<SEC-DOCUMENT>0001193125-25-300052.txt : 20251126
<SEC-HEADER>0001193125-25-300052.hdr.sgml : 20251126
<ACCEPTANCE-DATETIME>20251126144615
ACCESSION NUMBER:		0001193125-25-300052
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251126
DATE AS OF CHANGE:		20251126

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grayscale CoinDesk Crypto 5 ETF
		CENTRAL INDEX KEY:			0001729997
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				981406784
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-286293
		FILM NUMBER:		251528983

	BUSINESS ADDRESS:	
		STREET 1:		290 HARBOR DRIVE
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		212-668-1427

	MAIL ADDRESS:	
		STREET 1:		290 HARBOR DRIVE
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Grayscale Digital Large Cap Fund LLC
		DATE OF NAME CHANGE:	20180131

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grayscale CoinDesk Crypto 5 ETF
		CENTRAL INDEX KEY:			0001729997
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				981406784
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		290 HARBOR DRIVE
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		212-668-1427

	MAIL ADDRESS:	
		STREET 1:		290 HARBOR DRIVE
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Grayscale Digital Large Cap Fund LLC
		DATE OF NAME CHANGE:	20180131
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>beincrypto_podcast_11.19.htm
<DESCRIPTION>FWP
<TEXT>
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  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Filed Pursuant To Rule 433</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">  </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Registration No 333-286293</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">  </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">November 19, 2025</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MANAGING DIRECTOR, HEAD OF PRODUCT AND RESEARCH, GRAYSCALE INVESTMENTS, RAYHANEH SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The macro view is improving. We're seeing better price action market concerns around tariffs, and the government shutdowns seem to be abating, the Fed cutting into steady inflation should be considered negative for the US dollar and positive for crypto.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">HOST, BEINCRYPTO PODCAST, BRIAN MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Now, will two rate cuts before the end of the year spur the cryptocurrency market higher, or have we hit a cycle top? Now today we'll discuss all of this and more on the BeInCrypto podcast with Grayscale head of product and research, Ray Sharif-Askary. Ray, it's great to have you back on the show.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">It&#x2019;s great to be back. Thanks for having me.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Ray, thanks very much. Okay, so let's look at where we are at the moment. Now the Fed is likely going to enter 2026 with a target rate of around 3.5% to 3.75%. And then we also, in addition to this, we have warming trade relations with China, with trade Trade Secretary Scott Bessent signaling that, uh, there's gonna be some kind of, there, there's gonna be deals basically being made. Now are we seeing institutions quietly rebuilding their crypto positions, especially after the crash on October 10th in anticipation for more favorable environments in the new year?</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY:</font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> It's true. The macro views improving. We're seeing better price action, market concerns around tariffs and the government shutdowns seem to be abating. Um, we're seeing less delivering in perpetual futures. All else equal, the Fed cutting into steady inflation should be considered negative for the US dollar and positive for crypto. That said, it is possible that rate cuts are already priced in for the next two meetings. So the backdrop is getting better. Um, in our experience, in investors have taken more of a long-term view, and we are seeing more engagement, we're seeing consolidation. And again, the factors that make Bitcoin a unique asset class, the fact that it is a store of value, there's that technology upside, and the potential for portfolio diversification continues to make it an attractive asset for institutions looking for long-term exposure.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Yeah, like, uh, you mentioned there that it's a negative for the US dollar, you know, we're, we're, we're, we're moving into an era of lower rates. Uh, do you perceive, uh, any kind of sentiment that there's gonna be a soft landing for the US economy and that's sort of laying the groundwork for, uh, I suppose more risk or an appetite for more risk?</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Yeah, so from my perspective, fundamentals seem strong. And so we are, I am gen generally bullish risk in the intermediate term.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Okay. So let's actually delve into like some of the products that are coming out of Grayscale, uh, for instance, GDLC, which holds a mix of Bitcoin and Ethereum on emerging layer ones like Solana. Now, how does the Grayscale decide the right balance of these? Market narratives always shift, you know, investor appetites always change. So is this like a, is there like an ongoing appraisal of the right mix to, you know, for GDLC to have?</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There absolutely is, and it's market driven by default and dynamic by design. So GDLC provides access to 90% of the crypto market's capitalization in one fund. It tracks the CoinDesk five index. It's built to reflect Bitcoin leadership and scale, providing exposure to other crypto. Um, and generally given that it is market cap weighted, investors are always getting exposure to the top assets. So as the market shifts, so to does the product, and so each, you know, their Bitcoin is the biggest component. It, you know, right now, Bitcoin is about half of the crypto market cap overall, as we said, it's a store of value, a potential hedge against monetary dilution and a macro hedge. Ethereum is meaningful in the fund. That's the prevailing smart contract platform. Solana is a high throughput, um, layer one smart contract platform that is emerging and that has significant, uh, market capitalization. And then we have XRP and Cardano. Ultimately, um, through GDLC, we are ushering in the era of crypto index investing.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p></div>
