00:00I just want you to get to weigh in on what we've seen with the price action since the beginning of
00:05October. You've been in the state in the space for quite a while. You've seen your share of
00:08so-called crypto winters. Is that where we are right now? Yeah, look, this is this is not where
00:15I think any of us expected to be. I've actually been on record over the past few weeks saying I
00:20didn't think we would see the return of the typical four year cycle. And I've never said that on
00:26record before. And yet somehow here here we are. And I'm struggling to understand if we've
00:32kind of turned it into a bit of a self-fulfilling prophecy in the industry. We expect the four
00:38year cycle to repeat. And so so part of kind of those of us that have been around a long time are
00:44taking selling action as a result of it. And I'm still very bullish on the indicators that we're
00:51seeing coming out of the market. I don't see anything structural that should should suggest
00:55we tip into a typical bear cycle. And so really confusing, I would say, from where we were sitting
01:03a few weeks ago. But to Tim's point, if we are in another crypto winter, it's not like we haven't
01:08been there before because we've seen crypto and Bitcoin specifically recover dramatically. Let's
01:13take a look at this chart, which really highlights that this is, you know, it's very confusing. But
01:18the gist of it is that money supply surged as people were stuck in home during the pandemic with
01:23their stimulus checks. And so a lot of money had to find homes. Where did they go? They went to
01:28unprofitable tech stocks. That's a white line. Neem stocks, the yellow line, Bitcoin, the blue line.
01:33Now, that bubble deflated in 2022. But Bitcoin, you can see the blue line there, recovered and then
01:38consistently made new highs. Bitcoin was down 55 percent in 2021, recovered. It was down 77 percent in
01:45late 2021 to late 2022. And it recovered. So given the price action that we've seen just in the last
01:51two years alone, Jamie, I'm wondering if there is a dramatic pullback that's sustainable. I mean,
01:57how deep could that pullback get, do you think, before it eventually comes back? Because that is
02:02a track record that we've seen in the past. Yeah, I mean, it's interesting. We dipped under 90 overnight
02:07and we've seen a lot of people step in and buying. You had the chart up. We're
02:12almost back to 94 this morning. Lots of protection, as was noted earlier, being put in
02:19at the 80, 85K level. But again, we continue to see really positive news coming out. The news from
02:26Harvard earlier this week, we've got digital asset treasury companies that haven't yet closed.
02:33Therefore, they haven't funded and they haven't started deploying into digital assets.
02:38Stimulus checks potentially on the horizon, which could mimic some of the activities
02:42that we saw during COVID, which you just alluded to. So again, from where I'm sitting, I'm still
02:49very optimistic about what we're going to see opening in 2026. I wonder also if the government
02:55shutdown plays a role in the declines that we've seen in crypto. I mean, we certainly see it in risky
03:01assets overall. But the shutdown kind of put a stop to whatever momentum crypto did have.
03:07Yeah, absolutely. And anyone that's that has been in pipeline with the SEC, obviously, that's that's
03:13created delays for for deals coming to market in in one of the most active capital markets times of
03:20the year being being that that October, November season. So certainly momentum plays into a lot of
03:26things here. I think obviously we're in a risk off period. Lots of lots of data we need to see from
03:31the government with with with them back to work, which which could material materially change sentiment in
03:38a in a pretty short order. Jamie, I want to talk a little bit about mining, because you used to be CEO of
03:43Hutt 8. You created one of North America's largest digital asset platforms at Hutt 8. Hutt 8 is now part of related to
03:52American Bitcoin that Eric Trump company that is not just a minor but a Bitcoin accumulator. I spoke to Eric Trump last
04:01week about mining because something that's interesting that's been happening recently is that some of these mining
04:08companies are pivoting. And what they're doing is they're providing infrastructure to generate computing power for AI
04:13applications. Eric Trump told us last week that he's not going to do that at American Bitcoin. They're going to keep
04:20mining Bitcoin. Are these companies that are that are going all in on AI and moving away from mining
04:25Bitcoin? Are they going to regret that?
04:29Look, it's hard to predict the future. I think Eric sitting in a particularly luxurious position being part of the
04:36Hutt 8 family. Hutt 8 obviously had had started that transition back in 2022 when they made the acquisition under my
04:44leadership of AI leadership of a data center company and continuing to kind of double down
04:50on their on their efforts as we've seen to get to move into the high performance computing space. So I think within that
04:56portfolio, they they really have kind of the best of both worlds. And and broadly as a as a theme, we just have to
05:04think about what the best use or ROI is on the source of energy or on the electron. And I think I think companies that do that well and and can really pivot
05:14between the benefits of Bitcoin mining and and what that means from an interrupt or interruptible power perspective versus HPC workloads, which which are dedicated
05:26drains on the power system. I think I think we're going to see really innovative things and solutions coming from companies that can bridge or pivot
05:32between these worlds in this in this insatiable race for power.
05:38So, Jamie, before we let you go, just give us kind of an overview of where things are with Reserve one now that the government is open again and companies can move forward with capital raising.
05:48What's the plan for Reserve one? Are you looking to list in 2026?
05:52So, yes, we are. We're in process. We we announced a number of weeks ago that we had confidentially filed our S4.
05:59So looking to to get the deal closed at this point, it will likely be in in Q1 of 2026.
06:06And as as we've discussed publicly, we we raised our pipe back in July. Funding doesn't occur until the transaction closes.
06:13So it'll be at that time that we deploy into digital assets. And it'll be interesting where where we are in the cycle.
06:21At what point we can deploy and where that that purchasing power will net out.
06:26But obviously very excited to to get the deal closed here and and get the team continuing to work and build.
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