# Grayscale ETF Strategy: Inflows, Innovation, and Regulatory Outlook

**Podcast:** The Milk Road Show
**Published:** 2026-07-09

## Transcript

And crypto has really matured.
You know, when you start to hear big banks talking about crypto, I think that those in the retail community who are really looking for more of a shiny object type quick investment, it's less exciting.
But that also speaks to the fact that it has become a mature asset class.
It's now something that big banks and big asset managers are allocating into.
And to me, I think that's most exciting because it demonstrates mass adoption.
Grayscale has been a first mover and innovation leader in the ETF space for years.
Why are these products taking over crypto and what do investors need to know about this involving investment vehicle?
Hello and welcome to The Milk Road Show, the podcast that knows that Bitcoin tastes delicious no matter what kind of wrapper you put it in.
I'm your host, John Gill, and today is Wednesday, July 8th, and today we are joined by Krista Lynch.
Krista is the head of capital markets at Grayscale Investments, where she leads efforts to support the firm's crypto ETFs.
Prior to Grayscale, she was a vice president at BlackRock, just like me, where she managed daily primary market trading activity for iShare.
fixed income ETFs.
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Without further ado, welcome to the Milk Road Show.
Crystal Lynch, how are you?
Thank you so much for having me.
I'm good.
How are you?
I'm doing really well.
I'm excited to have you here today.
Grayscale has been a leader in this industry for a long time.
A lot of people in our audience have been paying attention to the recent outflows that we've seen from these ETF products.
And I wanted to kind of start the conversation there.
Do you see any sides of these tides starting to turn on the outflows from crypto products?
And just what are you seeing from your seat at Grayscale?
Yeah, so unfortunately, we have seen a lot of outflows from the Bitcoin cohort collectively.
Now, as an ETF practitioner myself, I think it's important to note that the efficiency and the lack of frictions that this has really brought to the market is indicative of the success of the ETF as a wrapper for crypto and for Bitcoin specifically.
So while we don't love to see the outflows, we are encouraged to see how successfully the ETFs are handling this period of stress.
that ETFs have had outflows.
They've had about $5 billion in outflows year to date, which is a large number, but they do stand at over $75 billion in assets under management collectively.
Now, to put that into context, these products have been in market for a little over two years.
Now, let's compare that to gold ETFs, which have been in market for over two decades.
We're at about a third the size of the gold ETP cohort.
And given that we've only had two years versus 20 years in market, I think it is still very telling of the success that these have had in gathering assets in a short period of time.
Now, what are some of the things that could turn the tides?
I think we're very constructive on things like the Clarity Act passing.
Unfortunately, as time goes on throughout the summer, it does look less and less likely like it will pass.
But these are potential tailwinds for crypto as an asset class and a potential catalyst for the tide to turn, as you said, and potentially start to see some inflows or a reversal of outflows in the cohort itself.
Krista, I have heard you in interviews in the past say that your clientele for your ETF products tend to be more longer term investors as opposed to shorter term traders.
Can you talk about the pros and cons of certain?
servicing one of those cohorts versus the other.
And why do you think long-term investors tend to favor Grayscale?
Yeah, so we've been very encouraged with our BTC and ETH products.
I think largely because they are some of the lowest cost vehicles for getting access to Bitcoin and Ethereum.
They have been weathering the storm, if you will, in a pretty positive way.
So like I said, Bitcoin ETPs have collectively had about $5 billion in outflows across this year, but our BTC product has actually had inflows of about 500 million.
So we think that's a very encouraging sign.
as investors gravitate to the low-cost Bitcoin vehicle, BTC, in order to get their exposure.
Obviously, having a long-hold type investor makes for a more stable experience, and that allows us to maintain our AUM even through times of market volatility like we're experiencing right now.
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Could you explain a little bit to our audience how in-kind redemptions and creations work for crypto ETF products?
I feel like this is something people have heard about but maybe don't really understand how this actually works.
And you're such an expert and great communicator about this.
Could you walk us through a little bit about how this actually works?
Absolutely.
And cut me off at any point because I can talk about this for days.
So to take a step back, I would start at the very beginning.
When these products were originally approved by the SEC, the SEC had a lot of concerns about broker dealers touching crypto.
And now authorized participants are an essential part of the creation redemption cycle for any ETF, whether that's Bitcoin, fixed income or equities and beyond.
