this political force now.

526
00:29:38.759 --> 00:29:41.920
<v Speaker 2>Yeah, And I think it's because we've been asking for,

527
00:29:42.240 --> 00:29:46.000
<v Speaker 2>you know, changes to regulations, We've been asking for you know,

528
00:29:46.720 --> 00:29:50.640
<v Speaker 2>politicians to really force the SEC in a certain direction,

529
00:29:50.759 --> 00:29:54.440
<v Speaker 2>to set the rules, and really there's only been one

530
00:29:54.480 --> 00:29:58.759
<v Speaker 2>candidate who's really talked about that, and if this is

531
00:29:58.799 --> 00:30:01.759
<v Speaker 2>the only way that we can get traction on the

532
00:30:01.799 --> 00:30:04.640
<v Speaker 2>things we've been asking for for years, then we're going

533
00:30:04.720 --> 00:30:08.160
<v Speaker 2>to put capital behind that and make sure that those

534
00:30:08.200 --> 00:30:12.599
<v Speaker 2>types of initiatives finally get played out, because it has

535
00:30:12.640 --> 00:30:16.119
<v Speaker 2>been such a barrier to you know, crypto employment in

536
00:30:16.160 --> 00:30:19.799
<v Speaker 2>the US, crypto companies in the US, using crypto protocols

537
00:30:19.839 --> 00:30:24.079
<v Speaker 2>in the US, and it's frustrating. So would love to

538
00:30:24.119 --> 00:30:28.799
<v Speaker 2>see you know, either camp take a you know, a

539
00:30:28.920 --> 00:30:34.000
<v Speaker 2>better view to really you know, embracing crypto and creating

540
00:30:34.079 --> 00:30:37.880
<v Speaker 2>sensible regulations that make sense, and it creates a little

541
00:30:37.920 --> 00:30:41.519
<v Speaker 2>bit more comfort from institutional investors to finally commit some

542
00:30:41.640 --> 00:30:42.680
<v Speaker 2>capital to the space.

543
00:30:44.640 --> 00:30:47.079
<v Speaker 3>I wanted to go back to the bigcoin ets because

544
00:30:47.200 --> 00:30:51.480
<v Speaker 3>obviously we saw record breaking performance and inflows for the ets,

545
00:30:51.519 --> 00:30:55.039
<v Speaker 3>and part of the process right now is folks are

546
00:30:55.039 --> 00:30:58.240
<v Speaker 3>going out educating rias and wealth managers and so forth.

547
00:30:58.359 --> 00:31:01.880
<v Speaker 3>So it's only been what say, seven months since the launch,

548
00:31:02.599 --> 00:31:04.880
<v Speaker 3>so I think we need like a year to kind

549
00:31:04.880 --> 00:31:09.079
<v Speaker 3>of judge the performance overall. But what is your outlook?

550
00:31:09.119 --> 00:31:13.400
<v Speaker 3>Do you expect inflows to come in waves and to

551
00:31:13.480 --> 00:31:14.279
<v Speaker 3>increase as well?

552
00:31:15.160 --> 00:31:19.000
<v Speaker 2>Yeah, I think it's the most successful ETF launch in

553
00:31:19.039 --> 00:31:20.240
<v Speaker 2>the history of ETFs.

554
00:31:20.519 --> 00:31:23.400
<v Speaker 1>I mean, you have seen just tens of.

555
00:31:23.359 --> 00:31:26.559
<v Speaker 2>Billions of dollars flow into these products, and it's been

556
00:31:26.680 --> 00:31:27.960
<v Speaker 2>just incredible to watch.

557
00:31:29.519 --> 00:31:29.680
<v Speaker 1>You know.

558
00:31:29.759 --> 00:31:34.000
<v Speaker 2>I think in many of the big wirehouses and platforms,

559
00:31:34.519 --> 00:31:38.160
<v Speaker 2>Bitcoin still hasn't even been approved, and in many cases

560
00:31:38.759 --> 00:31:42.240
<v Speaker 2>financial advisors still have to wait for reverse inquiry to

561
00:31:42.279 --> 00:31:45.359
<v Speaker 2>be able to offer them to clients. So there is

562
00:31:45.400 --> 00:31:51.000
<v Speaker 2>still a huge pool of untapped investors that have yet

563
00:31:51.039 --> 00:31:54.000
<v Speaker 2>to invest. And I think there is just going to

564
00:31:54.000 --> 00:31:59.000
<v Speaker 2>be this steady inflow into the ETFs over time as

565
00:31:59.079 --> 00:32:02.839
<v Speaker 2>you finally get more of these platforms onboarding, as you

566
00:32:02.960 --> 00:32:06.279
<v Speaker 2>anniversary you know, kind of a one year probation period.

