Lay them out

... look, the m- the main thing that I always think of when I look at Bitcoin is if it doesn't go down on bad news, that's a really good sign.

And that's basically what we got the entire 47-year range that we were looking at over the last few months, is that everything that, all the news that came out that coulda sent it lower, didn't.

I mean, Michael Saylor basically almost blowing up on Stretch didn't send Bitcoin lower.

We tagged 58.

We were back above 60 in a few days.

You had all of these, all of these things happen in the markets, like the memory trade imploding.

Bitcoin goes up, you know, 20% in a week, and all of a sudden it's a hedge, it's digital gold, it's debasement, which we've been saying the whole time, and it literally just reminds us that the only thing that really matters for Bitcoin marketing is higher prices.

Well, what is the thesis on Hyperliquid?

So the thesis on Hyperliquid is quite simple.

It's that the financialization of the world is here.

People are trading everything now.

People are trading, people are trading the weather.

People are, uh, punting on Korean stocks.

[chuckles] People are punting on US eq- single, single name equities more than ever, and what you want is you want an easy way to be able to do that.

Do you think that, uh, Strategy and, uh, Stretch, their, uh, preferred equity are sustainable? Or are you worried that there could be some implosion?

Can you talk about your outlook for Solana, especially into the unlocks happening around March?

Yeah, I think basically what's happened is that Solana has pretty dramatically underperformed during this rally, right? And there's a huge amount of estate Solana that is going to be unlocked in March that a lot of people have already, I mean, basically it's all been sold.

It's all pre-bought.

And the largest buyers for this Solana have been people that were looking at this as an arbitrage, right? Like I get to buy this thing at a, at a big discount.

And if it goes up, I get to lock in prices.

And so then the big question is, at what point do they start to lock in? And what's been happening is that they have been forward selling Solana over the last, call it two months, ever since Bitcoin made its huge rally post-Trump, because they're locking in some pretty massive profits.

And that's contributing in a huge way to the you know, underperformance from Solana.

Hell, yeah.