Authorized participants are required to be broker dealers.
And so we therefore had a conundrum where this required role is not able to touch the underlying asset of the vehicle.
And so how we solve for that or how the SEC solve for that was they mandated that these products could only be created and redeemed in cash.
Now, grant or trust, which is what the ETPs are structured as, are typically created and redeemed in the past.
If we look at gold, if we look at other commodities as in kind vehicles, meaning they actually transmit the underlying asset in exchange for shares.
So this inherently brought a conundrum that ETF issuers like Grayscale needed to solve for.
How did we do that?
We installed a function called a liquidity provider, which is effectively trading the underlying crypto versus cash in order to convert a cash creation into the underlying assets that the trust holds.
Now, this is how these were transacted for the first year and a half or so of their existence.
Last summer, the SEC actually expanded their willingness to allow for in-kind creation redemption.
And that's been something that's been very popular this year and something myself and my team have spent a lot of time on.
Now, it's evolved beyond just authorized participants being able to access this underlying creation redemption mechanism.
And that's really exciting for the crypto ETPs.
We're finding that authorized participants specifically for crypto ETPs are finding ways to crowdsource the ability to allow individual investors to create and redeem into these products.
And we've really spent a lot of time on that this year, helping individual investors take their token and put it into the ETP in order to access a lot of the benefits of the U.S.
banking system, like using shares for margin, collateral, putting them into tax advantage accounts, and so on and so forth.
So like I said, I can talk about this all day long.
I'm a big nerd for the creation redemption process.
And to me, it's so exciting to be able to see individuals participating.
in what really used to be an institutional only process.
I'm a big nerd too, so I love having someone who's nerdy on the channel.
That's really helpful and just great context there.
So I'm hearing you say that there was a solution that you guys innovated to kind of like meet some regulatory requirements, but then there's also a lot of benefits that this unlocks for people who are digital asset native investors who maybe didn't have the access that they get now.
through this product so there's a lot of benefits there are investors and advisors you know in your experience in your conversations are they comfortable with these products yet are they still evaluating them getting familiar with them what's that adoption been like in the education on in the market that you're doing around these things Yeah, there's really a range.
And I think that there is a crypto journey that everyone goes on and they start from what is Bitcoin to progressing all the way to how can I do these kind of complex trades where I'm porting my Bitcoin directly into the fund.
And Grayscale is really here for every step of that journey.
As an example, we go around the country.
I oftentimes join for these conversations and we do something called Crypto Connect.
And that's where we go to different big cities and we host a half day seminar for CE credits, for education, for really anyone that has a curiosity about how can they access crypto?
What are the different tools available to them and how can they partner with Grayscale?
So I think education is a huge part of how investors are going to get comfortable.
And we've really been helping them with these conversations going as far back as two plus years.
Now, we have done a lot of work with institutions to help get them comfortable in how they can invest, how their advisors can offer these products on their platforms.
And we've made a lot of inroads there where the conversation started, like I said, two years ago and are starting to come to fruition now.
And I think we're going to, in the coming months, really see the floodgates opening up as advisors are able to help their clients get these investments that they've been asking for for some time, but just haven't had approved on their platforms.
Okay.
So there's a process that's got to be gone through, but that's happening and that's playing out and it seems like it's going in the right direction.
We spoke a little bit about...
long-term versus short-term investors i'm curious your thoughts on the gulf between retail and institutional investors particularly around sentiment right the last year or so i feel like this gulf has gotten wider and wider that wall street and institutions are more bullish than ever retail is more checked out and let's say like apocalyptic sentiment than ever what's your thoughts on that and and why do you think we've seen this gulf opening up I think right now, if you think about crypto as where it kind of stood maybe two years ago, three years ago in the lineup of potential investments that someone looking for something really novel and groundbreaking stood, it was one of the only things that investors were looking at.
Now we're competing with the likes of AI and other growth areas, and crypto has really matured.
You know, when you start to hear big banks talking about crypto, I think that those in the retail community who are really looking for more of a...
shiny object type quick investment, it's less exciting.
But that also speaks to the fact that it has become a mature asset class.
It's now something that big banks and big asset managers are allocating into.
And to me, I think that's most exciting because it demonstrates mass adoption.
So while it might be less exciting for some.
