Crypto ETFs and the next phase of institutional adoption: Grayscale's Krista Lynch

Transcript

And crypto has really matured. You know, when you start to hear big banks talking about crypto, I think that the those in the retail community who are really looking for more of a shiny object type quick investment, it's less exciting. But that also speaks to the fact that it has become a mature asset class. It's now something that big banks and big asset managers are allocating into. And to me, I think that's most exciting because it demonstrates mass adoption. >> Gayscale has been a first mover and innovation leader in the ETF space for years. Why are these products taking over crypto? And what do investors need to know about this involving investment vehicle? Hello and welcome to the Milkro Show, the podcast that knows that Bitcoin tastes delicious no matter what kind of rapper you put it in. I'm your

host, John Gillan. Today is Wednesday, July 8th, and today we are joined by Christa Lynch. Christa is the head of capital markets at Grayscale Investments where she leads efforts to support the firm's crypto ETFs. Prior to Gayscale, she was a vice president at Black Rockck, just like me, where she managed daily primary market trading activity for Eyesshares, fixed income ETFs. Christa is awesome and she's going to share a ton of alpha with us today. So, that sounds good to you, make sure you like and subscribe, share this episode with somebody who's going to enjoy it. Before we jump in, I want to let you all know that if you are buying, selling, researching things, our Milk Road Pro analysts are always on the lookout for the next latest news in crypto. If you want access to all of that, Milk Road Pro is 33% off this week only. So, check

out the link in the description. Join our community. Today's episode is brought to you by BitGet Stocks 2.0 with real liquidity, real dividends, and securitize the regulated rails for tokenization. Without further ado, welcome to the Milk Road Show, Crystal Lynch. How are you? >> Thank you so much for having me. I'm good. How are you? >> I'm doing really well. I'm excited to have you here today. Gayscale has been a leader in this industry for a long time. A lot of people in our audience have uh been paying attention to the recent outflows that we've seen from these ETF products. And I wanted to kind of start the conversation there. Do you see any sides of these tides starting to turn on the outflows from crypto products and just what are you seeing from your seat at Grayscale?

>> Yeah, so unfortunately we have seen a lot of outflows from the Bitcoin cohort collectively. Now, as an ETF practitioner myself, I think it's important to note that the efficiency and the lack of frictions that this has really brought to the market is indicative of the success of the ETF as a rapper for crypto and for Bitcoin specifically. So, while we don't love to see the outflows, we are encouraged to see how successfully the ETFs are handling this period of stress. Now, as you said, the ETFs have had outflows. They've had about $5 billion in outflows year to date, which is a large number.

Uh, but they do stand at over $75 billion in assets under management collectively. Now, to put that into context, these products have been in market for a little over two years. Now, let's compare that to gold ETFs, which has have been in market for over two decades. We're at about a third the size of the gold ETP cohort. And given that we've only had uh, you know, 2 years versus 20 years in market, I think it is still very telling of the success that these have had in gathering assets in a short period of time. Now, what are some of the things that could turn the tides?

I think we're very constructive on things like the Clarity Act passing. Unfortunately, as time goes on throughout the summer, it does look less and less likely like it will pass. Uh but these are potential tailwinds for crypto as an asset class and a potential catalyst for the tide to turn as you said and potentially start to see some inflows or a reversal of outflows in the cohort itself. >> Krista, I have heard you in interviews in the past say that your clientele for your ETF products tend to be more longerterm investors as opposed to shorter term traders. Can you talk about the pros and cons of servicing one of those cohorts versus the other and why do you think long-term investors tend to favor Grayscale?

