Writing to our investors: . Q1 was another terrible quarter for crypto, with total market cap declining -22% (after -27% decline in Q4 2025). . Trading volume looked even worse: Q1 spot trading volume on centralized exchanges reached $3.1T, a -37% decrease vs Q4 2025. Perpetual futures trading volume (used by traders to trade on leverage) fell to $12.7T in Q1, a -26% decrease vs Q4 2025. We continue to be in bear market, which we think will hold for 6-12 months. Institutional interest (eg Apollo, Fidelity, Blackrock), the technology (eg speed, privacy, AI adoption of crypto rails), revenue-generating applications (eg Hyperliquid, Pump), adoption of Real World Assets onchain (eg commodities, reinsurance) and regulatory improvements (eg Genius, Clarity bills) continue to build the foundation for the next major crypto cycle.