I think overall, it's very exciting for the asset class as a whole.
And now that's not to say that we don't see pockets where there's a lot of enthusiasm from retail and institutions alike.
But again, we really are converging.
And I think that tools like the ability to in-kind are bringing both retail investors and institutions to have the same exposure, to have the same capabilities.
And to me, that's a really exciting gap that I think has not been bridged for a lot of asset classes, but is really reaching a point of continuum for crypto.
Well, one of the areas where I think we've seen this intersection and enthusiasm between retail and institutions, as you said, is around Hyperliquid.
Grayscale launched HYPG, which I believe is your hype.
uh etf or etp product um and and i from what i've heard from people the btc outflows we've seen from that cohort of products has not been happening in hyper like we've seen inflows there does this behavior in a like overall crypto bear market surprise you or do you think that it's just reflective of this newfound enthusiasm around hyperliquid So a couple of things.
I think Hyperliquid has spoken to both institutional investors and retail investors alike.
So this is another positive area of that continuum that we were talking about.
Hyperliquid, to give some context, is a decentralized exchange that hosts something called Perpetual Futures.
Perpetual futures were historically really a crypto native trading vehicle that allowed investors to trade Bitcoin, Ethereum and other tokens on a synthetic basis.
Now, with the news that broke in the Middle East a couple of months ago, it became a very popular venue for trading exposure.
over weekends and holidays when a lot of times this news was breaking and there was no way for traditional investors to take risk off or put risk on, particularly in markets like oil, which is where a perpetual future that became very, very popular at this time was available.
Now, I think that Hyperliquid has continued to demonstrate its value because of features like 24-7 trading, constant accessibility.
And we're really starting to see some of these features that investors are used to in the crypto.
crypto world begin to be demanded in the traditional trading world.
And I think hyperliquid really bridges that gap nicely.
So I think that's the reason why we're seeing a lot of popularity for Hyperliquid because of its true utility, its true ability to provide value to investors, whether they're traditional, whether they're crypto native.
And I think that we're really going to continue to see these features expand into traditional markets.
We've actually seen some of the traditional venues start to apply to host perpetual futures.
And I think that that speaks to the utility we see in this vehicle.
I want to ask you about just like what you said, the growing amount of demand for perps and more people bringing these to market as well as regulatory scrutiny.
But first, I want to ask you, how do you see hyperliquid?
Do you see this as a new kind of like asset class or like financial products that perps is launching?
Or do you see it as a disruptor of existing products?
Or where does it fall on that spectrum for you all?
I think it's a little bit of all of the above.
So like I said, it has features that we're now starting to see implemented into traditional products, or I should say we're seeing demand for these products to be implemented into traditional trading venues.
I think to me that really speaks to the fact that investors want these features.
They want to see the continuum between digital assets and traditional assets converge.
Other examples, we see 24-7 trading, tokenization, all of these buzzwords and all of these concepts are continuing to be talked about in the context of traditional trading.
So I think that crypto has a lot of features that we're going to continue to build towards in traditional markets.
But likewise, I think we're going to continue to see traditional exchanges start to offer crypto products.
And Hyperliquid, again, is really a way that we're able to bridge that gap.
It is something that I would consider.
to be more crypto oriented, but it is bringing traditional exposures like oil, S&P 500, et cetera, to the table in a crypto format.
Gotcha.
Okay.
So you mentioned some of these new platforms and companies that are bringing perpetuals to market.
I want to get your thoughts on this.
The SEC has put out a solicitation for public comment and reevaluating its approach to ETF regulation.
I think this is a response to prediction market ETF applications.
But in any event, they said there's a $16 trillion ETF industry here, and they want people's feedback on how to regulate this.
What are your thoughts on the SEC's?
reevaluating their approach here and how does this fit into the larger strategy of Project Crypto that the SEC and the CFTC have been engaged in?
Yeah, so just looking at Grayscale's own journey for how we were able to bring Bitcoin products to market, I think oftentimes when we see the SEC initially deny or reject or delay a decision, in this case on perpetual futures ETFs, a lot of times the market kind of consumes that as negative sentiment.
But really how these processes work is whenever an issuer files for a novel ETF, just like a perpetual future ETF or a prediction market ETF, or in our case, a couple of years ago, a Bitcoin ETF, there's a 240 day clock during which the SEC reviews that proposal.
