- 2 weeks ago
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00:00If you have a one to two day trade horizon, then investing in crypto.
00:05is a challenging thing to do.
00:07A lot of the speculative money in the last.
00:10month or so has been going into gold, you see silver trading as a.
00:15meme coin, literally trading as a meme coin that you haven't seen in almost.
00:20So a lot of the speculative money that you would typically see go to crypto.
00:25You're seeing go to commodities.
00:26I think I would tell investors to take a longer term view.
00:30.
00:33.
00:34.
00:35.
00:35.
00:35.
00:37.
00:38.
00:57.
00:58.
00:58.
00:58.
00:59.
00:59.
01:04to seeing a little bit of sun
01:06hopefully soon
01:07Joseph let's talk
01:09let's talk about what we're seeing
01:11in the markets this morning
01:12not a lot of move
01:14they're looking a little bit shaky
01:16talk to me about how you're watching Bitcoin
01:19and ETH price action
01:21sure I take less of a day-to-day view
01:23and just
01:24take a step back
01:25and ask myself
01:26with all the positive news
01:29that you've seen
01:30around industry tailwinds
01:32for the Ethereum
01:34you
01:34ecosystem
01:34and frankly
01:35for crypto in general
01:37tokenization
01:38stablecoin
01:39more DeFi activity
01:41I think we need to explain
01:43why we're not seeing
01:44price action
01:44again
01:45we're in some ways
01:46some of the best news
01:48we've seen
01:49in years
01:49and I think the way to explain it
01:51is
01:52we are in a period of
01:54both geopolitical
01:55and macro uncertainty
01:56the macro
01:58setup
01:59is actually stealing wind
02:01from the sales
02:02from all this great news
02:04that we would expect
02:05to be reflected in Bitcoin
02:06and ETH's
02:07price
02:08and
02:09I think
02:09what you're starting to see
02:11especially in Bitcoin
02:12is it's always been the leader
02:14but if you look closely
02:15we've been seeing
02:16some of the OGs
02:18sell
02:19and sometimes sell
02:20in very large blocks
02:22partially because of concern
02:24around quantum proof
02:26and
02:27you haven't seen
02:28the movement
02:28you would expect
02:29in Bitcoin
02:29and ETH
02:30given both
02:31the market uncertainty
02:32and some
02:33old
02:34holders
02:34selling
02:35which we hadn't seen
02:36in quite a while
02:37let's talk a little bit
02:38about that
02:39we have
02:39retail investors
02:40watching on the sidelines
02:41we're seeing
02:41big whales
02:42sell
02:43I think we saw
02:44it
02:44just this morning
02:45that there is
02:46a whale
02:46that's moved
02:46$145 million
02:48worth of ETH
02:49to a centralized exchange
02:50we're seeing gold
02:52hit new highs
02:53for that reason
02:54retail investor
02:54that's watching this
02:55they're thinking
02:56should I follow
02:57these whale wallets
02:58should I
02:59be selling
02:59should I be worried
03:00about quantum
03:01should I rather
03:02be looking at gold
03:03as a safe
03:04pavement asset
03:04what would you tell them
03:05I would tell them
03:07if you have a
03:07one to two day
03:08trade horizon
03:09then investing
03:11in crypto
03:11is a challenging
03:12thing to do
03:13all
03:14a lot of the speculative
03:15money in the last
03:16month or so
03:17has been going
03:18into gold
03:19you see silver
03:20trading as a meme
03:22coin
03:22literally trading
03:24as a
03:24meme coin
03:24that you haven't
03:25seen in almost
03:26a generation
03:27so a lot of the
03:28speculative money
03:29that you would
03:29typically see
03:30go to crypto
03:31you're seeing
03:32go to commodities
03:33I think I would
03:34tell it
03:34investors
03:34to take a longer
03:36term view
03:36actually people
03:37in crypto
03:38have done better
03:39by buying and holding
03:40when you have a
03:41thesis
03:41than in day
03:43trading
03:43and I think
03:44you
03:44the news
03:44that I would
03:45ask them
03:45to focus
03:46on is
03:47you're starting
03:48to see
03:49the largest financial
03:50institutions
03:51in the world
03:52who own trillions
03:53and trillions
03:54of dollars
03:54of assets
03:55not just hint
03:56not just give
03:57breadcrumb
03:58they are in
03:59announcing at the
04:00top of their
04:01lungs
04:01that all assets
04:03are going to be
04:03tokenized
04:04and it's going to
04:05happen on digital
04:06rails
04:06and if you've
04:07seen the
04:07announcements
04:08from the likes
04:09of
04:09of Blackrock
04:10and Bank of New York
04:11and Goldman Sachs
04:12and others
04:13it's happening
04:13on a
04:14Ethereum
04:14so the tailwinds
04:16for the Ethereum
04:17ecosystem
04:17have frankly
04:18never been
04:19stronger
04:19Davos last week
04:21you can argue
04:22was dominated
04:23by two topics
04:24Davos last week