>> Yeah, so we've been very encouraged with our BTC and ETH product. I think largely because they are some of the lowest cost vehicles for getting access to Bitcoin and Ethereum. They have been weathering the storm, if you will, uh, in a pretty positive way. So, like I said, Bitcoin ETPs have collectively had about $5 billion in outflows across this year. Uh, but our BTC product has actually had inflows of about 500 million. So, we think that's a very encouraging sign as investors gravitate to the lowcost Bitcoin vehicle BTC in order to get their exposure. uh you know obviously having a longhold type investor makes for a more stable experience and that allows us to maintain our AUM even

through times of market volatility like we're experiencing right now. One thing we've all learned over the years is that investing is easier when you're not doing it alone. Our analysts have called AI stock winners like Micron, Nebas, and Bloom Energy early as well as crypto winners like Hyperlquid and Lighter. But honestly, that's only half the value. The real benefit is seeing every investment as it happens, understanding the thesis and research behind it, and having a team of five analysts researching the markets every single day. Milk Road Pro is 33% off this week only. Check it out at the link below. Could you explain a little bit to our audience how inind redemptions and creations work for crypto ETF products?

I feel like this is something people have heard about, but maybe don't really understand how this actually works. And you're such an expert and great communicator about this. Could you walk us through a little bit about how this actually works? >> Absolutely. and cut me off at any point because I can talk about this for days. Uh so to take a step back, I would start at the very beginning. When these products were originally approved by the SEC, the SEC had a lot of concerns about broker dealers touching crypto. And now authorized participants are an essential part of the creation redemption cycle for any ETF, whether that's Bitcoin, fixed income, or equities and beyond.

Authorized participants are required to be broker dealers. And so we therefore had a conundrum where this required role is not able to touch the underlying asset of the vehicle. And so how we solve for that or how the SEC solved for that was they mandated that these products could only be created and redeemed in cash. Now grant or trusts which is what the ETPs are structured as are typically created and redeemed in the past if we look at gold if we look at other commodities as inind vehicles meaning they actually transmit the underlying asset in exchange for shares.

So this inherently brought a conundrum that ETF issuers like Gayscale needed to solve for. How did we do that? We installed a function called a liquidity provider which is effectively trading the underlying crypto versus cash in order to convert a cash creation into the underlying assets that the trust holds. Now this is how these were transacted for the first year and a half or so of their existence. Last summer, the SEC actually expanded their willingness to uh allow for inind creation redemption, and that's been something that's been very popular this year and something myself and my team have spent a lot of time on. Now, it's evolved beyond just authorized participants being able to access this underlying creation redemption

mechanism, and that's really exciting for the crypto ETPs. We're finding that authorized participants specifically for crypto ETPS are finding ways to crowdsource the ability to allow individual investors to create and redeem into these products. And we've really spent a lot of time on that this year helping individual investors take their token and put it into the ETP in order to access a lot of the benefits of the US banking system like using shares for margin collateral, putting them into tax advantage accounts and so on and so forth. So, like I said, I can talk about this all day long. I'm a big nerd for the creation redemption process. And to me, it's so exciting to be able to see individuals participating in what really used to be an institutional only

process. Oh, >> I'm a big nerd, too. So, I love having someone who's nerdy on the channel. Uh, that's really helpful and just great context there. So, I'm I'm hearing you say that there was a solution that you guys innovated to kind of like meet some regulatory requirements, but then there's also a lot of benefits that this unlocks for people who are digital asset native investors who maybe didn't have the access that they they get now through this product. So, there's a lot of benefits there. Are investors and advisers, you know, in your experience and your conversations, are they comfortable with these products yet? Are they still evaluating them, getting familiar with them? What's that adoption been like and the education on in the market that you're doing around these things? Yeah, there's really a range and I think that uh there is a crypto

journey that everyone goes on and they start from what is Bitcoin to progressing all the way to how can I do these kind of complex trades where I'm porting my Bitcoin directly into the fund and Grayscale is really here for every step of that journey. As an example, we go around the country. I oftentimes join for these conversations and we do something called crypto connect and that's where we go to different big cities and we host a half-day seminar for CE credits for education for really anyone that has a curiosity about how can they access crypto what are the different tools available to them and how can they partner with Grayscale so I think education is a huge part of how investors are going to get comfortable and we've really been helping them with these conversations going as far back as

