What Trump’s First 100 Days Will Do To Bitcoin (Uncut) 01-23-2025

What Trump’s First 100 Days Will Do To Bitcoin, Cryptos | Galaxy’s Steve Kurz

If we’re talking about a year, something like 150,000 is a more reasonable target. The real question is going to be, does the macro align with the adoption? It could go higher than that, but I think that’s going to happen over many years and Bitcoin will be much higher than 150,000 in the medium to long term. You could be surprised to the extent that there’s a bullish case for Bitcoin between nation states and corporate treasuries that could be a very healthy market support base for the coming year.

I’m pleased to welcome to the show, Steve Kurtz. He is the global head of asset management and one of the founding partners of Galaxy, one of the largest investment management companies in the crypto space in the U.S. and perhaps the world. Welcome to the show, Steve.

Pleasure to host you. Thank you so much for having me. Appreciate it.

Let’s just start right off the bat with what everyone wants to know. Is Bitcoin up or down post-inauguration? Oh, post-inauguration. I think Bitcoin’s probably up.

We’ve already seen the reaction function of Bitcoin to the inflation news this week. I feel like approaching the 100K mark again, this time more organically, is probably healthy. It was a big round number.

We’ve been talking about 100K for a long time. And I think, candidly, there was some selling pressure. And you also had a little bit of the macro at the end of last year, take Bitcoin down leading into the inauguration.

I would be surprised if there wasn’t an executive order that at least pays lip service to things like crypto regulations, perhaps to the Bitcoin Strategic Reserve. And I think that, plus the overall macro setup and the CPI number that we just saw, probably drive Bitcoin higher in the coming weeks. A lot of people have the opinion that Bitcoin is primarily driven, or not primarily, but partly driven by global liquidity conditions, which may partly be influenced by Federal Reserve monetary policy, among other things.

And so one has to watch for monetary policy. Do you think that liquidity conditions will loosen and were tightened in the coming months? Well, I think you’re asking a big question, right? And I would be shocked if you didn’t also see some discussion which ties to liquidity in a different way of yield curve control, right? What Donald Trump needs to figure out, his policies, his stated policies are inherently inflationary. Inflation is not yet under control.

Jerome Powell has stated he’s not going to be influenced by Donald Trump. We’ll see how that plays out. For sure, Donald Trump will want to be replacing him in the future with someone who is in line with rates lower and more liquidity.

So I think there will be a real pressure testing of the Fed under Trump, because Trump will want to have policies like tax cuts that short term, at least, are not making the deficit move in the right direction, no matter what Doge does. So the setup is Doge is going to have a harder time cutting as deeply as they’d like. The policies that Trump’s putting forward are more inflationary.

Inflation is not fully in check. And so there will be a real question about how the Fed decides to act and related, how will Scott Besant under Trump react, irrespective of what the Fed does? I think at the end of the day, there will be increased liquidity. The administration has a lot of power and a big mandate coming in and probably we’ll see liquidity easing as a general bias in the coming months and quarters.

And I think that probably also drives risk assets, but also Bitcoin higher. I want to ask you about Bitcoin and altcoins as well during this interview, but just finishing off on Bitcoin, the argument for higher price and the argument for lower price, the argument for higher price, I think some of it we already talked about. The argument for lower price is that the big news have already been priced in.

Trump’s inauguration, Trump’s election, SEC changing of the guard, more crypto stands, Bitcoin ETFs way back last year. There’s no new news to price in anymore. And so the only thing that investors can do at least in the medium term is to take profits, right? That’s what we can expect.

How would you respond to that? Well, I think it’s a fair point, but I also think that underneath the news and the headlines, there is a market structure that’s very flows driven. Now that cuts both ways. So if you ask me where I think Bitcoin is going to be on a longer term or one or two years, my comment would be it’s probably higher, but less high than others in the crypto community would put out there because the law of large numbers as Bitcoin becomes a one, two and then $3 trillion asset, it simply takes significantly more flows to drive a similar proportionate increase that we’ve seen or have become accustomed to in the past.