04:24Greenland and crypto
04:25but on the crypto
04:27front
04:27you heard Larry
04:28think
04:29and Blackrock
04:29essentially say
04:30all assets
04:32will be tokenized
04:33and they had
04:34a
04:34beautiful slide
04:35that essentially
04:36posited
04:37with a very
04:37strong conviction
04:38that Ethereum
04:39will be that
04:40toll road
04:41for tokenization
04:42so I would
04:42say to your
04:43investors
04:43don't focus
04:44on the daily
04:45actually invest
04:46where the puck
04:48is
04:48going
04:48and the macro
04:49is telling
04:50you
04:50to invest
04:51in tokenization
04:52stable coins
04:53and you
04:53can
04:53get
04:53that
04:54exposure
04:54from
04:55Ethereum
04:55I want
04:56to talk
04:56about
04:57that
04:57a
04:57little
04:57more
04:57in a
04:58second
04:58but I want
04:59to touch
04:59on the comment
04:59you just made
05:00about silver
05:00trading like a
05:01meme coin
05:02what do you
05:02mean by that
05:03I think
05:04in long term
05:07trends
05:07when you have
05:08geopolitical risk
05:09when there's
05:09worried
05:10worries about
05:11war
05:12breakdown
05:13of norms
05:14and you're
05:14starting to see
05:15potentially
05:16breakdown
05:16of norms
05:17with
05:17real
05:17poll
05:18politic
05:18gold
05:19has been
05:20always
05:20the
05:20first
05:21price
05:21mover
05:22and you
05:23seen gold
05:23almost double
05:24in the last
05:25year and a
05:26half
05:26but very
05:27quickly
05:28when speculative
05:28money comes
05:29in
05:29it's often
05:30silver
05:31that attracts
05:32the
05:33faster
05:33money
05:33and has
05:34a
05:34faster
05:34price
05:35movement
05:35and you're
05:36seeing that
05:36you're
05:37seeing
05:37the
05:38I would
05:38say
05:38the
05:38lesser
05:39quality
05:39commodity
05:40trade
05:41up
05:41because
05:42that's
05:42where
05:43the
05:43speculation
05:43is
05:44going
05:44let's
05:45come
05:45back
05:45to
05:46the
05:46ethereum
05:47ecosystem
05:48my question
05:48for you
05:49has to
05:49do
05:50with
05:50the
05:50ethereum
05:51versus
05:51solana
05:52narrative
05:52we've
05:53heard
05:53a lot
05:53of
05:53folks
05:53come
05:54out
05:54and
05:54say
05:54solana
05:55is
05:55the
05:55chain
05:55for
05:56wall
05:56street
05:56I
05:56know
05:57that
05:57from
05:58your
05:58writing
05:58and
05:58hearing
05:59you
05:59speak
05:59in
05:59various
06:00different
06:00outlets
06:01from
06:02your
06:02perspective
06:02ethereum
06:03as the
06:03chain
06:03that's
06:03going
06:03to
06:04power
06:04wall
06:04street
06:05talk
06:05to
06:05me
06:05a
06:06little
06:06bit
06:06about
06:06that
06:07competition
06:08is there
06:08room
06:08for
06:08both
06:09and
06:09if
06:10not
06:10what
06:11makes
06:11ethereum
06:11the
06:11better
06:11chain
06:12sure
06:13I
06:13won't
06:13share
06:13my
06:13perspectives
06:14maybe
06:14I'll
06:14just
06:15share
06:15facts
06:16so
06:16the
06:16fact
06:17is
06:17that
06:18ethereum
06:18has
06:19been
06:19around
06:19for
06:1910
06:20years
06:20it's
06:21the
06:21security
06:21pure
06:21trusted
06:22and
06:22liquid
06:23ecosystem
06:24and
06:24I
06:24talk
06:24about
06:25both
06:25the
06:26layer
06:26one
06:26mainnet
06:27as
06:27well
06:27as
06:28the
06:28long
06:29set
06:29of
06:29layer
06:29twos
06:30who
06:30help
06:30do
06:30that
06:31roll
06:31up
06:31strategy
06:32Solana
06:33has
06:33been
06:33fast
06:33and
06:34cheap
06:34but
06:35it
06:35has
06:35not
06:35been
06:35secure
06:36it
06:37has
06:37had
06:37downtime
06:38and
06:38I
06:39think
06:39what
06:39you're
06:39going
06:39to
06:39end
06:39up
06:40seeing
06:40and
06:40you're
06:40seeing
06:40it
06:41now
06:41is
06:41the
06:41real
06:42institutions
06:42who
06:42care
06:43only
06:43about
06:43three
06:44things
06:44trust
06:45security
06:46and
06:46liquidity
06:46they're
06:47building
06:48on
06:48Ethereum
06:48for
06:49high
06:49value
06:50projects
06:50where
06:51you're
06:51talking
06:52about
06:52moving
06:52money
06:53tokenizing
06:54assets
06:54representing
06:55ownership
06:56it's
06:56happening
06:57on
06:57Ethereum
06:57more
06:57than
06:5865%
06:59of
07:00stable
07:00coins
07:00and
07:01token
07:01assets
07:01are
07:02happening
07:02there
07:0210x
07:04what
07:04you
07:04see
07:04on
07:04Solana
07:05I
07:05do
07:06think
07:06there's
07:06a
07:06role
07:06for
07:07cheap
07:07fast
07:08less
07:09secure
07:09chains
07:10and
07:10I
07:10think
07:10Solana
07:10will
07:11wait
07:11in
07:11in
07:12the
07:12meme
07:12coin
07:12maybe
07:13the
07:13gaming
07:13space
07:14where
07:14actually
07:15security
07:15matters
07:16a lot
07:16less
07:16and
07:17speed
07:17matters
07:18more
07:18so
07:19it's
07:19not
07:19my
07:19perspective
07:20it's
07:20what
07:20you're
07:20seeing
07:21in
07:21the