two plus ers. Now, we have done a lot of work with institutions to help get them comfortable and how they can invest, how their adviserss can offer these products on their platforms. And we've made a lot of inroads there where the conversations started, like I said, two years ago and are starting to come to fruition now. And I think we're going to in the coming months really see the floodgates opening up as advisers are able to help their clients get these investments that they've been asking for for some time but just haven't had approved on their platforms. Okay. So, there's there's a process that's that's got to be gone through, but that's happening and that's playing out and it seems like it's going in the right direction. Um, we spoke a little bit about long-term versus short-term investors. I'm curious your thoughts on the gulf between retail and

institutional investors, particularly around sentiment, right? The last year or so, I feel like this gulf has gotten wider and wider that Wall Street and institutions are more bullish than ever. Retail is more checked out and let's say um like apocalyptic sentiment than ever. uh what's your thoughts on that and and why do you think we've seen this gulf opening up? >> I think right now if you think about crypto as where it kind of stood maybe two years ago, three years ago in the lineup of potential investments that someone looking for something really novel and groundbreaking stood. It was one of the only things that investors were looking at. Now we're competing with the likes of AI and other growth areas and crypto has really matured. You know, when you start to hear big banks talking about crypto, I think that the

those in the retail community who are really looking for more of a shiny object type quick investment, it's less exciting. But that also speaks to the fact that it has become a mature asset class. It's now something that big banks and big asset managers are allocating into. Uh, and to me, I think that's most exciting because it demonstrates mass adoption. So while it might be less exciting for some, I think overall it's very exciting for the asset class as a whole. And now that's not to say that we don't see pockets where there's a lot of enthusiasm from retail and institutions alike. Uh but again, we really are converging. And I think that tools like the ability to inind are bringing both retail investors and institutions to

have the same exposure, to have the same capabilities. And to me that's a really exciting gap that I think has not been bridged for a lot of asset classes but is really reaching a uh point of continuum for crypto. >> Well, one of the areas where I think we've seen this intersection and enthusiasm between retail and institutions as you said is around hyperlquid. Uh Gayscale launched HYPG which I believe is your your hype uh ETF or ETP product. Um and and I' from what I've heard from people the BTC outflows we've seen from that cohort of products has not been happening in Hyperl we've seen inflows there does this behavior in a like overall crypto bare market surprise you or do you think that this is just reflective of this newfound enthusiasm around hyperlquid

>> so a couple things I think hyperlid has spoken to both institutional investors and retail investors alike so this is another positive area of that continuum that we were talking about hyperlquid to give some context is a decentralized exchange that hosts something called perpetual futures. Perpetual futures were historically really a cryptonative trading vehicle that allowed investors to trade Bitcoin, Ethereum, and other tokens on a synthetic basis. Now, with the news that broke in the Middle East a couple of months ago, it became a very popular venue for trading exposure over weekends and holidays when a lot of times this news was breaking and there was no way for traditional investors to

take risk off or put risk on particularly in markets like oil, which is where a perpetual future that became very very popular at this time was available. Now, I think that Hyperlquid has continued to demonstrate its value because of features like 247 trading, constant accessibility, and we're really starting to see some of these features that investors are used to in the crypto world begin to be demanded in the traditional trading world. And I think Hyperlid really bridges that gap nicely. So, I think that's a reason why we're seeing a lot of popularity for Hyperlid because of its true utility, its true ability to provide value to investors, whether they're traditional, whether they're cryptonative. Uh, and I think

that we're really going to continue to see these features expand into traditional markets. We've actually seen some of the traditional uh venues start to apply to host perpetual futures, and I think that that speaks to the utility we see in this vehicle. >> Okay. I want to ask you about just like what you said the growing amount of demand for pers and more people bringing these to market as well as regulatory scrutiny. But first I want to ask you how do you see hyperlquid? Do you see this as a new kind of um like asset class or p like uh financial product that per is launching or do you see it as a disruptor of existing products or where does it fall on that spectrum for you all?

