00:00 It does feel like crypto is having its moment. Thank you. White House and President Trump.

Would you agree with that? It definitely is in the news every day and there's new things that are happening. And it's this administration is very pro crypto and the world is changing and they want to try to get ahead of it.

And I'm not sure that they're wrong. I think that we should get out of it because if we don't other countries. Well, and they will take advantage of it.

What then? What do you see in terms of how it plays out in the ETF space, specifically the growth that you expect? And how do we make sure investors really understand potentially the risk?

Sure. It's the last 15 years Bitcoin has been the best performing class asset class in the world. There's no arguing that.

Having said that, it's also been one of the most volatile ones. A lot of people have lost a lot of money. So people have to be careful when they invest.

And it's more of a long term. Now with the ETF market and the inception of the indices like the Chicago Board of Exchange indices, those able to do options where you can buy different types of ETFs and Bitcoin like the ones that we are issuing that can limit your risk. Columbus has been a risk manager since inception almost 50 years ago.

There are great risk managers with great options holds throughout convertible heritage, which were the largest convertible buyer in the country, and we developed 100% protected ETF on Bitcoin. And if you hold it for a year, you get a certain cap rate in terms of how much of the upside, but you won't lose any money. So we feel and we're seeing a lot of interest, that it's going to increase the amount of people that are going to enter the ecosystem of Bitcoin because the more people that understand it, the more people that I mean, right now we have about 80 million people in the United States that are participating in Bitcoin.

There's room to grow and the numbers on a percentage basis, it's much lower in the world. So the more people that understand it, the more people that can get comfortable and the more people can play in it. But to on the upside, in a managed way.

The more we grow, the inconsistent and Bitcoin could be more readily adopted by the people who are adopting it, particularly through ETFs, like what are they doing it for growth as a growth asset or more as a hedge? What I mean, they're doing it for very different, different ways. There's a I have to one, there's a lot of people that are doing different types of Bitcoin and they're levered, they're not levered.

And so people need to be careful and read and understand what they're buying because that's not all risk managed, you know, as well as it could be. So we have products that are you can turn a risk up or down hundred percent protected, 90% protected, 80% protected, and you get more higher cap rates from your 11 and a half, 30 to over 50% of the upside. And you limit your downside where other ones don't necessarily do that.

So you have to be very careful. I am curious about other ways that people can sort of manage risk. I mean, we're this is probably a great environment for a company like yours because everybody is focused on risk in a way that maybe they weren't a few years ago.

And you talk about their heritage and convertible bonds, which for years was kind of one of the go to places to sort of hedge downside. What other what else is out there? What are people utilizing to protect themselves from this unknown that we seem to be in?

Well, there's a lot of volatility because of the uncertainty of what's happening here with tariffs and everything else in the markets. Right. So one way a lot of people have been able to manage risk is bond funds like are market neutral, which is one of the largest funds in the world in liquid alternatives.

And what it does is it hampers the you know, it mutes the volatility in the market. And if the markets are up, the markets are down, that particular gives you a return that is pretty steady. Either way, it's not crazy returns, but deep money markets.

It's typically typically sulfur plus 300, 350 in an up or down market. And it's a 35 year old fund that has performed incredibly throughout the entire time. And it's stuck.

So people to look at the history and say, hey, during all these cycles, this fund, no matter what the Pakistan has kind of hung in there and they use it as a fixed income alternative. John, just quickly, just got about 30 seconds here. I mean, you mentioned earlier about the crypto play, No downside, but I am curious then how much are you limited on the upside as a result?

Are you not kind of really, as you say, best for. Form an asset class. But then how much are you limited in terms of how you are getting to enjoy that upside?

That's a great question. For the first one. You had 11.65% of the upside.

So if Bitcoin goes up 20% for the year. You only get 11 points of spot. It goes 5%.

You get the whole 5%. If it goes down, you don't lose any money as long as you hold it for the year and it rolls over, which gives it a nice capital gains versus income. So it's a great product that a lot of even elderly people who can't receive the capital, you know, want to participate.

KAZARIAN So much about it. And frankly, if to get that kind of return is not a bad number, when you if you're pretty confident that Bitcoin in the long run will go up.