07:21industry
07:21Ethereum
07:22leads
07:23in
07:23high
07:23quality
07:24assets
07:24in
07:25DeFi
07:26token
07:26and
07:26stable
07:27coins
07:27by
07:28a
07:28factor
07:28of
07:2910
07:29to
07:291
07:29over
07:30Solana
07:31and
07:31that
07:31gap
07:32is
07:32only
07:32getting
07:32larger
07:33it's
07:33not
07:33my
07:34perspective
07:34people
07:35are
07:35voting
07:36with
07:36their
07:36feet
07:37coming
07:38back
07:38to
07:38what
07:38we
07:38were
07:38speaking
07:39about
07:39earlier
07:40when
07:40do
07:40you
07:40think
07:41the
07:41price
07:42of
07:42ETH
07:42starts
07:43to
07:43catch
07:43up
07:43with
07:44the
07:44action
07:45we're
07:45seeing
07:46on
07:46the
07:46chain
07:47and
07:47the
07:47total
07:47value
07:48locked
07:48I
07:49think
07:49the
07:49TVL
07:50in
07:50action
07:50is
07:51there
07:51and
07:51I
07:52think
07:52we're
07:52at
07:52the
07:52early
07:53stages
07:53we
07:54started
07:55in
07:55tokenization
07:56by
07:56individual
07:57funds
07:57when
07:57I
07:57was
07:58at
07:58BlackRock
07:58we
07:58tokenized
07:59the
07:59largest
07:59fund
08:00in
08:00the
08:00world
08:00called
08:01Biddle
08:01I
08:02think
08:02you're
08:02going
08:02to
08:02stop
08:03seeing
08:03individual
08:04funds
08:04and
08:04stocks
08:05being
08:05tokenized
08:06you're
08:06going
08:06to
08:06see
08:07fund
08:07complexes
08:08platforms
08:09be
08:09tokenized
08:10you know
08:10and
08:10that
08:11is
08:11what's
08:11really
08:11exciting
08:12because
08:12you're
08:13going
08:13to
08:13take
08:13things
08:13that
08:14have
08:14taken
08:14years
08:15to
08:15grow
08:15to
08:1530
08:16billion
08:16of
08:16tokenized
08:17RWA
08:17potentially
08:18go to
08:19trillions
08:19in the
08:20next
08:20year
08:20because
08:21of
08:21that
08:21I
08:22think
08:22we
08:23need
08:23to
08:23get
08:23through
08:23this
08:24macro
08:24uncertainty
08:25and
08:26markets
08:27some
08:27of
08:28it
08:28is
08:28the
08:28geopolitical
08:29risk
08:29some
08:30of
08:30it
08:30has
08:30been
08:30a
08:30rotation
08:31to
08:31speculation
08:32on
08:32AI
08:32I
08:33think
08:33we're
08:34going
08:34to
08:34see
08:34that
08:34happen
08:35in
08:35the
08:36next
08:36month
08:36or
08:36two
08:37typically
08:38when
08:38you've
08:38seen
08:39drawdowns
08:39it
08:40takes
08:40three
08:40or
08:40four
08:40months
08:41to
08:41get
08:41leverage
08:42out
08:42of
08:42the
08:42system
08:43that
08:43started
08:44on
08:44October
08:4410th
08:45with
08:45the
08:45consolidation
08:46day
08:47we're
08:48about
08:48three
08:48months
08:49past
08:49that
08:49and
08:50in
08:50historical
08:50cycle
08:51you
08:52start
08:52seeing
08:52the
08:52uptrend
08:53after
08:53that's
08:54been
08:54worked
08:54through
08:54and
08:55I
08:55think
08:55the
08:55macro
08:56tailwinds
08:57the
08:57stories
08:58the
08:58adoption
08:59is
08:59there
09:00we
09:00just
09:00need
09:01to
09:01get
09:01through
09:01some
09:02of
09:02this
09:02geopolitical
09:03risk
09:03and
09:04general
09:04markets
09:04uncertainty
09:06something
09:06else
09:06everyone
09:07is
09:07talking
09:07about
09:07of
09:08course
09:08is
09:08market
09:09structure
09:09legislation
09:10in
09:10the
09:10United
09:10States
09:11How are
09:13you
09:13looking
09:14at
09:15market
09:15structure
09:16what if
09:17it
09:17doesn't
09:17pass
09:17before
09:18midterms
09:18is
09:19that
09:19going
09:19to
09:19have
09:20a
09:20dynamic
09:21effect
09:21do
09:21you
09:21think
09:22on
09:22Bitcoin
09:23and
09:23Ethereum
09:23or
09:24do
09:24you
09:24think
09:24it's
09:24going
09:24to
09:24be
09:25business
09:25as
09:25usual
09:26builders
09:26will
09:26continue
09:27building
09:27value
09:28will
09:28continue
09:29accruing
09:29on
09:29both
09:29chains
09:30I
09:31think
09:31you
09:31have
09:31a
09:31lot
09:31of
09:32clarity
09:32already
09:32even
09:33though
09:33the
09:33clarity
09:34act
09:34hasn't
09:34passed
09:35you
09:35have
09:35favorable
09:36government
09:36actions
09:37we've
09:38seen
09:38enforcement
09:39actions
09:39go
09:39down
09:40there's
09:40a
09:40very
09:40clear
09:41path
09:41I
09:42think
09:43the
09:43market
09:43is
09:43already
09:44building
09:44in
09:45the
09:45fact
09:45that
09:45it's
09:45going
09:45to
09:46pass
09:46whether
09:46it
09:46happens
09:47in
09:47February
09:47or
09:48it
09:48happens
09:48in
09:49July
09:49I
09:50think
09:50fundamentally
09:51it's
09:51being
09:51built
09:51into
09:52the
09:52system
09:52builders
09:53are
09:53there
09:54the
09:54VCs
09:55are
09:55back
09:56but
09:56I
09:56don't
09:57think
09:57that
09:58I
09:58think
09:58it's
09:59going
09:59to
09:59have
09:59more
09:59of
10:00an
10:00impact
10:00on
10:01the
10:01wind
10:01and
10:01losers
10:02within
10:02the
10:02ecosystem