567
00:32:06.279 --> 00:32:09.200
<v Speaker 2>There's there's so many weird things that go on in

568
00:32:09.240 --> 00:32:11.920
<v Speaker 2>the RIA landscape that have to kind of play out.

569
00:32:12.519 --> 00:32:16.079
<v Speaker 2>But each RIA is different. You know, you've got smaller ones,

570
00:32:16.119 --> 00:32:19.319
<v Speaker 2>you've got big public ones. But all of that is

571
00:32:19.359 --> 00:32:22.400
<v Speaker 2>going to lead to just this steady flow into the

572
00:32:22.400 --> 00:32:26.599
<v Speaker 2>Bitcoin ETFs over time, and you know, I think that's

573
00:32:26.599 --> 00:32:29.880
<v Speaker 2>going to continue to paint a very solid picture for

574
00:32:30.079 --> 00:32:31.680
<v Speaker 2>the opportunities.

575
00:32:30.960 --> 00:32:32.160
<v Speaker 1>For bitcoin going forward.

576
00:32:32.920 --> 00:32:35.240
<v Speaker 2>And I would really I'm really excited to see an

577
00:32:35.240 --> 00:32:38.599
<v Speaker 2>options market developed on these bitcoin ets as well, so

578
00:32:40.000 --> 00:32:42.759
<v Speaker 2>you know, hopefully we can we can get some traction.

579
00:32:42.559 --> 00:32:44.960
<v Speaker 1>On that and maybe have that in place by Q four.

580
00:32:45.480 --> 00:32:47.440
<v Speaker 2>I think that's going to improve a lot of liquidity.

581
00:32:47.480 --> 00:32:50.440
<v Speaker 2>I think it's going to increase interest in the ETFs.

582
00:32:51.359 --> 00:32:54.240
<v Speaker 2>So that would be a huge catalyst for me as well.

583
00:32:55.400 --> 00:32:59.160
<v Speaker 3>So, Chris, not financial advice, but what is your expectation

584
00:32:59.359 --> 00:33:03.079
<v Speaker 3>for this bull get given that right now we're cooling

585
00:33:03.119 --> 00:33:06.680
<v Speaker 3>down a bit. Maybe the stock market's been a bit overbought.

586
00:33:06.799 --> 00:33:10.319
<v Speaker 3>You know, there's some correlation there. The DXY is finding

587
00:33:10.359 --> 00:33:13.920
<v Speaker 3>some strength on the daily chart. Maybe the market's waiting

588
00:33:13.960 --> 00:33:16.000
<v Speaker 3>to see what the raffetti is going to do with

589
00:33:16.119 --> 00:33:20.240
<v Speaker 3>Ray cuts. You are you seeing higher highs into twenty

590
00:33:20.279 --> 00:33:24.200
<v Speaker 3>twenty five or you know, are we going to be

591
00:33:24.279 --> 00:33:26.759
<v Speaker 3>kind of any sideways movement for a while.

592
00:33:27.799 --> 00:33:32.559
<v Speaker 2>I think everyone is going to be surprised by what

593
00:33:32.680 --> 00:33:37.680
<v Speaker 2>happens on the political side, and I think, you know,

594
00:33:38.240 --> 00:33:43.079
<v Speaker 2>whether it's Trump or Harris, there's gonna be progress and

595
00:33:43.119 --> 00:33:44.079
<v Speaker 2>that's not expected.

596
00:33:44.119 --> 00:33:45.359
<v Speaker 1>And then you know, I.

597
00:33:45.279 --> 00:33:48.160
<v Speaker 2>Think of the FTX stimulus when you're putting you know,

598
00:33:49.759 --> 00:33:52.599
<v Speaker 2>the retail crowd, and then some of the institutions that

599
00:33:52.599 --> 00:33:55.279
<v Speaker 2>were crypto funds. Even if you call it only six

600
00:33:55.359 --> 00:33:58.640
<v Speaker 2>billion of the sixteen billion, that's six billion dollars that

601
00:33:58.720 --> 00:34:03.319
<v Speaker 2>could flow back into crypto. Know, everyone's focused on German

602
00:34:03.359 --> 00:34:05.160
<v Speaker 2>government selling and you know.

603
00:34:05.359 --> 00:34:06.640
<v Speaker 1>Mountain Dox returns.

