They should have been the equity options group, you would think, but little punchy Chicago came and grabbed it from them in, what was it, '73?

Yeah.

Yeah, '73.

And, and yeah, I think if you c- if you kinda take a step back and, and you go even farther back, um, you know, Chicago was really, and, and, and the derivatives community here in Chicago has really had its identity around hedging, risk transfer, and that was really a function of, if I go back to, um, you know, mid-19th century with the creation of the Board of Trade.

Um, so a function of the contracts that the Board of Trade, you know, first introduced were really, you know, call it agricultural hedging vehicles, and that was just because Chicago was between, you know, call it the railroads and the waterways, and it acted as a primary hub for connecting the Midwest agriculture production with the global markets.

And so, as I said, you know, Board of Trade came about in 1848 and really introduced, uh, a standardized forward contract which ultimately evolved into what you, you know, what everybody calls today as futures contracts.

And so, you know, this institutionalized hedging, um, allowed producers and buyers the ability to lock in prices, you know, manage uncertainty around crop production, um, and it provided that, you know, standardization around, call it, quality of contract, quantity, delivery time, location.

Yeah.

What are you hearing and what are you seeing on the institutional crypto demand front right now? Are they still intrigued by these assets? Are they a little put off by some of the spookier headlines? What are you hearing out there?

No, I would argue they're still very intrigued.

And I think that demand feels like it'll continue to grow.

I just looked at what was the launch of Morgan Stanley's spot Bitcoin ETF not that long ago.

I think they had 30 million in day one inflows.

And this just reinforces kind of what I was talking about, that sense of a traditional investor adding exposure gradually.

And so i think that's an important way to look at it is it's it's becoming a bigger and bigger and bigger asset class as it grows it can be a good diversifier um and i think you'll continue to see that and i think as you continue to see that you'll continue to see institutions that want to be able to to have it as an offering for for their clients And if you don't have it as an offering, you're almost kind of left out.

Why haven't we announced that yet? Why haven't we seen that yet?