00:00So talk to us about why this specific blend, 75 percent, the S&P 500 and 25 percent Bitcoin.
00:08Thank you, Katie. Sure. In 2024, when this launched, Bitcoin had an up year and it's instead of 24, 25 percent in the S&P 500, BBB did 39 percent.
00:21So you got an extra 14 percent by having the blend. Conversely, last year when Bitcoin had a down year, instead of being down 7 percent, BBB was up over 10 percent.
00:33So the methodology is sitting there for investors that are Bitcoin hesitant, crypto hesitant.
00:39They know it's there. They know it's an asset class they need to jump into, but they need a better structure, a little safer structure, more familiar for them to jump in.
00:47And I think the first people into Bitcoin came in over the last 15 years, plus years, and then they didn't care that it was an unregulated market.
00:55Last year, the regulated people came in and now you have the Bitcoin hesitant.
00:59So that's the reason for the 75, 25 methodology is just to provide a more stable base.
01:06But you have the crypto power. It's like a starter investment for people who are just exploring crypto.
01:12Why Bitcoin futures and not Bitcoin itself as the 25 percent?
01:17You know, we are converting to spot next week on this product.
01:22So we are moving over to spot. Initially, we didn't want to take the custody risk.
01:27We felt like there was a lot of single company risk with Coinbase having the vast majority of all the coins.
01:36And we didn't mind the tracking error from from from the futures market.
01:41But as we moved forward and as we're launching four new ETFs are scheduled to launch shortly here with the same 75, 25 methodology,
01:50we decided as a company we wanted to move to the spot spacing and not have to worry about the tracking error from the futures.
01:57And so you think about when you launched the ETF at the end of 2023, it was a much different world when it comes to, you know,
02:05the average investors socialization, education and acceptance of crypto.
02:10Now in 2026, just the start of 2026, do you think that there's still a need for this fund to sort of, you know,
02:18have this sort of handholding type relationship with people getting this crypto exposure?
02:24Sure. We're still early. I think if you look at if you look at the Wall Street in terms of 100 trillion dollars,
02:30about three trillion dollars has come into the crypto space.
02:33So essentially you have you have 97 million, 97 trillion dollars that are still sitting there.
02:40And there's a good chunk of that money that's going to continue to migrate into into the crypto space.
02:46So I think they they're the Bitcoin hesitant and actually the third wave.
02:51I see the first two waves as as being the unregulated wave, the regulated wave.
02:56And now that third wave is the Bitcoin hesitant, which I think a majority of those happen to be financial advisers who take a little bit longer to warm up to a new asset class.
03:06But their gatekeepers are 30 trillion in assets.
03:08So I think from a fiduciary risk standpoint and helping clients get in for the long run, we believe Bitcoin's headed to a million dollars over the next decade.
03:18So that's the long term play we want.
03:20We want our shareholders to be able to take part in that.
03:23And we think giving them that the S&P base is the smart play to do that.
03:30Very quickly, Michael, would you consider using Ether, like launching an ETF where Ether would be part of the 25 percent instead of Bitcoin?
03:38Yes, we are.
03:39And so we filed four new ETFs.
03:41They're set to launch shortly here, which is I'm imagining why I'm on today.
03:45But you will see we have a 7525 ETH, 7525 Solana, 7525 XRP, and then a 7525 Crypto Top 10.
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