So Bitcoin getting to 150K is a lot harder than Bitcoin having gone from 20K to 30K as an example. And so to your point, there are catalysts, but I do think that the supply demand dynamics for Bitcoin and the market structure is actually moving in a very healthy way. I think volatility is going to go lower.

I think there are categorical buyer bases that still have not yet come in. So we’ve seen an incredible result from the Bitcoin ETF. That’s without having had a big portion of the institutional wealth market participating.

And they’re not going to come in with a news headline and they’re not going to come in all at once. But those processes, having watched the last year of track records for the Bitcoin ETFs are finally happening. They’re finally onboarding and proactively selling through their FA networks Bitcoin.

That is a much less sexy Bitcoin catalyst, but it is a very real and steady drumbeat Bitcoin catalyst that I think will surprise people. And then I think you could be surprised to the extent that there is a bullish case for Bitcoin between nation states and corporate treasuries that could be a very healthy market support base for the coming year. Before we continue the video, let me tell you about how important it is to protect your personal data.

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Link down below or scan the QR code here and use the promo code davidlin at checkout to get 20% off of all US plans. Start taking control of your privacy today. Your co-founder, Mike Novogratz, CEO of Galaxy, has in the past made predictions about Bitcoin going to $500,000 in the next bull cycle.

What’s your take on not just his forecast but the outlook for much higher Bitcoin price overall? Can we expect to see another doubling of the price? Or I guess we went from $17,000 in the last trough to $100,000. So, you know, 8x of the price in the coming year or so? Yeah, I don’t expect that in the coming year. To my original point about the market structure of Bitcoin, I view the price as an output.

There’s supply and demand and that’s just an equation. And Hikon 101 prices the output. So the drivers of supply are obvious in Bitcoin.

It’s programmatic and it’s getting smaller and smaller. And it’s really all about adoption and demand. What I’ve always thought is that you have, you know, an end state for Bitcoin that is at much higher prices with much lower volatility.

But the way you get there is in fits and starts. And so from here, I think that, you know, if you’re looking at a one-year time frame, I think a more reasonable, and I’m not, you know, Mike’s the macro guy. I don’t know what his time frame was for that.

You know, in terms of the bull cycle, that could last many years. But for me, if we’re talking about a year, something like $150,000 is a more reasonable target. Again, the law of large numbers.

The real question is going to be, does the macro align with the adoption to your point around, you know, the liquidity meeting the different adoption verticals? It could go higher than that, but it’s going to take hundreds of billions of dollars coming into the space for that to happen. I don’t think that’s happening in one year. I think that’s going to happen over many years.

And Bitcoin will be much higher than $150,000 in the medium to long term. I just think that it’s going to take a little bit more than people expect in terms of the actual dollars that need to buy Bitcoin for that to happen because of how large Bitcoin has become as an asset. There’s an interesting theory or proposition circulating around, which is that bonds could eventually be replaced by Bitcoin in the 60-40 portfolio strategy.

We’re not there yet. But, you know, let’s talk about asset management for cryptos overall and bigger trends. I mean, does it make sense for an asset manager in any industry to be replacing bonds with Bitcoins? Well, I think, you know, I don’t think it’s a binary question, obviously.

Certainly my personal portfolio has been, I would say, light on bonds and heavy on Bitcoin. So I don’t want to be a hypocrite. I want to be clear about my own, you know, my own biases, you know, and there’s reasons for that.

And everyone’s not the same, I think. And I also, you know, I don’t subscribe to this being a Bitcoin only story. I’m not a Bitcoin maximalist, although I do love Bitcoin.