10:03which
10:04are
10:04going
10:04to
10:04be
10:04the
10:05intermediaries
10:06who
10:06benefit
10:06more
10:07than
10:07others
10:07but
10:08I
10:08think
10:08overall
10:09the
10:09path
10:10and
10:10the
10:10tailwind
10:11on
10:11regulatory
10:11clarity
10:12is
10:12already
10:12here
10:13and
10:13you're
10:14seeing
10:14that
10:14like
10:15you're
10:15seeing
10:16that
10:16because
10:16the
10:16largest
10:17institutions
10:18in the
10:18world
10:18who
10:19control
10:19700
10:20trillion
10:21of
10:22assets
10:22are
10:23already
10:23starting
10:24to
10:24build
10:24into
10:24this
10:25ecosystem
10:25and
10:25they're
10:26making
10:26long-term
10:26bets
10:27because
10:27they
10:28know
10:28it's
10:28going
10:29to
10:29pass
10:29it's
10:29less
10:30of
10:30an
10:30issue
10:30if
10:30it
10:30passes
10:31this
10:31quarter
10:31or
10:31next
10:32you
10:33mentioned
10:33quantum
10:34a few
10:34minutes
10:34ago
10:35and
10:35I
10:35want
10:35to
10:35unpack
10:36that
10:36a little
10:36bit
10:36with
10:36you
10:37quantum
10:38and
10:38AI
10:38are
10:39being
10:39seen
10:40as
10:40threats
10:41to
10:41crypto
10:41ecosystems
10:42for
10:43similar
10:43reasons
10:44let's
10:45start
10:45with
10:45quantum
10:46how
10:46is
10:47Ethereum
10:47preparing
10:49I guess
10:50for
10:51the
10:51threat
10:51posed
10:52by
10:52quantum
10:53computing
10:53sure
10:55look
10:55I
10:56think
10:56if
10:56you
10:57looked
10:57back
10:57two
10:57years
10:58ago
10:58people
10:59thought
10:59that
10:59quantum
11:00would
11:01really
11:01come
11:01in
11:022035
11:03and
11:03I
11:04think
11:04there's
11:04a
11:04reality
11:04that
11:05with
11:05recent
11:06advances
11:06and
11:07with
11:07AI
11:07the
11:07quantum
11:08generation
11:09is
11:10going
11:10to
11:10happen
11:10much
11:10quicker
11:11on
11:11Friday
11:12the
11:12Ethereum
11:13foundation
11:13did
11:14something
11:14amazing
11:15they
11:15clarified
11:16their
11:16action
11:17plan
11:17on
11:17quantum
11:18resistance
11:18they
11:19are
11:19in
11:19the
11:19pole
11:20position
11:20to
11:21be
11:21the
11:21first
11:21and
11:22maybe
11:22the
11:23only
11:23decentralized
11:24quantum
11:25resistant
11:25infrastructure
11:26you
11:27would
11:27have
11:27seen
11:27Justin
11:28Drake
11:28announced
11:29they
11:29have
11:29a
11:29new
11:29post
11:30quantum
11:30team
11:31that's
11:31meeting
11:32on
11:32a
11:32periodic
11:32basis
11:33they
11:33formalized
11:34publicly
11:35their
11:35plans
11:36and
11:36more
11:37than
11:37any
11:38other
11:38blockchain
11:39or
11:40network
11:41Ethereum
11:42has
11:42a
11:43track
11:43record
11:43for
11:43over
11:4410
11:44years
11:44of
11:45delivering
11:45multiple
11:47major
11:47releases
11:48and
11:49we
11:49have
11:49a
11:49lot
11:49of
11:50confidence
11:50that
11:50that
11:50will
11:51happen
11:51much
11:52more
11:52than
11:52what
11:52you're
11:53seeing
11:53in
11:53Bitcoin
11:53and
11:54Solana
11:54with
11:55respect
11:55to
11:56AI
11:56I
11:56actually
11:57don't
11:57see
11:58it
11:58as
11:58a
11:58threat
11:59I
11:59actually
11:59see
12:00it
12:00as
12:00a
12:00macro
12:01tailwind
12:02and
12:02what
12:02do
12:02I
12:03mean
12:03by
12:03that
12:03if
12:03you
12:03take
12:04a
12:04step
12:04back
12:04AI
12:05has
12:06been
12:06something
12:07that
12:07has
12:07been
12:08introduced
12:08in
12:082025
12:09introduced
12:10to
12:11generalized
12:11enterprise
12:12software
12:12I
12:13think
12:13what
12:14you're
12:14going
12:14to
12:14start
12:14seeing
12:15this
12:15year
12:16is
12:16task
12:17specific
12:17agents
12:18not only
12:19operate
12:19in the
12:20crypto
12:20ecosystem
12:21but operate
12:22in conjunction
12:22with
12:23one
12:23another
12:23and
12:24I
12:24think
12:24what
12:25you're
12:25going
12:25to
12:25potentially
12:26see
12:26is
12:27because
12:28everyone
12:28will
12:29have
12:29a
12:29digital
12:29twin
12:30of
12:30their
12:30wallet
12:31you're
12:31going
12:31to
12:32see
12:32three
12:32or
12:32four
12:32phenomenon
12:33that
12:33we've
12:33never
12:34seen
12:34before
12:34in
12:35finance
12:36and
12:36let
12:36me
12:36share
12:36what
12:37those
12:37are
12:37with
12:37these
12:38agenda
12:38capabilities
12:39being
12:39coordinated
12:40on
12:40your
12:40behalf
12:41you're
12:41going
12:41to
12:42start
12:42seeing
12:42yourself
12:43as
12:43almost
12:43having
12:44an
12:44asset
12:44manager
12:45in
12:45your
12:45wallet
12:46the
12:47idea
12:47that
12:47you
12:47can
12:47give
12:48these
12:48agentic
12:48agents
12:49constraints
12:51like
12:51yield
12:52and
12:52risk
12:52and
12:53tolerance
12:54and
12:54they
12:54can
12:54rebalance
12:55portfolios
12:56you're
12:57going
12:57to
12:57start
12:57seeing
12:58automated
12:58market
12:59making
