- IBIT is Blackrock’s most profitable ETF - Strategy has 4 ATMs and a levered ratio of 12% - Europe and Asia have access to LBEs like Metaplanet that have virtually no debt - FASB is in effect - Regulations have changed and now Banks can custody Bitcoin - The US government has a path for BTC adoption with the SBR Hard to see a prolonged bear market under these conditions any time soon. The future is uncertain, but we forecast based on what we can see. I see a ton of demand from entities that have no intention of selling. A corporation is not going to shave some off the top to pay for a family vacation… retail is not here this time, and that changes the calculus.