So I think, you know, I view it more in terms of crypto market cap and obviously Bitcoin is both the fastest horse and, you know, the original asset and has some very interesting characteristics. For Bitcoin itself, I think, you know, the valuation framework for me is really where is it relative to gold? And I think the generational turnover that’s happening in the wealth space anyway is going to very much accelerate the timeline on which Bitcoin becomes first 50% of gold and then ultimately 75 and 100% of gold’s market cap. There’s a very strong reason over the next five to 10 years for gold and for Bitcoin to exist.

The degradation of fiat and monetary policy problems and the lack of rationalizing the global financial crisis. Those are all reasons why we got here. I do think the bond market is inherently challenged.

I mentioned this at the outset. I think one of the hardest parts for Trump and for Besson and for Powell is going to be to execute the policies that they want to execute in a world that is now 15 years post the global financial crisis or 16 years post the global financial crisis, but has not done anything to take the medicine. And so the most important thing, and this gets to your question in a long winded way, like where does the 30 year bond go this year? Forget the front end.

The front end of the Fed is going to anchor with Fed funds rate. What happens to the middle and back end of the curve? We’ve already seen it touch 5% and go higher. Every incremental basis point, that’s housing costs that make it prohibitively expensive for people to buy homes, that’s debt servicing costs that are becoming increasingly large percentage of the pie of government spending.

That long end of the curve is a real problem. Now, if you believe that the US government is going to be able to stick the landing and once and for all through Doge and other means actually rationalize the financial crisis, then maybe you shouldn’t be putting a ton of your bond exposure fully into Bitcoin, because maybe bonds will have a really good year from higher levels. If you lose control of the yield curve, however, that’s the story where Bitcoin can go way up.

I don’t think that’s how the allocation framework for institutions around Bitcoin should operate. I think it should start with a couple of percent. I think you should have a strategy beyond just Bitcoin and crypto, given a few themes that I’m sure we’ll talk about.

And I think basically that’s the starting point. This is an interesting development reported by Cointelegraph. Trump reportedly receptive to strategic reserve with other US based cryptos as well.

The New York Post citing unidentified sources reported on Jan 16 that Trump is receptive to the idea of establishing a strategic reserve prioritizing cryptocurrencies, including USD coin, USDC, Solana and XRP. Now, this is not an official statement. Can we expect to see that expand the strategic reserve, expand to other cryptos beyond Bitcoin at a later date? Yeah, I think first of so I think that it is to the extent there is an executive order, I would be surprised if there isn’t something about, let’s call it a Bitcoin strategic reserve.

But I think there’s a huge gap between a strategic reserve that is, you know, basically the Lummis plan, which trades your gold mark and then allows you to buy Bitcoin and use that to sort of synthetically pay down the debt. I don’t think that’s happening on Tuesday. I think what’s happening is Trump will come out and say some version of the US government has whatever it has in terms of sees Bitcoin, 20 billion dollars, something like that at today’s levels.

We’re not going to be selling that, which, by the way, is very different than a week ago when the DOJ said they’re going to sell six and a half billion of Silk Road Bitcoin. So I think just the posture of moving from we’re holding the Bitcoin we have and we’re going to we’re going to explore adding that Bitcoin is a good starting point. In terms of the strategic reserve itself, there’s a couple of first principles questions like, you know, why should the US have a strategic Bitcoin reserve? And does the US strategic Bitcoin reserve necessarily make it seem like we’re too weak with the US dollar or we need something to prop up the dollar? That’s a big question for the government.

I’m not convinced that Trump has decided they’re going to go that far. I’m not sure that it’s a good thing for the US that they do go that far. So that’s a threshold question.

In terms of the other cryptos, there really needs to be more of a framework around this. We also saw some news just hit the tape and it’s happening fast. You know, we’re talking about a sovereign wealth fund in the US.

If in the context of a sovereign wealth fund, that would make a lot more sense, right? You could have an asset allocation that includes multiple cryptos as well as Bitcoin. Very different than having a strategic reserve. I don’t know what the case would be that, you know, pick a coin XRP or Solana would be part strategic reserve.

I do understand Bitcoin. I understand gold. I understand oil.

