<On IP Strategy, the only public company aligned with Story's $IP token> Turning IP into an on-chain primitive for everyone to access, build on, and benefit from has been Story's core mission from day one. Programmable IP is the future. Our ecosystem applications like @Aria_Protocol cater to this demand on the retail side. Meanwhile, our $220M+ DAT with @ipstrategy_ provides regulated exposure to $IP for equity investors, without the hassles of directly holding tokens on-chain. Why a DAT: – Global IP is mostly illiquid. We're tokenizing it, solving licensing hurdles, and opening up the space to AI. Unlike, say, EVM vs. SVM, this narrative is much more accessible to public market investors. – Yet for various operational, regulatory, and psychological reasons, legacy institutions and large family offices often can't (don't want to) directly own or hold crypto tokens. Many of them don't even have wallets. – That's why ETFs are such a hit among such investors, but our $IP token still isn't big or mature enough for ETFs. – For smaller projects like Story, DATs are the next best way to give legacy investors exposure to our tokens in a safe, secure, and regulated manner. Why investors care about an $IP DAT: – By tokenizing iconic IPs like BTS' music to Adidas' designs, we're making the economic rights around these assets investable and tradable. They can even generate yields, which is unprecedented. – We're also tokenizing usage rights. Anyone can remix, say, Crocs' designs while both parties get a fair, transparent share of the revenue, distribution, and all other value generated by the derivative creations. – Above all, we're building the infra to source egocentric, real-world data for next-gen AI training in sectors like Robotics and Biopharma. It's a net new value prop, as AI companies can't get this data by scraping the web. Story is a bet on crypto, AI, IP, and RWAs; four booming sectors right now. $IP Strategy is a gateway to this movement. And early numbers validate my conviction. Two weeks in, validator performance speaks for itself:  43 M $IP staked, $1.5 M + in rewards, ~95% operating margins. Excited to see our validator network expand in the months ahead as more third‑party participants join. AI runs on IP. IP runs on Story. IP Strategy brings that momentum to the public.