>> I think it's a little bit of all of the above. So, like I said, it has features that we're now starting to see implemented into traditional products, or I should say we're seeing demand for these products to be implemented into tra into into traditional trading venues. Um, I think to me that really speaks to the fact that investors want these features. They want to see the continuum between digital assets and traditional assets converge. Other examples we see 247 trading, tokenization, all of these buzzwords and all of these concepts are continuing to be talked about in the context of traditional trading. Uh so I think that crypto has a lot of features that we're going to continue to build towards in in traditional markets, but likewise, I

think we're going to continue to see traditional exchanges start to offer crypto products. And Hyperlid again is really a way that we're able to bridge that gap. It is something that I would consider to be more crypto oriented, but it is bringing traditional exposures like oil, S&P 500, etc. to the table in a crypto format. >> Gotcha. Okay. So, you you mentioned um some of these new platforms and companies that are bringing perpetuals to market. I I want to get your thoughts on this. The SEC uh has has put out a solicitation for public comment and re-evaluating its approach to ETF regulation. Um, I think this is in response to prediction market ETF applications, but in any event, they said, you know, there's a $16 trillion

ETF industry here and they want people's feedback on how to regulate this. What are your thoughts on the SEC's like re-evaluating of their approach here and how does this fit into the larger strategy of project crypto that the SEC and the CFTC have been engaged in? Yeah. So, just looking at Grayscale's own journey for how we were able to bring Bitcoin products to market, I think oftentimes when we see the SEC initially deny or reject or delay a decision, in this case on perpetual futures ETFs, a lot of times the market kind of consumes that as negative sentiment. But really how these processes work is whenever an issuer files for a novel ETF just like a perpetual future uh ETF or a prediction market ETF or in our case a couple years

ago a Bitcoin ETF. There's a 240day clock during which the SEC reviews that proposal and there are several milestones within it where they'll either delay, deny or approve the proposal. Now, it's quite common that they'll delay the proposal for many of those milestones until they reach the final decision point and at that time they will ultimately appine. So, I think that the SEC's decision here to delay is actually quite uh in line with my expectations. It doesn't to me indicate that it's a no, but it's just going to continue to be a collaborative decision to figure out how to govern these products. Now, I would additionally say I think because prediction markets are so new and we're still figuring out the

rules of the road for the prediction markets themselves, figuring out how to put them into an ETF is going to be an additional conversation above and beyond that. And finally, I would say some of the crux of the conversations here are about how do we differentiate between what is a financial product and what is a gamble. Now, I think ETFs on both are very interesting, but I think for the SEC and other regulators, they really need to figure out where do they draw the line, who governs what? And from a regulatory perspective, who has jurisdiction over what. So, a lot of questions to be teased out in the coming months, but that's what makes it exciting to be in the space and I think it'll be a lot of fun conversations.

>> Real world assets like funds, treasuries, and private credit are still running on rails built decades ago. gated, paperwork heavy, slow to settle. Everyone's talking about tokenizing them, but far fewer can actually do it and do it without cutting regulatory corners. Securitize can. It's the SEC regulated infrastructure bringing real world assets on chain. 9 years in, native tokenization, not wrapped, backed by Black Rockck, Morgan Stanley, and Kathy Woods Arch Invest, and chosen by the New York Stock Exchange, Van, BNY, and Apollo to do it at scale. It's the regulated bridge between traditional finance and crypto. Tokenize the world at milkroad.com/securitize.

>> Everyone's tokenizing stocks these days, but almost nobody's doing it right. Thin liquidity, prices that drift from the real thing, dividends that just vanish. Bit stocks 2.0 is different. Real NASDAQ and New York Stock Exchange depth through licensed brokers. Prices mapped one to one. Dividends paid to your account in real time. Plus, you get the lowest fees in the market at just 0.04%. And you can trade them like any other crypto as margin in earn in grid trading. Tokenized stocks finally done right. Head to milkro.com/bitgget to get started.