604
00:34:08.039 --> 00:34:10.119
<v Speaker 2>I'm less focused on that in the near term, and

605
00:34:10.199 --> 00:34:13.239
<v Speaker 2>I'm thinking, you know, six to twelve months out, there

606
00:34:13.239 --> 00:34:16.559
<v Speaker 2>are some massive catalysts that are kind of on my radar,

607
00:34:16.800 --> 00:34:20.519
<v Speaker 2>and I think that's really going to help propel you know,

608
00:34:20.679 --> 00:34:24.800
<v Speaker 2>bitcoin higher, and smart investors would be looking at that

609
00:34:24.960 --> 00:34:27.880
<v Speaker 2>and kind of taking advantage of weakness.

610
00:34:28.639 --> 00:34:30.679
<v Speaker 1>I think in the market.

611
00:34:30.400 --> 00:34:35.119
<v Speaker 3>Today, what are your thoughts on companies adding bitcoin as

612
00:34:35.119 --> 00:34:38.440
<v Speaker 3>a treasure reserve asset on their balance sheet? Just this morning,

613
00:34:38.480 --> 00:34:41.400
<v Speaker 3>I think Marathon Digital Holdings. They're a minor, but they

614
00:34:41.480 --> 00:34:45.039
<v Speaker 3>bought one hundred million dollars in bitcoin, you know, Tesla

615
00:34:45.079 --> 00:34:49.280
<v Speaker 3>SpaceX micro strategy. I'm watching Michael Dell closely. He's been

616
00:34:49.280 --> 00:34:52.840
<v Speaker 3>tweeting a lot about bitcoin. You know, could Dell announce

617
00:34:52.920 --> 00:34:55.400
<v Speaker 3>something soon as possible? But what are your thoughts on

618
00:34:55.440 --> 00:34:56.000
<v Speaker 3>that trend?

619
00:34:57.039 --> 00:35:00.280
<v Speaker 2>Yeah, and the best one is Meta Planet, which went

620
00:35:00.320 --> 00:35:03.000
<v Speaker 2>from twenty end to two hundred and twenty end. I

621
00:35:03.039 --> 00:35:06.440
<v Speaker 2>think today ten xt On just on adding bitcoin to

622
00:35:06.480 --> 00:35:09.000
<v Speaker 2>their to the treasury. And this company that generates like

623
00:35:09.039 --> 00:35:11.920
<v Speaker 2>two million dollars of revenue per year and it's probably

624
00:35:12.000 --> 00:35:16.079
<v Speaker 2>valued it like a quarter billion dollars now, you know,

625
00:35:16.239 --> 00:35:21.840
<v Speaker 2>I think it's evidence that more and more, you know,

626
00:35:22.119 --> 00:35:27.119
<v Speaker 2>senior individuals and companies are recognizing the value of keeping it.

627
00:35:27.079 --> 00:35:30.559
<v Speaker 1>In the treasury. Now, Marathon, and clearly this is their business.

628
00:35:30.559 --> 00:35:33.760
<v Speaker 2>They're they're a bitcoin minor, and you know they have

629
00:35:34.199 --> 00:35:37.280
<v Speaker 2>historically they have held a lot of bitcoin and saved

630
00:35:37.320 --> 00:35:40.400
<v Speaker 2>a lot of bitcoin on their balance sheet, and they've

631
00:35:40.400 --> 00:35:44.239
<v Speaker 2>got a substantial amount of bitcoins. So I don't find

632
00:35:44.280 --> 00:35:48.079
<v Speaker 2>it surprising that they're taking that route. I think the

633
00:35:48.159 --> 00:35:52.440
<v Speaker 2>micro strategy kind of case study has been a bit

634
00:35:52.440 --> 00:35:54.960
<v Speaker 2>of a success. A lot of us thought that once

635
00:35:55.000 --> 00:35:58.159
<v Speaker 2>the ETFs came micro strategy stock was just going to

636
00:35:58.360 --> 00:36:01.239
<v Speaker 2>collapse because why would you for a premium for that

637
00:36:01.320 --> 00:36:05.039
<v Speaker 2>bitcoin when you can get the ETF. But you know,

638
00:36:05.239 --> 00:36:08.639
<v Speaker 2>it's a bit of a system that works because if

639
00:36:08.639 --> 00:36:14.599
<v Speaker 2>you can issue equity or some type of finance based

640
00:36:14.599 --> 00:36:17.159
<v Speaker 2>on a valuation that's two x bitcoin, and then you

641
00:36:17.199 --> 00:36:20.039
<v Speaker 2>can buy the underlying asset for half the value of

642
00:36:20.039 --> 00:36:21.119
<v Speaker 2>what your company is worth.

643
00:36:21.360 --> 00:36:23.199
<v Speaker 1>Well, that's creating value on its own.