12:59happening
13:00from
13:01wallets
13:01in
13:02a
13:02way
13:02that
13:02humans
13:03have
13:03to
13:03do
13:03themselves
13:04and
13:04I
13:04think
13:04what's
13:05most
13:05interesting
13:06is
13:06this
13:07agentic
13:07capability
13:08what we
13:09call
13:09an
13:09agentic
13:09Ethereum
13:10economy
13:11is
13:11going
13:12to
13:12start
13:12allowing
13:12people
13:13to
13:13participate
13:14in
13:14DeFi
13:14in
13:15ways
13:15that
13:15they've
13:16not
13:16never
13:16done
13:16before
13:17having
13:17your
13:18wallet
13:18or
13:19your
13:19app
13:19essentially
13:20rebalance
13:21your
13:21staking
13:21look
13:22for
13:22yield
13:23restake
13:24and
13:25essentially
13:25operate
13:26a
13:26little
13:26bit
13:26more
13:27autonomously
13:28it's
13:29how
13:29people
13:29in
13:30traditional
13:30finance
13:31will
13:31seek
13:31returns
13:32and
13:32you're
13:32going
13:32to
13:33start
13:33seeing
13:33in
13:33crypto
13:34what's
13:34really
13:35positive
13:35about
13:36this
13:36is
13:36you're
13:36going
13:36to
13:36start
13:36seeing
13:37transaction
13:37volumes
13:38go up
13:38massively
13:39and
13:40more
13:41of
13:41the
13:41activity
13:42from
13:42DeFi
13:42happen
13:43on
13:43networks
13:44like
13:44Ethereum
13:45and
13:45that's
13:45very
13:46positive
13:46both
13:47for
13:47TVL
13:48and
13:48transaction
13:49counts
13:49that
13:50you're
13:50going
13:50to
13:50see
13:50on
13:51Ethereum
13:51so
13:51rather
13:51than
13:52a
13:52threat
13:52I
13:53see
13:53agentic
13:54as
13:54one
13:54of
13:54the
13:54tailwinds
13:55and
13:55you'll
13:55see
13:56if
14:01list
14:01agentic
14:02protocol
14:02on
14:02Ethereum
14:03that
14:04I
14:04think
14:04is
14:04going
14:04to
14:04build
14:04a
14:05new
14:05type
14:05of
14:06machine
14:06economy
14:07on
14:07Ethereum
14:08that
14:08we've
14:08never
14:08seen
14:09before
14:09so
14:09I
14:10think
14:10we're
14:10at
14:10the
14:10early
14:10stage
14:11of
14:11the
14:11transformation
14:12of
14:12finance
14:13and
14:13this
14:14idea
14:14that
14:14agentic
14:15agents
14:15can
14:15help
14:16individual
14:16investors
14:17do
14:18their
14:18investing
14:18better
14:19for
14:19them
14:19than
14:19they've
14:19ever
14:20done
14:20before
14:21I've
14:21heard
14:21a
14:21lot
14:21of
14:22people
14:22say
14:22that
14:22in
14:22a
14:22way
14:23maybe
14:23crypto
14:23wasn't
14:24developed
14:25for
14:25humans
14:26maybe
14:26it
14:26was
14:26developed
14:27for
14:27AI
14:27and
14:28that's
14:28what's
14:28going
14:28to
14:28bring
14:30us
14:30this
14:30billion
14:31years
14:31that
14:31everyone
14:31has
14:32been
14:32talking
14:32about
14:32for
14:33the
14:33last
14:33five
14:34or
14:34so
14:34years
14:35do
14:35you
14:35agree
14:36I do
14:37and I
14:37think
14:37we're
14:37underestimating
14:38it
14:38you know
14:39we've
14:39been
14:39talking
14:39about
14:40AI
14:40and
14:41crypto
14:41for
14:42a
14:42very
14:43long
14:43time
14:43but
14:43there's
14:44a
14:44great
14:44quote
14:44from
14:45Bill
14:45Gates
14:45that
14:45we
14:46often
14:46overestimate
14:47what's
14:47going
14:48to
14:48happen
14:48with
14:48teams
14:49or
14:49technology
14:50in
14:50a
14:50year
14:51but
14:56we've
14:57been
14:57building
14:57this
14:58and
14:58I
14:58think
14:58we've
14:58been
14:58overestimating
14:59it
14:59in
15:00the
15:00short
15:00run
15:00now
15:01is
15:01the
15:01time
15:01we're
15:02going
15:02to
15:02start
15:02seeing
15:02massive
15:03adoption
15:04of
15:05decentralized
15:05rail
15:06and
15:07I
15:07think
15:07you're
15:07going
15:07to
15:07end
15:07up
15:08seeing
15:08both
15:08traditional
15:09institutions
15:10and
15:10individual
15:10users
15:11rely
15:12on
15:12these
15:13decentralized
15:13rails
15:14and
15:15agenta
15:15capabilities
15:16in
15:17ways
15:17that
15:17they
15:17never
15:18anticipated
15:18it
15:19might
15:19start
15:19in
15:19their
15:20consumer
15:20life
15:21but
15:21it's
15:21certainly
15:21coming
15:22very
15:22quickly
15:23in
15:23their
15:23financial
15:24lives
15:24and
15:25I
15:25think
15:25it's
15:25going
15:25to
15:25be
15:26step
15:26function
15:27advance
15:27in
15:27how
15:27money
15:28is
15:28moved
15:29and
15:29how
15:29people
15:30interact
15:30with
15:30their
15:31money
15:31over
15:32what
15:32we've
15:32seen
15:32which
15:33was
15:33stagnant
15:34change
15:34over
15:34a
15:35couple
15:35of
15:35generations
15:36so
15:36I'm
15:36bullish
15:37and
15:37I
15:37think
15:37we're
15:38underestimating
15:38the
15:39impact
15:39and
15:39it's
15:40going
15:40to
15:40bring
15:40a
15:40lot
15:40of
15:40prosperity
15:41when
15:42I
15:42mentioned
15:43AI
15:43as
15:43a
15:43threat
15:44some
15:44folks
15:44have
15:44told
15:45me
15:45that
15:45AI
15:46allows
15:47folks