>> I think we're all trying to figure out what's the difference between a financial product and gambling right now. Um very helpful. Thank you for that Christa. Uh I think uh you mentioned earlier that you know Gayscale has been sort of bullish on the Clarity Act passing. Now that seems like a bit of a tossup here. you know what what does this look like for you all as a company if the Clarity Act doesn't pass and you're forced to sort of like rely on the regulators, the CFTC, the SEC to give the ground rules needed. Do you think that that gives you the the the security you need to be able to, you know, bring the products that you want to market and conduct your business the way you want to or do you feel like at some point we do really need to get some

sort of legislation on the books here? What's your outlook on that? I think it's often surprising to most to hear that issuers and other participants in the crypto space actually want more rules and regulations. Of course, within reason, but we do really crave knowing what the guard rails are within which we can work and what are those frameworks. Um, so we're very positive about having rules and regulations like the Clarity Act. As you said, unfortunately, it is looking increasingly like it might not be passed in time before Congress goes on its recess. Uh and I think that it would be a tailwind for us to have it passed because it would give further clarity, no pun intended. Uh it will be a headwind if it does delay. But this is what we're used to. You know, we've been

working for many years in the absence of any rules and regulations. And we are very constructive on helping to form them, helping to shape them. And so I think as we continue to push forward while we would love to have that clarity know what those rules are going to be uh we have still come so far in the past two plus years and I think that we're excited to continue building with uh all that's ahead of us. It's been a very exciting uh period of momentum with what we've been able to bring to market in the past phase I would say. Uh and I think that that's going to continue. Of course, it could continue in a more uh clear way, but we're here for whatever is to come.

>> That was very very professional and diplomatic. Very well done, Christa. I appreciate the the thoughts on that. Um I do want to ask about some of the innovation you're all doing. Grace Grayscale has has been known for innovating in this space. Um you all launched the GDLC, which as I understand it was the first multicrypto ETP product. Um, and I'm curious your your like assessment of the demand that you've seen in terms of uh appetite for a multi- crypto ETP product versus single app asset ETPs and where do you think that goes from here as investors start to get more used to and familiar with these products and with this asset class?

>> Yeah, we're really excited to be able to offer GDLC, which is the top five tokens by market capitalization excluding meme coins and stable coins. We've measured that it can bring about 90% of the return of the crypto market to an investor through this one simple investment. And I think that given the number of single token assets that are now available in market, Crayscale actually offers nine at this point. It can be very daunting for investors who are new to tokens beyond Bitcoin, beyond Ethereum to select tokens after they've done those initial majors. And I think GDLC is a really eloquent way to help them avoid having to select individually what those tokens are going to be. Now, for investors who do want to do that

selection and and pick their own tokens, there are, of course, many options available to them. And that's really a result of the generic listing standards that came out last summer. So, the SEC actually worked together with issuers like Gayscale and other issuers in the crypto space to create a framework for which tokens are ETP eligible. And that has brought a lot of clarity. I know we just talked about the clarity act uh but for for ETF issuers specifically the generic listing standards brought a ton of clarity to us about what assets we could deliver in ETP form. So as investors get more choices we think that that's a very compelling menu to be able to offer. Uh but again products like GDLC I think are a very eloquent way to organize that landscape for those who

might feel overwhelmed or daunting see this as a daunting experience to move beyond Bitcoin and Ethereum. >> How do you all think about innovating in this space? I feel like now that we have so many more issuers with so many more products and you know I I interviewed James Safeheart from Bloomberg Intelligence and he says that the ETF space is a little bit like this spaghetti cannon environment right now where people are just launching any product they can think of and trying to find what sticks. How do you all think about focusing those efforts in terms of like innovating, finding new products and sort of standing out from the other products that are on the market as we see more and more of these come to come to the marketplace? Yeah. So, I think here we're really proud of our uh history as the first to bring these

products to market. GBTC actually started or I should say our Bitcoin products actually started uh over 10 years ago. In 2013, we launched our first access vehicle for Bitcoin. And so, we like to really lean into our heritage. So, we're very excited to see other issuers coming into the mix. It really helps speak to the longevity of the asset class and the legitimacy of the asset class. although we didn't need anyone to convince us. Uh but I think that it's it's also important to remember that we are cryptonative. It's all that we focus on. And I think that a lot of investors really latch on to that. We're not trying to sell a bond ETF or, you know, a a more vanilla ETF.