644
00:36:23.360 --> 00:36:27.360
<v Speaker 2>So doesn't surprise me that other companies are taking a

645
00:36:27.400 --> 00:36:30.960
<v Speaker 2>look at that and really diversifying some of the treasure.

646
00:36:31.079 --> 00:36:35.639
<v Speaker 3>Is the question follow question on that. I don't know

647
00:36:35.679 --> 00:36:39.440
<v Speaker 3>if I'm off base here, but is it also kind

648
00:36:39.440 --> 00:36:45.039
<v Speaker 3>of a dual benefit in that stocks rise with the

649
00:36:45.039 --> 00:36:48.679
<v Speaker 3>depreciation excuse me, the the basement of fiat right and

650
00:36:48.760 --> 00:36:53.559
<v Speaker 3>global liquidity where if you're in the Nasdaq, I mean,

651
00:36:53.760 --> 00:36:57.000
<v Speaker 3>you know, NASAC is a top performing index, of course,

652
00:36:58.000 --> 00:37:00.760
<v Speaker 3>and you have bitcoin. Is it the best of both worlds?

653
00:37:01.519 --> 00:37:03.519
<v Speaker 3>Is it a way to kind of diversify, Like I

654
00:37:03.519 --> 00:37:05.239
<v Speaker 3>can hold bitcoin, but you know what, I can grab

655
00:37:05.280 --> 00:37:09.000
<v Speaker 3>some micro strategy stuck because it's getting the overall stock

656
00:37:09.079 --> 00:37:09.800
<v Speaker 3>market benefit.

657
00:37:10.519 --> 00:37:14.400
<v Speaker 1>Yeah, I mean that's a really good point. It could be.

658
00:37:15.840 --> 00:37:20.159
<v Speaker 2>You know, I think I think time will tell. Uh,

659
00:37:20.840 --> 00:37:23.440
<v Speaker 2>We're still in a very narrow period of time on

660
00:37:23.480 --> 00:37:27.199
<v Speaker 2>which this has been going on. Yeah, you know, clearly

661
00:37:27.199 --> 00:37:30.599
<v Speaker 2>it was disappointing when you know, Tesla made a change

662
00:37:30.639 --> 00:37:32.440
<v Speaker 2>to kind of how they were approaching bitcoin.

663
00:37:33.079 --> 00:37:35.239
<v Speaker 1>Would be lovely to see them readopt it.

664
00:37:36.239 --> 00:37:39.159
<v Speaker 2>You know, I think there's a lot of people that

665
00:37:39.280 --> 00:37:44.280
<v Speaker 2>look to certain individuals is very smart individuals.

666
00:37:44.519 --> 00:37:47.280
<v Speaker 1>You know, Elon Musk being one of them. I love,

667
00:37:47.480 --> 00:37:48.719
<v Speaker 1>you know, seeing Mark Cuban.

668
00:37:49.320 --> 00:37:52.960
<v Speaker 2>He's always supporting kind of crypto and he's really, you know,

669
00:37:53.199 --> 00:37:55.559
<v Speaker 2>kind of immersed himself in crypto as well.

670
00:37:56.400 --> 00:37:59.039
<v Speaker 1>And these are people that have made billions.

671
00:37:58.679 --> 00:38:02.960
<v Speaker 2>Of dollars, So why would you not want to trust

672
00:38:03.159 --> 00:38:07.960
<v Speaker 2>somebody who actually is done really well in their life

673
00:38:08.000 --> 00:38:12.400
<v Speaker 2>and probably knows how to make a calculated investment much

674
00:38:12.440 --> 00:38:16.840
<v Speaker 2>better than the average person. So I think it's great

675
00:38:16.840 --> 00:38:21.000
<v Speaker 2>to see, you know, in the next kind of bitcoin downturn,

676
00:38:21.239 --> 00:38:25.000
<v Speaker 2>let's see how steady those hands are, of course, but

677
00:38:25.119 --> 00:38:27.440
<v Speaker 2>for now, I think it's a it's a really smart decision.

678
00:38:30.239 --> 00:38:34.440
<v Speaker 3>What's on galaxies roadmap for the remainder of twenty twenty four?

679
00:38:35.199 --> 00:38:38.119
<v Speaker 3>Are you playing to launching a new products? And what

680
00:38:38.199 --> 00:38:38.679
<v Speaker 3>can you share?

681
00:38:39.519 --> 00:38:43.199
<v Speaker 2>I mean, I think everyone in this company hasn't been busier.

682
00:38:44.119 --> 00:38:47.800
<v Speaker 2>It feels like every division there's something going on, you know.