I think those are different commodities than some of the other tokens. So I really do think the form factor really matters in terms of what’s underlying. And I think that unless we have a broader portfolio like a sovereign wealth fund, it’s probably, you know, it’s understood that Trump will be receptive because, of course, he’s going to be receptive when crypto has been a big part of him getting elected.

I think taking action on that front is probably less likely out of the gates. Stablecoins is also front and center for the administration. Take a look at this Financial Services Post, Wall Street Journal opinion.

Stablecoins can keep the dollar, the world’s reserve currency. Stablecoins aren’t merely a more efficient means of electronic payments, with some economists and policymakers worrying about de-dollarization, the eclipse of the U.S. dollar in the world’s reserve currency. Stablecoins could bolster the post-war arrangement in which the dollar’s dominance helped foster global trade and the biggest reduction in global poverty ever.

This is why the House Financial Services Committee Chairman Patrick McHenry’s bill to regulate stablecoins is vital. What do you, what’s your reaction to the notion that stablecoins will be the path to maintaining dollar dominance in the future? I think it’s a national security imperative. I’ve, you know, I’ve voiced that both publicly and also privately in many of these same rooms.

I think, you know, it’s one of the great travesties of the last administration was that the crypto story, which was told poorly by crypto companies to D.C., admittedly, so there’s some fault to the crypto space as well as to D.C., but it overrode something like this. Like, there’s no argument for why dollar-backed stablecoins shouldn’t exist, why they shouldn’t be embraced. We already have China and other places around the world way ahead of us on this front.

It is self-evident at this point that digital money, digital rails, value transfer across the internet is happening. Why would we not want dollars to travel wherever economic activity travels? It’s almost like silly to talk about. It should have happened a long time ago.

Okay, but why do we need, just on a macro level, why do we as citizens of the Western world need stablecoins? Why does the government care about stablecoins? The government cares about stablecoins for the same reason that the government cares about dollar dominance. Dollar dominance is the bedrock of the U.S. leading in capital markets. Like, it’s everything, right? We as America and our story to the world, if we are not, you know, there’s the seas that you control, and that’s how you allow the world to be free physically and militarily, and then there’s the economic theater.

And the economic theater for the entire last 50 years, longer than 50 years, has been supported by dollar dominance. Dollar dominance exists because commerce lives in dollars. Oil is traded in dollars.

If we see the digital trading and cross-border payments market, because we don’t have dollar stablecoins that are robust and leading in the world, we’ve just marginalized, you know, an important part of the growth of economic activity, and therefore the marginal percentage of the pie that the dollar has historically claimed. And we’ve reduced our effectiveness on a number of different levels, which is why I say it’s a national security imperative. I mean, this article was dated, you know, 2023, so it’s not, you know, a new development.

But the idea that stablecoins will take over the payment system, the question is why? Stablecoins fundamentally are still fiat. It’s just fiat money on the blockchain. Why would the world transition from what we currently have into blockchain-based fiat? Why not use Bitcoin or anything else? I didn’t understand the question.

So it’s because it’s literally both a 10x savings of cost to the current system, and it’s a 10x, more than a 10x savings in speed. So let me just be, let me give you an example. So we have a venture fund in our asset management business, and we’ve made a number of investments in fintech companies.

These aren’t crypto companies. Fintech frontend. They have correspondent banks, they do cross-border payments.

And instead of having a bank or a money transmitter on the back end, they have a stablecoin. And the reason those companies are growing at 30% month-over-month revenues is because they are able to actually settle immediately as opposed to multiple days, which is what the current system does, and they’re able to settle for a fraction of the cost. I mean, we’re talking about dollars, not thousands and thousands of dollars, and in some cases even more than that, and still maintain the same real-world presence through banking relationships and fintech API plugins and that kind of thing.

So stablecoins are just much more efficient, they’re much cheaper, and they’re scalable, and they’re transparent. There’s a ledger, there’s nothing to dislike about stablecoins, and the existing system is very, very fragmented and very, very expensive. And the cross-border payments market is huge, $200 trillion a year globally.