Everything that we do is rooted in crypto and other adjacent areas. Uh and so it really is our heritage to be focused on this asset class specifically. From your conversations with clients, advisers, investors, how have you seen portfolios shifting or maybe demand for these products shifting? Are like covered calls getting more popular now? Are the the composite like the the multi- crypto indices more popular? Single asset, what is more popular now? Especially as we've gone into sort of this bare market period. Where are you seeing the most uh interest and demand right now?

>> Yeah, yield is really popular. So, you mentioned staking, you mentioned covered call. Uh those are really popular avenues for investors to put their assets to work. Now staking I think is really compelling in the ETP because as an example I might be able to figure out how to open a wallet and hold Ethereum a proof ofstake asset. Uh but I would really struggle to set up a validator and do some of these things that are required to put my assets to work with that Ethereum investment. But I can very easily invest in ETH, our lowcost Ethereum product, in order to be able to access staked Ethereum. And I think that that's a very compelling value proposition for investors. Now, covered calls as well, very popular. Our BTCC product is a Bitcoin covered call. And

that has had a lot of popularity lately as a way to get investors yield uh get a cash distribution. So you can put your Bitcoin exposure to work and actually get paid a cash distribution on a bimonthly basis. Uh I think that again we talked about inind features are another area of focus. So even though crypto markets might not be up and to the right right now, there are still ways to put your assets to work and putting them into the ETP in kind if you hold uh spot digital assets can be another way to leverage your assets. You can use them for margin, you can use them for collateral. And so we are seeing a lot of interest in changing the format of how one holds the underlying asset. Uh even though the price is not

moving up, it's still a way to kind of improve how you are putting your assets to work. >> Christa, in the opening of this, I joked that Bitcoin is still delicious no matter what rapper you put it in. But I think getting yield in one of those rappers is something that's it's gotten a lot of attention and just like you said, people are interested in this. Are you seeing this new like, you know, being able to get staking yield from Ethereum or, you know, getting yield from Bitcoin in some way in an ETP wrapper? Are you seeing this bring in a lot of new capital or you seeing more investors rotating from some of the other products that don't offer yield into the ones that do? And just what have those dynamics been like from your perspective?

>> Yeah, we've been very positively impressed uh and surprised honestly to see some of the participants that are engaging in these in inind transactions. Now with Ethereum as an example, we might have an end investor who holds Ethereum tokens and they are interested in porting that into the Ethereum product in able in order to stake it in order to put it into the ETP wrapper. Now inherently the type of investor looking to do this transaction is probably cryptonative. They hold a portion of assets in spot crypto and we traditionally would think that those who are most excited about ETPs are more traditional oriented investors. Uh but surprisingly we've actually seen the cryptonative community really gravitate

towards this trade and again it's because they're able to get some of the benefits of the traditional banking system while they retain that same underlying exposure in crypto assets. So that's been one area of positive surprise uh is seeing participants in the ETPs that are cryptonative and are starting to join the more traditional expression of it. Now in terms of rotation elsewhere, I think we've seen most investors, at least most of our investors start with Bitcoin, start with Ethereum, start with the basics and then as they get comfortable there, they might start to branch out into tokens like hyperlquid via our hype G product or via GDLC, our multi-token product if they are ready to go beyond Bitcoin and