683
00:38:48.519 --> 00:38:52.480
<v Speaker 2>In asset management, we just launched the theory of METF.

684
00:38:52.559 --> 00:38:55.679
<v Speaker 2>We just you know, closed on the first first close

685
00:38:55.760 --> 00:39:00.840
<v Speaker 2>for Venture. We announced a partnership with State Street to

686
00:39:00.960 --> 00:39:05.559
<v Speaker 2>run some actively managed ETFs, which we'll probably launch in

687
00:39:05.840 --> 00:39:09.519
<v Speaker 2>late Q three. And then my team is going to

688
00:39:09.519 --> 00:39:15.199
<v Speaker 2>be launching a multi asset crypto themed absolute term product.

689
00:39:16.119 --> 00:39:18.360
<v Speaker 2>So we've got our hands full here and we're still

690
00:39:18.400 --> 00:39:21.280
<v Speaker 2>working with the FTX estate on what I would consider

691
00:39:21.360 --> 00:39:23.039
<v Speaker 2>more difficult type tokens.

692
00:39:23.079 --> 00:39:24.199
<v Speaker 1>At this point.

693
00:39:25.400 --> 00:39:29.039
<v Speaker 2>In our trading business, we got our swap dealer license.

694
00:39:29.079 --> 00:39:29.840
<v Speaker 1>I think we're the.

695
00:39:29.760 --> 00:39:33.480
<v Speaker 2>Only crypto company that has a swap dealer license at

696
00:39:33.480 --> 00:39:36.800
<v Speaker 2>this point, and that really just expands our opportunities in

697
00:39:36.840 --> 00:39:38.840
<v Speaker 2>the size of the book we can have the customers

698
00:39:38.880 --> 00:39:42.480
<v Speaker 2>that we work with. You know, we continue to see

699
00:39:42.639 --> 00:39:46.760
<v Speaker 2>a lot of activity on the trading side, they're constantly

700
00:39:46.800 --> 00:39:51.719
<v Speaker 2>looking at opportunities, and then on our advisory side.

701
00:39:51.599 --> 00:39:53.320
<v Speaker 1>You know, things are starting to pick up again.

702
00:39:54.199 --> 00:39:58.000
<v Speaker 2>You know, they're they're seeing more activity, they're engaged in

703
00:39:58.360 --> 00:40:02.280
<v Speaker 2>more of the deals out there. So you know, between

704
00:40:02.639 --> 00:40:05.119
<v Speaker 2>and then I should also mention our mining side. You know,

705
00:40:05.159 --> 00:40:09.440
<v Speaker 2>we've publicly said we're looking at our Helios data center

706
00:40:10.119 --> 00:40:13.679
<v Speaker 2>down in Texas, which can scale the eight hundred megawatts,

707
00:40:14.440 --> 00:40:18.960
<v Speaker 2>to see if there are other you know, practical applications

708
00:40:19.000 --> 00:40:19.280
<v Speaker 2>for that.

709
00:40:20.360 --> 00:40:21.440
<v Speaker 1>You know, many of these.

710
00:40:21.239 --> 00:40:25.760
<v Speaker 2>Mining companies have been looking at AI high performance compute,

711
00:40:26.239 --> 00:40:30.880
<v Speaker 2>and our facility is just situated exceptionally well, if it

712
00:40:30.920 --> 00:40:33.280
<v Speaker 2>would make sense to do that, We've.

713
00:40:33.119 --> 00:40:35.639
<v Speaker 1>Already got you know, water.

714
00:40:35.159 --> 00:40:38.199
<v Speaker 2>Cooling infrastructure, We've already got the freshwater pond there, we're

715
00:40:38.280 --> 00:40:42.440
<v Speaker 2>right next to the grid. There's just so many aspects

716
00:40:42.519 --> 00:40:46.000
<v Speaker 2>where it gives us a lot of optionality, and of

717
00:40:46.000 --> 00:40:46.719
<v Speaker 2>course we're going.

718
00:40:46.679 --> 00:40:48.960
<v Speaker 1>To take the route where we think would deliver the

719
00:40:48.960 --> 00:40:49.840
<v Speaker 1>best value.

720
00:40:51.400 --> 00:40:54.280
<v Speaker 3>I mean, that's a ton of stuff, Chris, you guys

721
00:40:54.280 --> 00:40:56.320
<v Speaker 3>are doing a lot, and it's pretty exciting news. And

722
00:40:56.360 --> 00:40:58.239
<v Speaker 3>I wanted to ask a followed question on the State

723
00:40:58.280 --> 00:41:02.280
<v Speaker 3>Street partnership. Can you elaborate a bit on that? Are

724
00:41:02.280 --> 00:41:05.159
<v Speaker 3>they Are you planning to launch different ETFs or doing

725
00:41:05.760 --> 00:41:09.000
<v Speaker 3>additional ETF products or financial instruments.

