00:00You look at where Bitcoin is today, it's stuck in that $60,000 range. We see meaningful pullbacks
00:04across the sector. Bitcoin miners and treasury firms, they're all pivoting to AI. What's
00:09fundamentally changed in that period, in that three years? AI boom and everyone's focus going
00:15into AI, multi-billion dollar valuation at the seed rounds. And I feel like slowly and slowly,
00:20the way IPO market is turning up for the AI, people are using that cash to slowly go back
00:25to the crypto. That's the trend we have started seeing, both from the investor side and the
00:30founder side. Most of the founders we lost to AI are slowly finding stablecoin payments for AI
00:36agents and like the merger or some sort of a marriage between AI and crypto. Okay, I like the
00:41way that you weave those two things together. According to CryptoQuant, Bitcoin whales have
00:45added about 43,000 Bitcoin over the past 60 days. Do you see signs of that? Does that align with
00:52what
00:52you see in terms of activity, in terms of investments? I feel like it's mostly institutional.
00:58The Bitcoin whales buying from the market, of course, the price is down. Everybody's expecting
01:02year end for the prices to really move again. But I feel like having wallets, especially those whale
01:10wallets, moving Bitcoin around instead of having a clear data that that's been bought from any of the
01:16exchanges, because we do not have dark web selling Bitcoins anymore. So everything is accounted for
01:22every wallet is accounted for. So till I don't see that movement in the market and some sort of a
01:28percentage margin up on Bitcoin, I think it's the movement of Bitcoin than this buying of the Bitcoin.
01:34Govath, if I can ask you a question back about your role as an investor. So you've got a lot
01:39of
01:39portfolio companies that are looking for liquidity event. Give us a sense of where do you see IPOs for
01:45crypto companies? You know, till about a few months ago, we were expecting a dozen companies to come out.
01:49Now everything seems to be pushed back. Give us a sense of what we can expect for the next six
01:53to 12
01:53months in terms of crypto companies going public.
01:55It's a very good question. I think there are two or three things which has to happen and some
02:00like one after another and some in parallel. I think for me, the most important thing is going to be
02:06that
02:06first, we have to have these big AI companies IPO that cash has to come back into the market while
02:13that is
02:14happening. We are already seeing a lot of movement with crypto prices, especially the big
02:18acquisitions which are happening in the market. There are two big things which has which are
02:24already happening in the market. Mastercard announced a huge acquisition of a company BVNK,
02:31which is a cross chain stablecoin company. At the same time, we have Goldman Sachs going for a
02:35$2.5 billion acquisition for the ETF to actually be a competitor with Blackstone. Sorry, BlackRock. So
02:43what we are basically seeing in the market is huge crypto company acquisitions. These companies would
02:47have been in line to do IPO, but they are seeing a huge value in getting acquired and having a
02:53liquidity
02:53in the market. Those founders, those early employees are coming back and suddenly you're seeing prices are
02:59being stuck not going down because there is a buyers movement slowly coming up in the market. And then in
03:05parallel, a very interesting thing which is happening is fidelity going and going to the government and
03:12saying that they want to add staking to their ETF, especially the Ethereum ETF, which can take their yields up
03:19by
03:2010 to 12 percent. And I think that is a very big deal because not only that indicates the market
03:26that
03:26decentralized finance is now not a separate thing, the centralized finance and decentralized finance
03:32are just jumping up together. But the other important thing is it's showing indication that
03:37institutions are ready to go deeper than just stablecoin. So all those things combined together,
03:42big companies are still going to go to IPO, but they're going to have this wave of acquisitions,
03:48the money in the market and the AI IPO cash.
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