What is Galaxy doing to capitalize on the expanding uses or use cases of stablecoins? Yeah, we’re very active in stablecoins. So in Europe, we’ve got a partnership with DWS, which is the asset manager of Deutsche Bank. And so we’ll be launching the first Baffin-regulated stablecoin, which is the German regulators in Europe, under the new MECA legislation.

So we’re really excited about that. It’s going to be an institutional-grade stablecoin. We are supporting a number of the existing stablecoin projects, either by investing in them through our venture fund, providing liquidity from our trading business, and we are also working on some other projects that I can’t, unfortunately, talk about today.

Maybe another time then, Steve. So what about this emerging trend? Gen Z, 20% of Gen Z alpha, so younger people, see crypto as a retirement alternative. Up to 20% of Gen Z and alphas are open to receiving pensions in cryptocurrency, according to a Jan 16 BitGit research report shared with Cointelegraph.

The emergence of the popularity of cryptos amongst younger people. How is Galaxy positioned to take advantage of this emerging trend? From the first day in 2017, we said this is a global and generational trend. We all lived in traditional finance seats through the financial crisis, the global financial crisis for my generation, the millennial generation was horrific.

It sort of took the story that we were all told growing up and flipped it on its head, and I think millennials were shell-shocked. I think Gen Z is doing something about it. And so I think crypto is something that can uniquely be part of Gen Z’s story and generational narrative, you know, watching millennials not able to buy houses and watching the traditional system not work and the promise not, the social construct and contract that we’ve made break down.

I think crypto is something that can be, you know, their own. And so I think from that perspective, what are we doing about it? We’re building an entire company about it. In addition to our traditional businesses, which are asset management and global markets, we also have a very, very robust crypto infrastructure, digital infrastructure business that is going deeper and deeper into the weeds of the crypto, whether it’s DeFi, whether it’s staking, whether it’s tokenization, those are all, the deeper we go in terms of the emerging on-chain economy, the more in line we are with these long-term trends.

Yeah, I’ve heard comments from many successful business people. If you want to know what the future is like, look at what younger people are doing. But let’s predict what younger people are interested in in terms of the crypto space.

Do you think that if they were to, let’s say, receive pensions in cryptocurrency, which is what this article states, what would they be interested in actually receiving? Is it Bitcoin? Is it some sort of altcoin? Is it stable coins? Is it staked products? Let’s predict what kind of products would be most popular in the next 20 years. I’m laughing because, I’m only laughing because there’s a lot of answers that wouldn’t be appropriate for me to say in terms of the meme and all that. But so I think having choice is good as a starting point.

I also think with all the endearing comments I made about Gen Z, I do think there’s probably going to be some lessons learned over the course of this. So I think the altcoins and the meme coins will, in many cases, end in tears. And then I think they won’t abandon crypto, but I think they’ll come to a more rational framework, which just looks like what sensible, like you said 60-40 earlier, what’s the 60-40 for a Gen Z retirement portfolio? I think it leans a lot more crypto.

But after the lessons of the bull and bear markets, it’s going to look very much like Bitcoin, Ethereum, Solana, certainly staking, probably some ability to be dynamic and rotate. And use DeFi. So some integration of DeFi and TradFi.

And we’re not even talking about AI, right? Like how are you going to, are you going to rebalance your portfolio? You’re probably not going to think too hard about it. You’re just going to be very open about who you want to be, what you identify with. And maybe the AI does all of the tooling for you.

And then you look at it in 10 or 20 years and see where you are. But I think it’s all the above. Galaxy also works a lot with institutional investors.

Tell us about the major changes in institutional sentiments towards crypto in the last 24 months or so. Almost impossible to overstate the change. 24 months ago, I think institutions had broadly written up, written off crypto as dead.

We were coming out of the FTX debacle. We were debanked by the regulators. There was no ETF.