15:47who
15:47previously
15:48weren't
15:48able
15:49to
15:49act
15:49as
15:49developers
15:50do
15:51that
15:51giving
15:52them
15:52the
15:52tools
15:52to
15:52potentially
15:53break
15:53smart
15:53contracts
15:54or
15:54break
15:55different
15:55crypto
15:55ecosystems
15:56it
15:56sounds
15:57like
15:58maybe
15:58that's
15:59something
16:00that
16:00is
16:00not
16:01going
16:01to
16:01affect
16:01Ethereum
16:02or
16:02how
16:02are
16:02you
16:03do
16:03you
16:03think
16:03about
16:04that
16:04we
16:04do
16:05I
16:05think
16:05quantum
16:05in
16:06the
16:06long
16:06run
16:06is
16:06the
16:07bigger
16:07threat
16:07and
16:07we
16:07are
16:07quite
16:08relieved
16:09and
16:09excited
16:09that
16:09Ethereum
16:10and
16:10Ethereum
16:11foundation
16:11is
16:11going
16:12to
16:12take
16:12the
16:12leading
16:12role
16:13I
16:14think
16:14what's
16:14interesting
16:15is
16:15you
16:15can
16:15make
16:16an
16:16argument
16:16that
16:16AI
16:17can
16:17potentially
16:18beat
16:18mechanisms
16:19as
16:19you
16:20said
16:20but
16:21AI
16:21can
16:21do
16:21things
16:22that
16:22we've
16:22never
16:22done
16:23before
16:23which
16:23is
16:23monitor
16:24smart
16:25contracts
16:25in
16:26real
16:26time
16:26for
16:27flaws
16:27to
16:28actually
16:28play
16:29a
16:29defensive
16:29role
16:30as
16:30well
16:30so
16:31I
16:31think
16:31it's
16:32going
16:32to
16:32bring
16:32good
16:32and
16:32bad
16:33I
16:33think
16:33the
16:34ecosystem
16:34will
16:35stay
16:35ahead
16:35of
16:35it
16:36but
16:36I
16:37think
16:37it's
16:37more
16:37likely
16:38that
16:38you're
16:39protected
16:39in
16:39each
16:40way
16:40decentralized
16:40trusted
16:41ecosystem
16:42like
16:42Ethereum
16:43than
16:43you
16:44are
16:44in
16:44traditional
16:44rails
16:45where
16:45you
16:45rely
16:46on
16:46humans
16:46and
16:47centralized
16:48silo
16:48technology
16:49to
16:50try
16:50to
16:50protect
16:50you
16:51Ethereum
16:51is
16:51seeing
16:52something
16:52remarkable
16:53right
16:53now
16:53which
16:54is
16:54the
16:55likes
16:55of
16:55BitMine
16:56and
16:56Sharpling
16:56the
16:57largest
16:57corporate
16:58holders
16:58of
16:58Ethereum
16:59are
17:00staking
17:00at
17:00Ethereum
17:01at
17:01a
17:01scale
17:01that
17:02they've
17:02never
17:02seen
17:02before
17:03and
17:03that's
17:04adding
17:04significant
17:05economic
17:05security
17:06to
17:06the
17:06network
17:07you're
17:07not
17:07seeing
17:08that
17:08in
17:08Solana
17:09And I
17:09think
17:09this
17:10is
17:10going
17:10to
17:10be
17:10a
17:10really
17:11positive
17:11force
17:12and
17:12when
17:13institutions
17:13start
17:14buying
17:14Ether
17:14to
17:15secure
17:15their
17:15transactions
17:16on
17:16chain
17:17it's
17:17going
17:17to
17:17provide
17:18even
17:18more
17:18staked
17:19security
17:20so
17:20this
17:20is
17:21a
17:21self
17:21reinforcing
17:22positive
17:22flywheel
17:23and
17:24we're
17:24quite
17:24bullish
17:24that
17:25now
17:25is
17:25the
17:25time
17:26to
17:26enter
17:26this
17:27space
17:27All
17:28right
17:28let's
17:28talk
17:28about
17:28Sharpling
17:29second
17:30largest
17:30corporate
17:30holder
17:31of
17:31Ethereum
17:32talk
17:32to
17:33us
17:33about
17:33your
17:33strategy
17:34as we
17:34get
17:34deeper
17:35into
17:352026
17:36Sure
17:36I
17:37think
17:37last
17:38summer
17:39you
17:39saw
17:39the
17:40treasury
17:40the
17:40digital
17:41asset
17:41treasury
17:41space
17:42explode
17:42across
17:43Bitcoin
17:43Ether
17:44Solana
17:45and
17:45other
17:45chains
17:46that
17:46was
17:47that
17:47first
17:47phase
17:47of
17:48formation
17:48and
17:49initial
17:49capital
17:49gathering
17:50we
17:50raised
17:51a
17:51little
17:51over
17:52$3
17:52billion
17:52but
17:53we
17:53built
17:54the
17:54most
17:55institutional
17:55team
17:56of
17:57any
17:57debt
17:57and
17:58I
17:58would
17:58say
17:58we
17:58are
17:58the
17:59most
17:59focused
18:00of
18:00any
18:00of
18:01the
18:01digital
18:01asset
18:01treasuries
18:02in the
18:02Ethereum
18:03space
18:03because
18:04we're
18:04run
18:05by
18:05people
18:05who
18:05have
18:05traditional
18:06finance
18:06backgrounds
18:07who
18:07came
18:08from
18:08crypto
18:08as
18:09well
18:09who
18:09understand
18:10risk
18:10management
18:10and
18:11we've
18:11been
18:11staking
18:12100%
18:14nearly
18:14of
18:15our
18:15ETH
18:15from
18:16foundation
18:17because
18:17ETH
18:18is
18:18a
18:18productive
18:18asset
18:19unlike
18:19Bitcoin
18:20you
18:20need
18:21to
18:21be
18:21putting
18:21it
18:21to
18:22work
18:22earn
18:22that
18:232.5%
18:23to
18:233.5%
18:24yield
18:25we've
18:26also
18:26been
18:27innovating
18:27in
18:28this
18:28space
18:28we
18:28like
18:29to
18:29think
18:29of
18:29ourselves
18:29as
18:30pioneers
