People keep asking me: why don’t you take @River public and run a leveraged Bitcoin equity playbook? Doing so would be counter to our mission of building the world’s most trusted financial institution. It is not in the interest of River clients for us to go public and distract ourselves simply to raise money to buy Bitcoin. We have a large (and growing) treasury, so we are not capital constrained. Going public can be a valuable tool, but it needs to be done for the right reason: raising capital to scale operations more effectively than can be done in the private markets. If River went public to run a leveraged Bitcoin equity play, my job would change. My number one focus would become convincing the public markets to buy River’s stock to ensure our NAV ratios stay high, instead of focusing on serving our clients. Some people are built to do that, but I have no interest in such things. All I want to do is build the best financial institution our clients have ever seen.