There was no hope, really. And so I think institutions are, if you’re looking at institutions that are participating in the crypto trend, either whether it’s BlackRock or Invesco who we’re partnered with or State Street who we’re partnered with, I think they see that last 24 months as a wild opportunity because so many crypto companies had been debanked so they could go take market share, which we’ve seen happen. So there are those that are capitalizing by literally moving their business in that direction.

There are those that are trading and investing in crypto, which is where Galaxy’s sweet spot is from a markets and asset management business. We have a $6 billion asset manager. I think it’s all about building the right exposure vehicles for those institutions, right? The main issues with institutions have been regulatory, which is in the process of being resolved, diversification, which is in the process of being resolved, although it’s not fully there, and volatility.

And so to the extent that there really hasn’t been participation by the $100 trillion allocator, institutional allocator market, it’s not because they’re not interested in crypto. It’s because those constraints have prevented them from, there’s no product market fit. They can’t put it into their portfolios for all those reasons.

So what we’re focused on is launching an equity hedge fund that’s lower volatility, that fits very naturally with the average hedge fund that they put into their portfolio. Having a venture business that addresses core financial services themes that are happening within crypto, but also crypto adjacent. So it’s not just a myopic crypto view.

That integration is where you’re going to see a lot of new money come into the space, and it’s very different than the mean stuff that we talk about with Gen Z. Why was there a shift in sentiment in the last year and a half? Like you said, half the fall of FTX and a lot of other custodians, like Celsius, for example. Sentiment was abysmal. There was a huge collapse, not just cryptos, but also risk assets overall in 2022.

Nothing really changed substantially from the SEC perspective. We still had the same administration. There were still enforcement action as a priority, and several lawsuits against Ripple, Coinbase, as you know.

Something brought the institutional money back, and it wasn’t just the ETFs for Bitcoin. What was it? It was a couple of big things. So the ETFs were a part of it.

BlackRock being a leader on that was a part of it, admittedly. I think the court cases were significant, right? You had three different court cases in which the SEC was overturned. And so this impulse that the SEC and the regulators are the source of the North Star and the source of truth.

Of course, we all have to live in regulated environments. We’re an SEC-registered RIA. I’m not dismissing that.

But there are chinks in the armor to that when you start to see those court cases work their way through and uniformly go against the SEC in that case. So I think there was a credibility piece there. Time heals some of those wounds.

And then the real shift, candidly, was in D.C. And the shift in D.C. started with two years ago, most of the moderate Democrats had taken money from FTX and Sandbank Manfred. So they were sort of out of the game. They weren’t even poking their heads up.

And it was really the left wing of the Democratic Party that was controlling the narrative in D.C. around crypto. You had a bastion of conservatives that were trying to fight that. But as we got closer to an election year, and importantly, as crypto started to tell its story, both with votes, right? More crypto owners than dog owners, as Novo said on CNBC so eloquently.

And driving the single largest pack in the entire election, right? So crypto voted with its dollars or its Bitcoin and also with its votes. And crypto won. So at some point, there was a real moment that was ETFs, court cases, a bigger social zeitgeist that was unfolding before us.

And then this D.C. shift towards crypto, which Trump was most prominently and opportunistically willing to take the mantle on. But I’m pretty sure that if Kamala had won, we would have also seen some of these legislations that we’ve talked about in crypto being passed in a bipartisan way. I don’t think D.C. is anti-crypto.

And I don’t think that the Dems are anti-crypto. And that really started to happen about a year ago. And so that’s going to really support the long term for crypto in D.C. And that’s why it’s not all about the Trump administration.

Yeah, I actually interviewed SEC Commissioner Hester Person. You know, she shared a similar viewpoint that she would like to see the SEC becoming more crypto neutral, not pro or anti, just neutral instead of just enforcement action over and over again. Well, again, staying inside my securities lane, I think it’s very important that we as the regulator stick to our role, which is a merit neutral role.

