SU ZHU

We are in a crypto supercycle. Traditional valuation frameworks do not apply to this asset class.

The institutions are coming. This isn't 2017. This is a permanent structural shift into crypto.

Leverage in crypto is just a tool. Used correctly, it amplifies returns. Used incorrectly, it amplifies destruction.

I still believe in the long-term thesis for crypto. The execution was the problem, not the vision.

GBTC was going to convert to an ETF. The discount would close. The math was obvious.

We failed our creditors and our investors. I take responsibility for that.