726
00:41:09.360 --> 00:41:11.920
<v Speaker 2>Yeah, so we are in a blackout period right now,

727
00:41:12.079 --> 00:41:16.199
<v Speaker 2>so fortunately I can't really discuss much more than what

728
00:41:16.320 --> 00:41:19.239
<v Speaker 2>was disclosed in the press release that there's, uh, you know,

729
00:41:19.320 --> 00:41:21.639
<v Speaker 2>I think three different products that we plan to launch

730
00:41:23.119 --> 00:41:24.679
<v Speaker 2>probably at the end of Q three.

731
00:41:25.079 --> 00:41:30.119
<v Speaker 3>That's exciting a sup tookenization because we're seeing from like

732
00:41:30.159 --> 00:41:33.480
<v Speaker 3>your old firm, black Rock tokenizing and many others. Is

733
00:41:33.519 --> 00:41:37.880
<v Speaker 3>Galaxy playing to do anything around that? Or even if

734
00:41:38.159 --> 00:41:42.280
<v Speaker 3>you're not specifically tokenizing funds, are you able to trade

735
00:41:42.519 --> 00:41:47.679
<v Speaker 3>with them and do different maybe add supplementary financial services

736
00:41:47.719 --> 00:41:48.239
<v Speaker 3>and so forth.

737
00:41:49.000 --> 00:41:50.800
<v Speaker 1>Yeah, it's something we've been looking at closely.

738
00:41:50.840 --> 00:41:55.039
<v Speaker 2>I mean we've been talking about tokenization ever since last year.

739
00:41:56.320 --> 00:42:01.840
<v Speaker 2>We have a tokenization team. We bought GK eight out

740
00:42:01.880 --> 00:42:04.039
<v Speaker 2>of the Celsius bankruptcy which does a lot of the

741
00:42:04.079 --> 00:42:07.400
<v Speaker 2>custody as well, and there have been a number of

742
00:42:07.400 --> 00:42:10.320
<v Speaker 2>institutions which have approached us about tokenization.

743
00:42:10.960 --> 00:42:12.760
<v Speaker 1>We have publicly said that we're.

744
00:42:12.599 --> 00:42:18.519
<v Speaker 2>Going to be working with DWS in Germany to do

745
00:42:19.639 --> 00:42:22.360
<v Speaker 2>a stable coin at euro based stable coin, so we'll

746
00:42:22.400 --> 00:42:26.320
<v Speaker 2>be doing tokenization in that rounde in terms of fund

747
00:42:26.320 --> 00:42:27.719
<v Speaker 2>products and things like that.

748
00:42:27.800 --> 00:42:27.960
<v Speaker 3>You know.

749
00:42:28.119 --> 00:42:30.840
<v Speaker 2>Coinbase actually just announced the other day that they're doing

750
00:42:30.880 --> 00:42:34.320
<v Speaker 2>a token ises money market. Franklin already had one. You've

751
00:42:34.320 --> 00:42:37.280
<v Speaker 2>got black Rock with theirs, so you're seeing a lot

752
00:42:37.320 --> 00:42:41.039
<v Speaker 2>more interest there. And I look at these as test cases.

753
00:42:41.119 --> 00:42:44.559
<v Speaker 2>They were a little bit easier to do and we're

754
00:42:44.639 --> 00:42:47.920
<v Speaker 2>seeing how they work. But ultimately, what you'd love to

755
00:42:47.960 --> 00:42:50.480
<v Speaker 2>do is to be able to use those assets as

756
00:42:50.480 --> 00:42:55.039
<v Speaker 2>collateral on chain. And once we start being able to

757
00:42:55.159 --> 00:42:59.480
<v Speaker 2>use those type of assets on chain and the use

758
00:42:59.559 --> 00:43:02.960
<v Speaker 2>cases start to really explode from there. I think that's

759
00:43:03.000 --> 00:43:05.719
<v Speaker 2>going to start opening the door for other asset classes

760
00:43:05.760 --> 00:43:07.000
<v Speaker 2>to be tokenized as well.

761
00:43:07.920 --> 00:43:11.960
<v Speaker 3>Yeah, let's follow a question on the stable coin that

762
00:43:12.039 --> 00:43:15.760
<v Speaker 3>you and the folks there are going to help to launch.

