<The investment grammar of global VCs has changed> These days, global VCs are investing in companies that want to incorporate digital assets as strategic assets. Pantera recently created a DAT (Digital Asset Treasury) fund to invest in companies such as Cantor Equity Partners (CEP), which is said to be earning at a premium of 1.5 to 10 times its net asset value (NAV). In the end, a new meta centered on corporations and private equity funds was created. What we can think about here is to find out in advance which coins these companies will include as strategic assets in the future. For example, it seems that projects like @StoryProtocol may be included in the AI fund managed by Grayscale, and if VCs who are serious about AI like @DCGco create a separate AI ETF, there is a possibility that AI coins such as $IP, $TAO, and $Flock can be strategically included. Looking at the current Pantera example, we see major coins such as Bitcoin, Ethereum, Ripple, Avalanche, Hyperliquide, and Sui. So I think it would be more realistic to look for a candidate that a company or fund can include as a strategic asset among the mid/small caps.