I just wrapped an incredible week. In many ways, it felt like my first days at Bitwise: hard work with brilliant people pushing the space beyond what anyone thought possible. We take spot Bitcoin ETFs for granted now, but it wasn’t long ago that every investor, pension, endowment, and financial advisor told us, “It’s not going to happen.” Today, Harvard’s endowment bought $100M of a Bitcoin ETF. That’s exactly how I feel about Bitcoin Treasury companies right now. Many dismiss them as oddities, temporary bursts of hype and greed. They’re wrong. We haven’t yet seen the platonic ideal of a Bitcoin Treasury company. But I can see it. Many of us in the space can. That’s why I’m here–to help build it. If you give yourself permission to imagine it, you might be surprised by what’s possible. I know people are eager to hear what we’re building at ProCap, and I’m deeply grateful for the support, curiosity, and advice. But as others in the arena know, transactional dynamics limit how much we can share right now. I ask for your patience because what’s coming can set a new standard for what a bitcoin-native permanent capital vehicle can be, not just in crypto, but across global capital markets. Watch this space!