763
00:43:16.800 --> 00:43:18.559
<v Speaker 3>Tell us a bit about that, which markets is going

764
00:43:18.599 --> 00:43:22.280
<v Speaker 3>to be available in and in addition, what do you

765
00:43:22.320 --> 00:43:24.000
<v Speaker 3>think about this kind of what I would call the

766
00:43:24.000 --> 00:43:27.559
<v Speaker 3>stable coin wars. It seems like everybody's launching one now,

767
00:43:27.679 --> 00:43:30.880
<v Speaker 3>Ripple the folks at vanak just launch one. What are

768
00:43:30.920 --> 00:43:32.000
<v Speaker 3>your thoughts on everything there?

769
00:43:32.440 --> 00:43:34.960
<v Speaker 1>So I don't think we've actually disclosed the markets that

770
00:43:35.000 --> 00:43:36.679
<v Speaker 1>will be available.

771
00:43:36.119 --> 00:43:41.199
<v Speaker 2>In, but a euro based stable coin, you know, probably

772
00:43:41.239 --> 00:43:45.280
<v Speaker 2>has a decent amount of use cases and practicality, particularly

773
00:43:45.280 --> 00:43:49.039
<v Speaker 2>in the European market. If that's your base currency and

774
00:43:49.119 --> 00:43:52.840
<v Speaker 2>the stable coin wars is going to continue. You know,

775
00:43:53.519 --> 00:43:56.840
<v Speaker 2>it's a great product for the issuer right now because

776
00:43:57.000 --> 00:44:00.719
<v Speaker 2>they're retaining all of the interest and it's been just

777
00:44:00.760 --> 00:44:05.639
<v Speaker 2>a phenomenal money maker for Tether for Circle. So I

778
00:44:05.639 --> 00:44:08.199
<v Speaker 2>think a lot of other institutions are looking at.

779
00:44:08.079 --> 00:44:12.000
<v Speaker 1>That as an opportunity. And you know, when when.

780
00:44:11.840 --> 00:44:16.559
<v Speaker 2>You have institutional investors stepping into the space, finally they

781
00:44:16.559 --> 00:44:20.960
<v Speaker 2>don't know Tether, they do know van K and I

782
00:44:21.039 --> 00:44:24.360
<v Speaker 2>think brand has a big draw there.

783
00:44:25.239 --> 00:44:28.639
<v Speaker 1>You know, I wouldn't be surprised if you see other, you.

784
00:44:28.519 --> 00:44:34.360
<v Speaker 2>Know, brand name institutions look at launching stable points, trying

785
00:44:34.400 --> 00:44:37.400
<v Speaker 2>to sniff out if there's an opportunity to really scale

786
00:44:37.480 --> 00:44:38.519
<v Speaker 2>that up and build it out.

787
00:44:39.920 --> 00:44:42.679
<v Speaker 3>Do you think there's and this may be an obvious question,

788
00:44:42.800 --> 00:44:44.960
<v Speaker 3>but or answered to it, but do you think there

789
00:44:44.960 --> 00:44:47.840
<v Speaker 3>will be eventually be a point where it becomes too

790
00:44:47.880 --> 00:44:51.320
<v Speaker 3>saturated and some folks are going to go out of business,

791
00:44:51.360 --> 00:44:55.000
<v Speaker 3>some consolidation and you know, some of the big whales

792
00:44:55.000 --> 00:44:57.400
<v Speaker 3>buying up the small sharks or things like that.

793
00:44:58.039 --> 00:45:02.719
<v Speaker 2>Yeah, that's what always happened. So that's exactly what my

794
00:45:02.840 --> 00:45:06.280
<v Speaker 2>expectation would be. You know, you really want to scale

795
00:45:06.280 --> 00:45:10.360
<v Speaker 2>that up. It's very much like the asset gathering business,

796
00:45:10.679 --> 00:45:14.519
<v Speaker 2>and when you're sub scale it really just it doesn't

797
00:45:14.559 --> 00:45:18.559
<v Speaker 2>make much sense. So, you know, users don't want to

798
00:45:18.679 --> 00:45:21.440
<v Speaker 2>use a stable coin that doesn't have a lot of volume,

799
00:45:21.480 --> 00:45:23.480
<v Speaker 2>that doesn't have a lot of activity. They tend to

800
00:45:23.559 --> 00:45:27.159
<v Speaker 2>gravitate to the most used stable coins, and I think

801
00:45:27.159 --> 00:45:30.199
<v Speaker 2>that's one of the reasons that USDT has been so successful,

802
00:45:30.559 --> 00:45:33.480
<v Speaker 2>and even USDC to a certain extent, Although the regional

803
00:45:33.480 --> 00:45:36.719
<v Speaker 2>banking crisis was a bit of a blow there. But

804
00:45:37.320 --> 00:45:40.800
<v Speaker 2>you know, people who are trading on chain, the pairs

805
00:45:40.800 --> 00:45:41.840
<v Speaker 2>that they're trading.