18:30while
18:31others
18:32have
18:32either
18:32not
18:33been
18:33staking
18:33or
18:33just
18:34earning
18:34the
18:35native
18:35staking
18:35yield
18:36we've
18:36been
18:37composed
18:37of
18:38institutional
18:39DeFi
18:39solutions
18:40to
18:40drive
18:41even
18:41more
18:41returns
18:42to
18:43our
18:43investors
18:43we
18:44announced
18:44earlier
18:45this
18:45month
18:46that
18:46we
18:47are
18:46deployed
18:48$170
18:49million
18:49of
18:50our
18:50ETH
18:50the
18:51largest
18:51public
18:52company
18:52deployment
18:53into
18:53DeFi
18:54in
18:55conjunction
18:55with
18:56consensus
18:56the
18:57linear
18:57chain
18:58EtherFi
18:59and
18:59Eigencloud
19:00to
19:01essentially
19:01do
19:02restaking
19:03capabilities
19:04on
19:04chain
19:04earn
19:05incentives
19:06beyond
19:06the
19:06yield
19:07rate
19:07but
19:08we
19:08did
19:08something
19:08that
19:09no
19:09one
19:09had
19:09done
19:09before
19:09as
19:10a
19:10public
19:10company
19:10keep
19:11this
19:11DeFi
19:12investment
19:13within
19:14a
19:14qualified
19:15custodian
19:15at
19:16Anchorage
19:16so think
19:17about
19:17what
19:17we're
19:17doing
19:18we're
19:18allowing
19:18investors
19:19to
19:19get
19:19DeFi
19:20level
19:20yields
19:21all
19:21key
19:21keeping
19:22it
19:22within
19:22the
19:22protection
19:23of
19:23a
19:23regulated
19:24custodian
19:24had
19:25never
19:25been
19:25done
19:25before
19:26and
19:26that's
19:26part
19:27of
19:27what
19:27we're
19:27trying
19:28to
19:28do
19:28to
19:28pioneer
19:28extend
19:30into
19:30DeFi
19:31but
19:31not
19:31take
19:32the
19:32risks
19:33that
19:33you
19:33would
19:33see
19:33in
19:34a
19:34Web3
19:34wallet
19:34so
19:35we're
19:35quite
19:35excited
19:35this
19:36is
19:36great
19:36for
19:37investors
19:37you
19:38mentioned
19:39digital
19:39asset
19:39treasuries
19:40really
19:40kind
19:40of
19:41took
19:41over
19:41the
19:41spotlight
19:41last
19:42year
19:42heading
19:43into
19:432026
19:44it
19:44feels
19:44like
19:44some
19:45of
19:45the
19:45air
19:45has
19:45been
19:45sucked
19:46from
19:46the
19:46room
19:47of
19:47course
19:47there
19:47are
19:48strategies
19:48like
19:48the
19:48one
19:49that
19:49you
19:49just
19:49outlined
19:50that
19:50are
19:50showing
19:51some
19:51innovation
19:51when it
19:52comes
19:52to
19:52some
19:52of
19:52these
19:52digital
19:53asset
19:53treasuries
19:54I
19:54have
19:54to
19:54ask
19:55you
19:55I
19:55was
19:55listening
19:55to
19:56Anthony
19:56Scaramucci
19:56podcast
19:57recently
19:58Mike
19:58Novogratz
19:59was
19:59on
19:59there
19:59he
20:00said
20:00he
20:00thinks
20:00that
20:00a lot
20:01of
20:01these
20:01digital
20:01assets
20:01treasuries
20:02are
20:02going
20:02to
20:02be
20:02trading
20:03below
20:03their
20:03net
20:03asset
20:04value
20:04unless
20:05they
20:06can
20:06come
20:06up
20:06with
20:07some
20:07real
20:07business
20:08operations
20:08how
20:09do
20:09you
20:10respond
20:10to
20:10that
20:11and
20:11can
20:11you
20:11tell
20:11us
20:11a
20:12little
20:12bit
20:12more
20:12about
20:13the
20:13sustainability
20:14of
20:14Sharplink
20:15what
20:15are
20:15those
20:15business
20:16operations
20:16that
20:16are
20:17going
20:17to
20:17take
20:17you
20:17beyond
20:182026
20:19and
20:19bring
20:19investors
20:19the
20:20value
20:20that
20:20they're
20:20expecting
20:21sure
20:22so
20:22i said
20:22the
20:22first
20:23phase
20:23is
20:23formation
20:24you
20:24had
20:24to
20:24do
20:24it
20:25right
20:25many
20:25deaths
20:26did
20:26not
20:27form
20:28with
20:28the
20:28right
20:28teams
20:28or
20:29the
20:29right
20:29incentives
20:29second
20:30is
20:31you
20:31have
20:31to
20:31make
20:31your
20:32ETH
20:32productive
20:32and
20:33we've
20:33been
20:34doing
20:34that
20:34the
20:35beautiful
20:35thing
20:36about
20:36having
20:36permanent
20:37capital
20:37and
20:38what
20:38do
20:38I
20:38mean
20:38by
20:38that
20:39we
20:39have
20:39a
20:40clean
20:40balance
20:40sheet
20:40we
20:41are
20:41not
20:41a
20:42fund
20:42where
20:42you
20:42have
20:43daily
20:43liquidity
20:43we're
20:44just
20:44a
20:44stock
20:44that
20:44you
20:45can
20:45buy
20:45and
20:45sell
20:45every
20:46day
20:46the
20:47billions
20:47of
20:48dollars
20:48of
20:48ETH
20:48we
20:48own
20:49we
20:49take
20:49a
20:49decade
20:50long
20:50approach
20:51to
20:51making
20:51productive
20:52and
20:53so
20:53our
20:54plans
20:54are
20:55to
20:55do
20:55two
20:55things
20:56one
20:56is
20:56to
20:56take
20:57that
20:57certainty
20:58into
20:59the
20:59ecosystem
21:00and
21:01offer
21:01them
21:01these
21:02protocols
21:03multi-year
21:04locks
21:05to
21:06allow
21:06them
21:07to
21:07grow
21:07their
21:08protocol
21:08knowing
21:09that
21:09they
21:09can
21:10use