And there are several milestones within it where they'll either delay, deny or approve the proposal.
Now, it's quite common that they'll delay the proposal for many of those milestones until they reach the final decision point.
And at that time, they will ultimately opine.
So I think that the SEC's decision here to delay is actually quite in line with my expectations.
It doesn't, to me, indicate that it's a no, but it's just going to continue to be a collaborative decision to figure out how to govern these products.
Now, I would additionally say, I think because prediction markets are so new and we're still figuring out the rules of the road for the prediction markets themselves, figuring out how to put them into an ETF is going to be an additional conversation above and beyond that.
And finally, I would say some of the crux of the conversations here are about how do we differentiate between what is a financial product and what is a gamble?
Now, I think ETFs on both are very interesting, but I think for the SEC and other regulators.
They really need to figure out where do they draw the line, who governs what, and from a regulatory perspective, who has jurisdiction over what.
So a lot of questions to be teased out in the coming months, but that's what makes it exciting to be in the space, and I think it'll be a lot of fun conversations.
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Very helpful.
Thank you for that, Krista.
I think you mentioned earlier that Grayscale has been sort of bullish on the Clarity Act passing.
Now that seems like a bit of a toss-up here.
What does this look like for you all as a company if the Clarity Act doesn't pass and you're forced to sort of like rely on the regulators, the CFTC, the SEC to give the ground rules needed?
Do you think that that gives you the security you need to be able to bring the products that you want to market and conduct your business the way you want to?
Or do you feel like at some point we do really need to get some sort of legislation on the books here?
What's your outlook on that?
It's often surprising to most to hear that issuers and other participants in the crypto space actually want more rules and regulations, of course, within reason.
But we do really crave knowing what the guardrails are within which we can work and what are those frameworks.
So we're very positive about having rules and regulations like the Clarity Act.
As you said, unfortunately.
It is looking increasingly like it might not be passed in time before Congress goes on its recess.
And I think that it would be a tailwind for us to have it pass because it would give further clarity, no pun intended.
It will be a headwind if it does delay.
But this is what we're used to.
You know, we've been working for many years in the absence of any rules and regulations, and we are very constructive on helping to form them, helping to shape them.
And so I think as we continue to push forward while we would love to have that clarity, know what those rules are going to be, we have still come so far in the past two plus years.
And I think that we're excited to continue building with all that's ahead of us.
It's been a very exciting period of momentum with what we've been able to bring to market in the past phase, I would say.
And I think that that's going to continue.
Of course, it could continue in a more clear way, but we're here for whatever is to come.
That was very, very professional and diplomatic.
Very well done, Krista.
I appreciate the thoughts on that.
I do want to ask about some of the innovation you're all doing.
Grayscale has been known for innovating in this space.
You all launched the GDLC, which, as I understand, was the first multi-crypto ETP product.
And I'm curious, you're...
like assessment of the demand that you've seen in terms of appetite for a multi crypto ETP product versus single app app asset ETPs.
And where do you think that goes from here as investors start to get more used to and familiar with these products and with this asset class?
Yeah, we're really excited to be able to offer GDLC, which is the top five tokens by market capitalization, excluding meme coins and stable coins.
We've measured that it can bring about 90% of the return of the crypto market to an investor through this one simple investment.
And I think that given the number of single token assets that are now available in market, Crayscale actually offers nine at this point, it can be very daunting for investors who are new to tokens beyond Bitcoin, beyond Ethereum to select tokens after they've done those initial majors.
And I think GDLC is a really eloquent way to help them avoid having to select individually.
what those tokens are going to be.
Now, for investors who do want to do that selection and pick their own tokens, there are, of course, many options available to them.
And that's really a result of the generic listing standards that came out last summer.
So the SEC actually worked together with issuers like Grayscale and other issuers in the crypto space to create a framework for which tokens are ETP eligible.
And that has brought a lot of clarity.
I know we just talked about the Clarity Act, but for ETF issuers specifically, the generic listing standards brought a ton of clarity to us about what assets we could deliver in ETP form.
So as investors get more choices, we think that that's a very compelling menu to be able to offer.
But again, products like GDLC, I think, are a very eloquent way to organize that landscape.
For those who might feel overwhelmed or see this as a daunting experience to move beyond Bitcoin and Ethereum.
How do you all think about innovating in this space?
