00:00 Scott Melker

This is from a reliable news source called The Wolf Den newsletter, which I write every single day. I’ve written 1400 of these things, come out at about 7:00 a.m. and you should subscribe and read it. But Bitcoin is down 50%.

00:10 Scott Melker

These crypto stocks are down 89%. So you got Gemini, the Wile Voss Exchange down 89%. Bitgo down 77%. bullish down 71%. E. Toro, only down 41%. Pretty good.

00:27 Scott Melker

These are all things going public in the last 12 months. So we obviously had this massive window between May 2025 and Janu January 2026 where public markets exorb this massive wave of crypto IPOs. This obviously came on the back of Gensler being gone and Paul Atkins being…