21:10our
21:10ETH
21:11in
21:11a
21:11productive
21:11manner
21:12crypto
21:13has
21:13never
21:13seen
21:13permanent
21:14capital
21:14and
21:15that's
21:15a
21:15really
21:15good
21:16thing
21:16second
21:17because
21:17of
21:17our
21:17strategic
21:18partnership
21:18with
21:19consensus
21:19and
21:20having
21:20Joe
21:20Lubin
21:20on
21:20our
21:21board
21:21we
21:22now
21:22have
21:22entree
21:23to
21:23some
21:24of
21:24the
21:24newest
21:24and
21:24smartest
21:25protocols
21:25and
21:26we
21:26will
21:26find
21:27some
21:27of
21:27them
21:28who
21:28will
21:28give
21:28us
21:29token
21:29value
21:29which
21:30could
21:302x
21:315x
21:3110x
21:32because
21:33we're
21:33early
21:33into
21:34the
21:34new
21:34institutional
21:35DeFi
21:35cycle
21:36and
21:36then
21:37without
21:37sharing
21:38anything
21:38that
21:38I
21:39shouldn't
21:39as
21:39a
21:39public
21:39company
21:40CEO
21:40we
21:41will
21:41build
21:42operations
21:43and
21:44businesses
21:45in
21:45the
21:45Ethereum
21:46ecosystem
21:46that
21:47will
21:47kick
21:48off
21:48ETH
21:49denominated
21:50revenue
21:50so
21:50it
21:50becomes
21:51a
21:51virtuous
21:52cycle
21:52that
21:53said
21:53we
21:54have
21:54to
21:54recognize
21:54that
21:55the
21:55valuations
21:56have
21:56consolidated
21:57I
21:57think
21:58in
21:58the
21:58long
21:58run
21:59they
21:59will
21:59mean
21:59revert
22:00because
22:01if
22:01you
22:01own
22:01billions
22:02of
22:02dollars
22:02of
22:02ETH
22:03you're
22:03generating
22:03staking
22:04revenue
22:04and
22:04you
22:04can
22:05build
22:05ETH
22:06denominated
22:06businesses
22:07I
22:07think
22:08public
22:08markets
22:08will
22:09reward
22:09that
22:09so
22:10we're
22:10built
22:10for
22:11upside
22:11cycles
22:11and
22:11down
22:12cycles
22:12because
22:13we
22:13have
22:13permanent
22:14capital
22:14and
22:15a
22:15really
22:15great
22:16institution
22:16management
22:17team
22:17who
22:17understands
22:18both
22:18opportunities
22:19and
22:19risk
22:20so
22:20we're
22:20bullish
22:21on
22:21sector
22:21even
22:22though
22:22right
22:22now
22:23we're
22:23in
22:23a
22:23bit
22:23of
22:23a
22:23consolidation
22:24phase
22:24and
22:25just
22:26last
22:26thing
22:26I
22:26know
22:27that
22:27you
22:27recently
22:28outlined
22:28four
22:29reasons
22:29why
22:29you
22:30think
22:30ETH's
22:30total
22:30value
22:31locked
22:31is
22:31going
22:31to
22:3210x
22:32this
22:32year
22:32I
22:33think
22:33we
22:33hit
22:33all
22:33of
22:33them
22:34during
22:34our
22:35interview
22:35but
22:35you
22:35have
22:36a
22:36price
22:36target
22:36by
22:37end
22:37of
22:37year
22:37I
22:38don't
22:38have
22:38a
22:38price
22:39target
22:39I'll
22:39let
22:39others
22:40tell
22:40us
22:40where
22:41the
22:41price
22:41of
22:42silver
22:42gold
22:43ETH
22:43Bitcoin
22:44are
22:44going
22:44in
22:44the
22:44next
22:44month
22:45I
22:45have
22:45a
22:46very
22:46strong
22:46macro
22:47view
22:47that
22:48the
22:48more
22:49activity
22:49that
22:50is
22:50coming
22:50to
22:50the
22:50Ethereum
22:51ecosystem
22:52the
22:52L1
22:52and
22:52L2
22:53will
22:54drive
22:54demand
22:55for
22:55Ether
22:56and
22:56drive
22:56the
22:57price
22:57of
22:57Ether
22:57up
22:58I
22:58can't
22:59tell
22:59you
22:59whether
22:59we're
23:00going
23:00to
23:00get
23:00out
23:00of
23:00this
23:01bit
23:01of
23:01a
23:01consolidated
23:02period
23:03this
23:03month
23:04or
23:04next
23:04month
23:04but
23:05I'm
23:05sharing
23:05with
23:06you
23:06if
23:06you're
23:06a
23:06long
23:06term
23:07investor
23:07and
23:07you
23:07believe
23:08that
23:08decentralized
23:10rails
23:10are
23:10going
23:11to
23:11rewrite
23:11the
23:12Wall
23:12Street
23:12market
23:13structure
23:13now
23:14is
23:14the
23:14time
23:15to
23:15be
23:15owning
23:15Ether
23:16at
23:16the
23:16price
23:16and
23:17Sharp
23:17Link
23:17offers
23:18that
23:18really
23:19smart
23:19exposure
23:20vehicle
23:20without
23:21management
23:21fee
23:22that
23:22you
23:22see
23:22in
23:23the
23:23ETF
23:23now
23:24is
23:24a
23:24great
23:24time
23:25to
23:25enter
23:25this
23:26especially
23:26since
23:27the
23:27price
23:27seems
23:28to
23:28be
23:28poised
23:29for
23:29an
23:30increase
23:30but
23:30I'll
23:30allow
23:31other
23:31who
23:32are
23:32wonderful
23:32builders
23:33and
23:33speculators
23:34to
23:34pick
23:34the
23:35price
23:35for
23:35next
23:35week
23:35I
23:36don't
23:36know
23:36what
23:36it
23:36is
23:37I
23:37know
23:37the
23:37price
23:37will
23:38be
23:38higher
23:38quarters
23:39from
23:39now
23:39Joseph
23:41thanks
23:41so much
23:41for
23:41joining
23:42the
23:42show
23:42Jen
23:43thanks
23:43for
23:44having
23:44me
23:44stay
23:44warm
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