Ethereum. Uh but I think that most start off in Bitcoin, most start off in Ethereum. They do start with the majors and and we really live in a kind of I would say a world where you know we think everyone understands crypto but we are in an echo chamber and once we leave it we realize that so many people are really at the beginning of their crypto journey. So there is a lot more room for investment into the the basics if you will uh and and we're really here to offer exposures to all of the above. So for those conversations, right, with people who are sort of new to digital assets and digital asset investing, how significant an impact does the the price and sentiment have on those conversations, right? Cuz like a lot of people are wondering, is Bitcoin bottoming? Like everybody in my echo

chamber is arguing about where's the bottom, have we bottomed, etc. But for somebody who's new, I imagine that this would be a really uncertain time to be exploring this asset class. How does that impact that? And how do you go about messaging the Bitcoin price, the Bitcoin cycles, the Bitcoin bottom? like how does that factor into those conversations? >> Yeah. So, I think that uh you know we try to not pay attention to the small things and we ourselves are very constructive in the long term. Now, it can be very hard to tune that noise out, but I think that uh as someone or as a firm with long-term conviction, it's important to keep your eyes on the long-term prize. Now, we do though look at short-term periods of course as we must. uh our head of research Zach

Pandle actually puts out some blog posts on something called the stack which is available on our website and that will look at macroeconomic indicators and other things that might resonate with investors uh who are used to looking at some of the more traditional indicators. Now again like I said it can be tough during periods of volatility to not look on a daily basis but we are very long-term uh conviction in the asset class and so we just continue building. continue building features, offering new products, and when the time is right, they will be ready for investors.

>> Again, a very professional and really well educated answer. I like that view. I I tell my my community this all the time. The long view is the right view. Um, okay, let let's let's take a look at the second half of 2026 here, Christa. What catalysts, what major events are you watching for in terms of potential catalysts for the digital asset ecosystem? Is it is it going to be the Clarity Act? Is it something else? Are there any things that you're watching for with particular interest in the second half of 2026 that the heavier attention for the rest of the year? >> Yeah, I'm definitely looking in the short term. I know I said not to do that, but I'm looking at the Clarity Act just because it is so directly in front of us. Uh I think that whether it passes or not, it is going to be something that

has some impact on the crypto community. uh it is probably priced in for the most extent into prices right now as we continue to see Poly Market as an example pricing what they think is going to happen uh we see other heads of research giving their kind of analysis on what's going to happen and of course that impacts the price of Bitcoin the price of other digital assets but I think ultimately the pass fail or delay will have an impact uh like I said we're very uh hopeful that it does pass because it will give more clarity towards what are the rules of the code, how can we build progressively in the future? But if it doesn't pass, that's also something that crypto builders are used to contending with and uh we will we will we will continue. But I think it

would be a very positive headwind or a very positive tailwind if it passes and unfortunately a bit of a headwind if it doesn't. Christa, I want to thank you so much for being such a excellent ambassador for this industry, for this asset class, and most of all, thank you for coming on the Milk Road Show to share this insight with all of us because, you know, as we've seen this institutional bull run play out, I think a lot of retail investors or self-directed investors are are trying to get a peak over the wall as to what those conversations are like. So, I know our audience really appreciates this. You mentioned Zach, your head of research. I I do follow him, but where can we send our audience to find more of you and your work online?

>> Yeah, so grayscale.com is a great resource. It'll have the work of all of our teams collectively, including Zach, uh, including things that my team has contributed to. And then then again, also be on the lookout for things like Crypto Connect coming to your town. Uh, we do travel around the country to help spread the good word and to help educate and be a resource. Uh, but don't hesitate to reach out to us. We love to field these questions and we're happy to get investor questions. Uh, so reach out to us, find us on the website, and, uh, look at the Grayscale Institute as well. That's something that we recently rolled out as a resource for investors who are looking to get educated.

>> Crystal Lynch Gayscale, head of trading and capital markets. Thank you so much for being on the Milkroach Show. >> Thank you. And >> thank you all for joining us. I hope you all learned something today. So until next time, as I always say, stay safe, stay educated, stay bullish, and we will see you all on the next episode of the Milkro Show. Thanks for being here, everyone. Bye. Want insights on what's moving crypto markets [music] and how we're trading each event? Subscribe to our channel and join the Milk Road daily and pro newsletters and start [music] investing like the top 1%. This show is for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.