I feel like now that we have so many more issuers with so many more products, and I interviewed James Safeheart from Bloomberg Intelligence, and he says that the ETF space is a little bit like this spaghetti cannon environment right now where people are just launching any product they can think of and trying to find what sticks.
How do you all think about focusing those efforts in terms of innovating, finding new products, and sort of standing out from the other products that are on the market as we see more and more of these come to the marketplace?
Yeah, so I think here we're really proud of our history as the first to bring these products to market.
GBTC actually started, or I should say our Bitcoin products actually started over 10 years ago.
In 2013, we launched our first access vehicle for Bitcoin.
And so we like to really lean into our heritage.
So we're very excited to see other issuers coming into the mix.
It really helps speak to the longevity of the asset class.
and the legitimacy of the asset class, although we didn't need anyone to convince us.
But I think that it's also important to remember that we are crypto native.
It's all that we focus on.
And I think that a lot of investors really latch on to that.
We're not trying to sell a bond ETF or a more vanilla ETF.
Everything that we do is rooted in crypto and other adjacent areas.
And so it really is our heritage to be focused on this asset class specifically.
From your conversations with clients, advisors, investors, how have you seen portfolios shifting or maybe demand for these products shifting?
Are covered calls getting more popular now?
Are the composite, like the multi-crypto indices more popular, single asset?
What is more popular now, especially as we've gone into sort of this bear market period?
Where are you seeing the most interest in demand right now?
Yeah, yield is really popular.
So you mentioned staking, you mentioned covered call.
Those are really popular avenues for investors to put their assets to work.
Now, staking, I think, is really compelling in the ETP because as an example, I might be able to figure out how to open a wallet and hold Ethereum.
a proof of stake asset.
But I would really struggle to set up a validator and do some of these things that are required to put my assets to work with that Ethereum investment.
But I can very easily invest in ETH, our low cost Ethereum product, in order to be able to access staked Ethereum.
And I think that that's a very compelling value proposition for investors.
Now, covered calls as well, very popular.
Our BTCC product is a Bitcoin covered call.
And that has had a lot of popularity lately as a way to get investors yield, get a cash distribution so you can put your Bitcoin exposure to work and actually get paid a cash distribution on a bi-monthly basis.
I think that, again, we talked about in kind features are another area of focus.
So even though crypto markets might not be up and to the right right now.
there's still ways to put your assets to work and putting them into the ETP in kind.
If you hold a spot, digital assets can be another way to leverage your assets.
You can use them for margin, you can use them for collateral.
And so we are seeing a lot of interest in changing the format of how one holds the underlying asset.
Even though the price is not moving up, it's still a way to kind of improve how you are putting your assets to work.
Krista, in the opening of this, I joked that Bitcoin is still delicious no matter what wrapper you put it in.
But I think getting yield in one of those wrappers is something that's gotten a lot of attention.
And just like you said, people are interested in this.
Are you seeing this new, like, you know.
being able to get staking yield from Ethereum or, you know, getting yield from Bitcoin in some way in an EDP wrapper.
Are you seeing this bring in a lot of new capital or are you seeing more investors rotating from some of the other products that don't offer yield into the ones that do?
And just what are those dynamics been like from your perspective?
Yeah, we've been very positively impressed and surprised, honestly, to see some of the participants that are engaging in these in-kind.
in-kind transactions.
Now with Ethereum as an example, we might have an end investor who holds Ethereum tokens and they are interested in porting that into the Ethereum product and able in order to stake it, in order to put it into the ETP wrapper.
Now, inherently, the type of investor looking to do this transaction is probably crypto native.
They hold a portion of assets in spot crypto.
And we traditionally would think that those who are most excited about ETPs are more traditional oriented investors.
But surprisingly, we've actually seen the crypto native community really gravitate towards this trade.
And again, it's because they're able to get some of the benefits of the traditional banking system.
while they retain that same underlying exposure in crypto assets.
So that's been one area of positive surprise is seeing participants in the ETPs that are crypto native and are starting to join the more traditional expression of it.
Now, in terms of rotation elsewhere, I think we've seen most investors, at least most of our investors, start with Bitcoin, start with Ethereum, start with the basics.
And then as they get comfortable there, they might start to branch out.
into tokens like Hyperliquid via our HypeG product or via GDLC, our multi-token product, if they are ready to go beyond Bitcoin and Ethereum.
