Personal update— Today is my last day at Bitwise. The past three and a half years have been nothing short of extraordinary. While it’s bittersweet to share this news, I’m more convicted than ever that Bitwise is on the path to becoming the iconic crypto asset management firm of our lifetime. Bitwise’s alpha franchise–from multi-strat, to SMAs, to options strategies–has grown from zero to hundreds of millions with talented PMs and additional superstars that will be announced soon. I’m honored to remain an Advisor, shareholder, and steadfast supporter to continue fulfilling the mission of institutional adoption. As I reflect upon my journey, I want to share two photos that captured the moments that meant the most to me. The first is from January 12, 2024, when Bitwise rang the NYSE Closing Bell to celebrate the launch of the spot Bitcoin ETF. I joined Bitwise two years prior with a then non-consensus conviction that Bitcoin ETFs would become a defining breakthrough for crypto’s mainstream adoption–and that Bitwise would be the firm to lead that charge with authenticity and expertise. Though I wasn’t directly involved in the long road that led to this milestone, standing on the podium of the NYSE that day remains one of the proudest moments of my career. The second moment was more personal: being recognized by Institutional Investor as the crypto industry’s first “Hedge Fund Rising Star.” Having spent my career in the hedge fund world waiting for crypto to be treated as a legitimate institutional asset class, the recognition felt deeply meaningful. But the truth is none of it would have been possible without the unwavering support from investors and colleagues who helped launch the multi-strat franchise just a week before FTX’s unravel. All of which is to say: having a front row seat at Bitwise was a dream job before I joined, and it still feels that way even as I step away–all because of the people. Working alongside @teddyfuse, @HHorsley, @Matt_Hougan, @hongkim__ , and @kbdow and the entire team has been the greatest professional privilege of my life. I'm grateful for the opportunity to have contributed to a moment that will endure in the history of American financial innovation. The outlook for crypto has never been brighter. Still the story is far from over–and I believe what’s coming next will set the course for crypto’s next great era. I’ll share the details soon but for now, know this: we are at the dawn of a radical revolution led by Bitcoin, and I’m fired up to help lead the way.