<The investment grammar of global VCs has changed> These days, global VCs are investing first in companies that are looking to incorporate digital assets as strategic assets. Pantera recently created the DAT (Digital Asset Treasury) fund and invested in companies like Cantor Equity Partners (CEP), reportedly seeing returns at a premium of 1.5 times to as much as 10 times the net asset value (NAV). In the end, a new meta centered around companies and private equity funds has emerged. What we can think about here is which coins these companies will strategically hold as assets in the future. For example, it seems possible that projects like @StoryProtocol could be included in the AI fund managed by Grayscale, and if VCs who are genuinely into AI, like @DCGco, create separate AI ETFs, there’s a possibility they might strategically include AI coins like $IP, $TAO, and $Flock. Currently, looking at the Pantera case, we see major coins like Bitcoin, Ethereum, Ripple, Avalanche, Hyperliquid, and Sui. However, I wonder if these larger coins have limitations in terms of premium due to their already large market caps? So, it might be more realistic to look for candidates among mid/small-cap coins that companies or funds could consider as strategic assets.