Is it changing? Do you see from the data that maybe Bitcoin is attracting a different investor now two years into these products?

Yeah, there's been a sort of steady evolution over the history of this.

When it first launched, it was 80% end investors direct.

And quarter by quarter, that mix has shifted to be more institutional and more wealth advisory, where today it's about 50% end investors and about 50% insti and wealth.

And part of that's been supported by just a steady progression of approvals that this has gotten on the largest bank wealth advisory platforms in the world and non-bank wealth advisory platforms too, of course.

I think a lot of people don't realize that that took – in the fastest case, about a year for the first large platform to get to be able to approve for advisors to put their clients in iBit.

And many of the largest are still coming through, and they're really pretty indifferent to price direction.

How do you think about how that market has performed, how it's held up against expectations?

Talk to me about why this product is the right next evolution for Bitcoin funds.

Sure.

Well, this is, uh, part of our broader crypto ETF suite, obviously.

And, uh, Bitcoin continues to be front of mind for, uh, lots of our clients, even through the, the downturn that, uh, has happened the last eight months.

And what this product does is enables you to generate an income yield on top of, uh, Bitcoin exposure.

And so we've had lots of clients who've maybe been open to Bitcoin, but they've been hesitant 'cause maybe they're, uh, very yield focused and Bitcoin doesn't intrinsically pay a yield, or they're a little bit more conservative.

So what this does is enables that generation of yield and also dampens the volatility a little bit.

Talk to me about the type of investor this product is for.

Talk to me about why this product is the right next evolution for Bitcoin funds.

Sure.

Well, this is, uh, part of our broader crypto ETF suite, obviously, and, uh, Bitcoin continues to be front of mind for, uh, lots of our clients, even through the, the downturn that, uh, has happened the last eight months.

And what this product does is enables you to generate an income yield on top of, uh, Bitcoin exposure.

And so we've had lots of clients who've maybe been open to Bitcoin, but they've been hesitant 'cause maybe they're, uh, very yield focused and Bitcoin doesn't intrinsically pay a yield, or they're a little bit more conservative.

So what this does is enables that generation of yield, and also dampens the volatility a little bit.

Talk to me about the type of investor this product is for.

Well, we think it's gonna appeal to, uh, a number of different segments, just as IBIT has been, uh, tremendously popular across the investor spectrum.

Where does it fit in a diversified portfolio?

Well, that's probably the single biggest question that we get from clients on the topic today.

Part of why it's such an interesting question is there's a bunch of dualities when it comes to Bitcoin and thinking about it as an investment.

On the one hand, it's clearly a risky asset on a standalone basis, right? It's still relatively novel technology.

It's volatile.

On the other hand, it has a very unique set of properties that give it, I would say, a distinct set of long-term risk and return drivers from just about anything else in your portfolio, right? It's global.

It's non-sovereign.

Is it mostly a conversation about Bitcoin and Ethereum, or is it starting to broaden out?

Why was it so successful?

Well, it had a lot of things converging at the right time for it, right? The pent-up demand that had existed for many years to be able to access Bitcoin in a convenient turnkey low-cost exposure vehicle was substantial.

That was true for retail.

It was especially true for financial advisors and for institutions.

so you had this moment where all of a sudden access got unlocked to the entire of mainstream finance and it coincided with the fact that bitcoin is an asset you know obviously we're in a uh less positive moment right now but but is a asset that has massive resonance with all kinds of people all kinds of investors all over the world and you put those two together and it was somewhat unprecedented in terms of the the strength of the adoption and even today obviously bitcoin is down by almost 50 from the peak but if you measure uh funds post launch and we're now two years and a month after uh ibid launched it's still by far the largest etf in history even after this pullback after two years

Are they calling you up, Robby, what the hell? You promised me debasement, you know? Bitcoin goes up.

Yeah, so I think that it's a really interesting moment because narratives are so important in this space.

and i think the fundamentals of bitcoin is this global emerging monetary alternative right that is scarce decentralized digitally native that exists outside of any one country's political economic fiscal monetary risk factors that that is an incredibly intriguing and important innovation in the world that has, I think, a significant amount of adoption trajectory to come, right? But then you have just a...