But I think that most start off in Bitcoin, most start off in Ethereum.
They do start with the majors.
And we really live in a kind of, I would say, a world where we think everyone understands crypto, but we are in an echo chamber.
And once we leave it, we realize that so many people are really at the beginning of their crypto journey.
So there is a lot more room for investment into the base.
if you will.
And we're really here to offer exposures to all of the above.
So for those conversations, right, with people who are sort of new to digital assets and digital asset investing, how significant an impact does the price and sentiment have on those conversations, right?
Because like a lot of people are wondering, is Bitcoin bottoming?
Like everybody in my echo chamber is arguing about where's the bottom, have we bottomed, et cetera.
But for somebody who's new, I imagine that this would be a really uncertain time to be exploring this asset class.
How does that impact that?
And how do you go about messaging?
The Bitcoin price, the Bitcoin cycles, the Bitcoin bottom, like how does that factor into those conversations?
Yeah, so I think that, you know, we try to not pay attention to the small things.
And we ourselves are very constructive in the long term.
Now, it can be very hard to tune that noise out.
But I think that as someone or as a firm with long term conviction, it's important to keep your eyes on the long term prize.
Now, we do, though, look at short term periods, of course, as we must.
Our head of research, Zach Pandell, actually puts out some blog posts on something called the stack, which is a available on our website.
And that will look at macroeconomic indicators and other things that might resonate with investors who are used to looking at some of the more traditional indicators.
Now, again, like I said, it can be tough during periods of volatility to not look on a daily basis, but we are very long-term conviction in the asset class.
And so we just continue building.
We continue building features, offering new products.
And when the time is right, they will be ready for investors.
Again, a very professional and really well-educated answer.
I like that view.
I tell my community this all the time.
The long view is the right view.
Okay, let's take a look at the second half of 2026 here, Krista.
What catalysts, what major events are you watching for in terms of potential catalysts for the digital asset ecosystem?
Is it going to be the Clarity Act?
Is it something else?
Are there any things that you're watching for with particular interest in the second half of 2026 that have your attention for the rest of the year?
Yeah, I'm definitely looking.
in the short term, I know I said not to do that, but I'm looking at the Clarity Act just because it is so directly in front of us.
I think that whether it passes or not, it is going to be something that has some impact on the crypto community.
It is probably priced in for the most extent into prices right now as we continue to see.
Polymarket, as an example, pricing what they think is going to happen.
We see other heads of research giving their kind of analysis on what's going to happen.
And of course, that impacts the price of Bitcoin, the price of other digital assets.
But I think ultimately the pass, fail or delay will have an impact.
Like I said, we're very hopeful that it does pass because it will give more clarity towards what are the rules of the road?
How can we build progressively in the future?
But if it doesn't pass, that's also something that crypto builders are used to contending with.
And we will we will.
We will continue, but I think it would be a very positive headwind or a very positive tailwind if it passes.
And unfortunately, a bit of a headwind if it doesn't.
Krista, I want to thank you so much for being such a excellent ambassador for this industry, for this asset class.
And most of all, thank you for coming on the Milk Road Show to share this insight with all of us, because, you know, as we've seen this institutional bull run play out, I think a lot of retail investors or self-directed investors are trying to get a peek over the wall as to what those conversations are like.
So I know our audience.
really appreciates this.
You mentioned Zach, your head of research.
I do follow him, but where can we send our audience to find more of you and your work online?
Yeah, so grayscale.com is a great resource.
It'll have the work of all of our teams collectively, including Zach, including things that my team has contributed to.
And then again, also be on the lookout for things like Crypto Connect coming to your town.
We do travel around the country to help spread the good word and to help educate and be a resource.
But don't hesitate to reach out to us.
We love to field these questions and we're happy to.
to get investor questions.
So reach out to us, find us on the website and look at the Grayscale Institute as well.
That's something that we recently rolled out as a resource for investors who are looking to get educated.
Crystal Lynch, Grayscale, Head of Trading and Capital Markets.
Thank you so much for being on The Milk Road Show.
Thank you.
Thank you all for joining us.
I hope you all learned something today.
So until next time, as I always say, stay safe, stay educated, stay bullish, and we will see you all in the next episode of The Milk Road Show.
Thanks for being here, everyone.
Bye.
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