806
00:45:41.519 --> 00:45:43.960
<v Speaker 1>With are U, S, D T or USDC.

807
00:45:44.880 --> 00:45:47.280
<v Speaker 2>You can still find some pairs in some of the

808
00:45:47.480 --> 00:45:52.360
<v Speaker 2>other stable coins, but you know, the liquidity pairs the

809
00:45:52.480 --> 00:45:54.960
<v Speaker 2>LPs that you see in some of the trading protocols,

810
00:45:55.000 --> 00:45:58.039
<v Speaker 2>it's just it's much different than the liquidity you can

811
00:45:58.039 --> 00:45:59.760
<v Speaker 2>find with those other two stables.

812
00:46:00.360 --> 00:46:03.119
<v Speaker 3>Mm hmm, Chris. I got some wrap up questions here

813
00:46:03.199 --> 00:46:06.159
<v Speaker 3>for you. First, if you could create your own metaverse,

814
00:46:06.199 --> 00:46:07.039
<v Speaker 3>what would the theme be.

815
00:46:09.880 --> 00:46:10.840
<v Speaker 1>My own metaverse?

816
00:46:13.559 --> 00:46:17.559
<v Speaker 3>Where would you put your opals on and go to goodness?

817
00:46:17.599 --> 00:46:24.199
<v Speaker 1>Gracious, I don't know. I'm gonna have to think on

818
00:46:24.280 --> 00:46:24.679
<v Speaker 1>this one.

819
00:46:25.719 --> 00:46:29.719
<v Speaker 2>I you know, I like horror movies, so I could

820
00:46:29.719 --> 00:46:32.639
<v Speaker 2>think of something funny as as like, you know, Friday

821
00:46:32.719 --> 00:46:37.480
<v Speaker 2>the thirteen metaverse where you're constantly trying to avoid Jason.

822
00:46:37.719 --> 00:46:43.119
<v Speaker 3>Jason. You know, I'm a horror movie fan too, and

823
00:46:43.159 --> 00:46:46.480
<v Speaker 3>it would actually be pretty interesting and you have maybe

824
00:46:46.559 --> 00:46:52.159
<v Speaker 3>the uh, even though it's kind of corny, you kind

825
00:46:52.159 --> 00:46:59.000
<v Speaker 3>of maybe have the Jason the theme. Scary music, okay,

826
00:46:59.079 --> 00:47:01.159
<v Speaker 3>rapid fire? Question, favorite food.

827
00:47:02.719 --> 00:47:03.360
<v Speaker 1>French fries.

828
00:47:03.960 --> 00:47:05.559
<v Speaker 3>A favorite musician or band.

829
00:47:07.559 --> 00:47:10.960
<v Speaker 2>It changes right now. I listen to a lot of

830
00:47:11.039 --> 00:47:11.760
<v Speaker 2>rufus to soul.

831
00:47:12.960 --> 00:47:18.320
<v Speaker 1>Favorite movie, Oh, I have like a top five list there.

832
00:47:22.800 --> 00:47:27.559
<v Speaker 3>Probably Jaws, M classic favorite book.

833
00:47:29.280 --> 00:47:31.719
<v Speaker 1>The entire Game of Thrones series, love them. M.

834
00:47:32.599 --> 00:47:34.440
<v Speaker 3>And when you're not working at Galaxy, what are you

835
00:47:34.480 --> 00:47:35.079
<v Speaker 3>doing for fun?

836
00:47:36.360 --> 00:47:38.239
<v Speaker 1>I spent a lot of time with my family. I

837
00:47:38.280 --> 00:47:42.679
<v Speaker 1>have two girls and a wife, and I have a

838
00:47:42.679 --> 00:47:44.639
<v Speaker 1>lot of fun with them.

839
00:47:44.760 --> 00:47:47.920
<v Speaker 3>Chris Pleasure chatting with you. You guys said Galaxy, you're

840
00:47:47.920 --> 00:47:51.480
<v Speaker 3>doing some amazing things and looking forward to you know,

841
00:47:51.519 --> 00:47:54.559
<v Speaker 3>the releases are on State Street and all these different things.

842
00:47:54.559 --> 00:47:55.880
<v Speaker 3>But thank you so much for joining me.

843
00:47:56.559 --> 00:47:57.880
<v Speaker 1>Yeah, I appreciate you having it.

844
00:48:04.360 --> 00:48:09.320
<v Speaker 2>Pak Past Tak