Hey @nevlyfans I guess we would’ve appreciated it if you had reached out earlier to clarify what our actual biased are. I think though you choose the worst fund involved with Celestia for this kind of video. A few points regarding the video: - Everyone at @celestia can confirm that we've never been part of any private or OTC round . We bought our tokens on the same market as retail at the same time we tweeted about it. We were aware that some private investors were still offloading parts of their allocation, but we still believe in what the team is building and think this is a great time for them to grow. - You paint the picture that VCs are just pumping and dumping on retail. First of all, we only manage prop capital so we don't have a fund lifecycle, meaning we’re not under pressure to return capital to LPs. VCs typically have long time horizons, but we can be even longer-term. In emerging technologies you will win the most by betting on secular winners. We think Celestia could become one if they manage to further expand their rollup base and create a lockin via interop over time. - Celestia got scapegoated for the staking rewards to investors. As you mentioned, everyone was doing it. Even though private investor unlocks for @Celestia end in November 2025, the upcoming Lotus upgrade will adjust for that in the final months. It's a clear signal from them that even if this was standard in the industry, they believe it was the wrong move. They want to set a new standard for future projects. That’s what CIP-31 is about, if you want to check it out. - We fully agree on the importance of scrutinizing people’s biases and actions. That’s why we’re big supporters of @Blockworks_’s transparency framework — it helps create a shelling point for the kind of disclosures you're talking about. We advocate especially for insider selling disclosures and equity/token conflict so people can compare them against public statements. We actively encourage our portfolio companies to apply the framework to give the public more transparency. A couple of thing to add: in capital markets, everyone has to take responsibility for their own actions. You’re right a lot of people are playing games. But at some point, people also have to own the consequences of their decisions. We are currently down on our Celestia position and not complaining about that since we knew the risk of our actions and operate on a different timeframe. We’ve seen how broken the VC/public market structure has been over the past few years. But I haven’t felt this optimistic in a long time about those problems actually getting addressed. Many in the industry like Echo, Blockworks and others are pushing towards that.