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  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Yeah, so it's a, it's an index that, uh, will you start to expand, uh, that product into other digital assets, or do you think it's going to be sort of rigidly kept with, you you mentioned Bitcoin, Ethereum, Solana, XRP, and Cardano.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">So the underlying index itself is designed to capture the top five crypto assets by, by market cap. So as market narrative shift and investor demand shifts, the product should reflect that.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Oh, okay. Okay. And, uh, at, at present, uh, you know, you mentioned there, Ethereum obviously is the, the premier smart contract layer one at this moment in time. Do you, do you see that changing at any point, uh, or do you think that's going to be, that that's gonna be kind of a sustainable thing in the months to come?</font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">I think there's always gonna be a place in investor portfolios for Ethereum. Ethereum is a leader by market cap, by total value locked. I also think that investors should diversify into other high throughput, faster, lower fee, uh, smart contract platforms like Solana, like Sui, I think these different platforms do different things and they all have a place in an investor portfolio.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Okay. Ray, let's discuss Grayscale's product life cycle. For example, GBTC successfully uplisted as did GDLC from a former private placement. You know, do you see this as like positive and encouraging signal for the digital asset market as a whole?</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">I do. It's encouraging, and it's encouraging for us to see that we're able to progress these products through their lifecycle and continue to bring them further into the regulatory perimeter and, um, give more capital markets access. So for instance, we touched on GDLC, that's trading as an ETF now. The most recent win is GSOL, our Grayscale Solana trust, which has now become a staking Solana ETF. And my hope and expectation is to continue to bring more products through, from their first phases private placement, to public quotation, ultimately to ETF.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON:</font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> So Ray, you mentioned staking there. Um, how far have regulatory frameworks advanced in terms of allowing staking for ETFs?</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We've come a long way. And staking is so important because it's turning crypto into an income generating asset class. And as we build products, we wanna make sure that we return that income stream to investors. So we have the only staking et uh, Ethereum ETFs in the US, Solana, our Solana ETF is, uh, is staking and historically, staking was not allowed in ETFs because of the perception of liquidity mismatches. Because as some people may know, when assets are, when tokens are staked, they have various un-bonding periods that can make it hard to honor redemptions. Grayscale and other issuers met with regulators, we helped them to understand the asset class. This is not a problem that's unique to crypto. Leverage loan ETFs have been contending with this for a long time, and that resulted in the generic listing standards in September, which allowed staking. And anecdotally, when we worked with the crypto task force, we found that if, um, half of the Ethereum and ETFs at the time had been staked for 10 years, that would mean five and a half billion of incremental returns for investors. So staking is very important. We're very pleased with the progress to date, and I'm working to continue to integrate, staking into all of our products. Staking is definitely a priority for us.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Well, it sounds like, uh, it's a task of educating the regulators in kind of moving into these areas, moving into the unknown. Stepping into the unknown, I'm sure. Um, and finally, Ray, okay, so the market is bracing for, uh, two rate cuts before the end of the year. Like really, if you look back at the last just, you know, 10 months since January, the, uh, the cryptocurrency market has, especially Bitcoin, has outpaced most other assets. Now, do you, do you worry actually that this is kind of like a top signal for the market? Do you think we're getting to the end of this current cycle?</font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
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  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">So I like, I do like to look back, but I always like to look forward and remember that the future is necessarily different from the past, and every cycle, so to speak, we see different levels of adoption, and so now we have crypto ETFs, we have a regulatory backdrop that is very favorable. And so I sort of take the contrarian view that we need to transcend from this whole cycle of thinking. Um, you know, I think a lot of people think in terms of the four year Bitcoin cycle, and maybe that makes them reluctant to allocate capital 'cause they feel the shot clock is running out. Um, in our view, cycles don't die of old age, fundamental strengths, uh, trends are still positive, they're pointing in a good direction. And, um, if this is a good place to allocate to crypto, especially certain al- alternative tokens, alt coins, which are down a lot. So in my view, I think we need to get out of the cycle thinking as Bitcoin and crypto continues to evolve as an asset class. And I think that the cycle narrative can often become, unfortunately, a self-fulfilling prophecy.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Yeah, that is interesting because obviously, uh, things have changed. You know, you can't, it's not like the, the same cycle conditions are present, uh, every, you know, every cycle, you know, like there's so much more, uh, macro impacts on the market now.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Exactly. And demand drivers.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON:</font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Yeah. Yeah. There's a lot of different demand drivers. Now, uh, just to sort of like wrap things up, uh, in terms of, uh, the cryptocurrency markets and, uh, in terms of, uh, you know, I suppose like investor sentiment when it comes to alt coins and stuff like that, uh, do you foresee, uh, for instance, the GDLC staying with, or, you know, obviously it changes with the top five, uh, cryptocurrencies, but how long do you think it's always going to be like Bitcoin, Ethereum, Solana, XRP, and Cardano? Do you think that's gonna last? Or do you think that that has a sort of like an expiry date also? And, and there's gonna be a shift.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">I don't think anyone really knows. But the beauty of this market is that it is, it is nascent, it is emerging, it is volatile, and all we can do is help to educate investors and give them access through the types of exposures that can help to reflect, um, what is going on in the market and market trends.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Well, Ray, thank you very much for coming back on the BeInCrypto podcast. It's always great to hear your insights.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SHARIF-ASKARY: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Thank you for having me.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">MCGLEENON: </font><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If you want to hear more great insight from BeInCrypto, please click the subscribe button.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
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