We don’t tell people what they should invest in, what they should buy, what they should not buy. And so I think we should be eager to let the market make those determinations. What we have done thus far is we have really discouraged established players from interacting with crypto.

And so I would argue that it makes sense for us to put back our product neutral hat and allow these established players to make their own decisions about whether they want to be involved in serving customers who have an interest in crypto assets. Finally, we have a few minutes left. Steve, I want to touch on the future of commercial banking and integration with cryptos.

I think for the general masses, the question is, why do we need cryptos? Not everybody is an investor. Not everybody is a speculator, but everybody, most people in the West have some sort of bank account. Most people in the West need to pay their bills.

And right now we’re all doing that with, yeah, the road, the transition towards doing this with some sort of crypto, blockchain, stable coins and or other things. Will require some changes of legislation, changes of technology and so on and so forth. What is that path going to look like? Is that going to come from traditional financial institutions? Is that going to come from firms like Galaxy? At what point do I start paying my bills and my mortgage with crypto and getting loans in crypto is my question.

It’s all the above. It really is. And so if you ignore the legislative timelines in B.C., for instance, for a second, sorry, some of the key things that are just first order on that point in B.C. and Galaxy is advocating for it, including this weekend, we’re going to be down there talking about this, but also large traditional asset managers and banks are talking about this in kind creation redemption on the ETFs.

That’s an important thing. Adding staking to some of the products in the U.S. from an ETF perspective, loosening some of the restrictions on tokenized money market funds in the U.S. All of those things are easy to do and will happen this year. What that will do is bring these two sort of economies on chain and traditional economies increasingly closer together, not from the front end to your point of when do I do a mortgage, but from the back end.

The liquidity providers, the workflows, the operational infrastructure, you’re going to end up not with one or the other, but with both. And that’s going to end up with a wallet that has everything from traditional dollars, however they’re wrapped, all the way through to crypto assets. That’s probably less than two years away right now.

And all of these front ends are going to be able to then give you the loan. You could pay your mortgage. So that’s happening.

It’s exciting. What I think is also similar to that and what we’re focused on in the asset management business is expressing a crypto theme through traditional securities. So everyone’s so focused on crypto on chain.

And what we’re saying is the big open opportunity is three years ago, there were only 40 securities in the U.S. that you could invest in that tied to the crypto theme. Today, there’s over 300. And that’s moving to 400 and 500 when you think about the IPO wave that’s coming, the M&A activity that’s coming.

So it goes in both directions. It’s not just a traditional world stepping into crypto infrastructure. It’s also the expressions of crypto and a crypto theme.

And therefore, crypto going into portfolios is happening now through equities, through options, through futures, which are all listed securities. We’re launching a hedge fund just around that. We’ve got State Street active ETFs that access that entire universe.

And that universe is going to keep growing. Then when you put it all together, it’s going to get really exciting. Give us one more development.

Final question. Give us one more development that Galaxy is working on that you’re looking forward to that we haven’t discussed already. Well, you know, at the company level, there’s nothing.

There’s two things we’re excited about. We’re very hopeful we’re going to go to the NASDAQ this year, knock on wood. We’ve been working with the SEC for years on that.

You know, we hope we’re one of many crypto companies. So that’s exciting and hopefully happening. And then one of the most important projects at Galaxy is taking our legacy Bitcoin mining facility and really exploring with a lot of cool options to make this an AIHPC data center.

And so I think that we put a non-binding term sheet out to the market in November. We’re working really hard on that. But we’d love to be a part of the AI revolution as well as the crypto revolution.

Amazing. Where can we learn more from Galaxy? Just go to galaxy.com and there’s a ton of different ways to work with us. So we appreciate all your time and attention.

We’ll put the link down below. Thank you very much, Steve, for educating us. We’ll speak again soon.

Take care. Thanks, David. Take care.

Thank you for watching. Don’t forget to like and subscribe and follow Galaxy in the link down below.