# Ethereum Undervaluation and the Tokenization Supercycle

**Podcast:** The Milk Road Show
**Published:** 2026-08-27

## Transcript

In our view, Ethereum is still vastly, vastly undervalued.
One, we think that this is something that captures a lot of the future growth of the financial system as they move on to the blockchain.
Ethereum put in one of its biggest pumps in history last week, but is this the beginning of ETH leading to crypto markets or just another hated rally from the world's biggest altcoin?
Hello and welcome to The Milk Road Show, the podcast that knows that the bottom may or may not be in for crypto, but either way...
Last week was fun.
I'm your host, John Gill, and today is Thursday, August 27th, and today we are joined by a young Ethereum analyst named Thomas J.
Lee.
Tom is the co-founder and head of research at Fundstrat Global Advisors, the CIO of Fundstrat Capital, and the chairman of the board at BitMind BMNR.
He is also a former chief equity strategist of JP Morgan.
Tom and I have been in a race to see who can accumulate 5% of the total supply of Ethereum.
He's got a slight lead on me right now, but it's not over yet.
If that sounds like fun to you, make sure you like and subscribe.
Share this episode with somebody who's going to enjoy it.
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So keep an ear out for more information about them later in the show.
Without further ado, welcome to the Milk Road Show.
Tom, how are you, sir?
Good.
How are you?
I'm doing really well.
I'm really excited to have you on the show today.
I'm traveling in Boston off my normal desk, but I really wanted to have this conversation, so I'm glad we could get together.
Tom, I thought a good place to start would be with the events of last week.
Largest short liquidation in crypto history, $500 billion of market cap added to the crypto markets in a matter of days.
What's your reaction to this move in the market events we've seen here and Ethereum going from around $1,900 to nearly $2,600 and outperforming Bitcoin here?
I think everyone has a perspective on this, but our take this year has been crypto fundamentals have been strengthening, which is a real contrast to past crypto winters where those were marked by closures, the absence of capital, and then dwindling use cases.
We know tokenization is gaining a lot of traction.
I mean, so many high profile major financial institutions are building tokenized products, particularly on Ethereum.
On top of that, we know that as AI capabilities grow, it's becoming very, very obvious that AI agents don't want to use traditional financial systems.
And so crypto rails make a lot of sense.
So to us, last week is what I would call a course correction because the price is finally starting to recognize that we shouldn't be in a deep crypto winter.
And as you point out, the fact that there was a massive liquidation shows you how off sides the market was.
The famous John Russell fame says all rallies start with short coverage.
So to us, I think this is the start of a much larger move.
There's been a lot of debate about whether or not we're going to see sort of a retracement or a pullback on here on Ethereum and Bitcoin crypto overall after this huge short squeeze.
Are you expecting that to happen or do you think this has kicked off another bull market in crypto overall?
You know, I mean, I think there's going to be a lot of like for those who aren't exposed right now, there's obviously a tactical question.
And my answer to anybody who doesn't have any crypto right now or is underexposed is if you look at the past crypto cycles and you could buy the crypto either four weeks or one week after the low, would you just, would you?
Do that every day.
And the answer is everyone should obviously be buying four weeks before the low or one week after the low.
So if the low was last week, then you're buying one week after the low.
If there is a retrace, which is possible, then you're buying four weeks before the low.
I mean, in either case, I think you should be, you know, thanking yourselves for actually taking that tactical decision.
I think if anyone's trying to time the bottom and do what I call by the middle leg of the rally, they're going to miss the majority of the gains because we've published the step and it's actually worked for more than a decade that crypto makes all of its moves in 10 days.
And if you miss the 10 best days, you actually have negative returns.
So how many great days have happened in 2026?
Like one.
So, I mean, I think that there is a lot of upside for crypto between now and year end.
Yeah, I've seen you posting about that on Twitter.
That's the rule of 10, like the 10 best days in the asset are why you hold the asset and stay exposed.
Tom, you talked a little bit about some of the unique value drivers behind Ethereum and crypto in this bear market as opposed to prior ones.
And I thought this would be a good segue into a presentation you recently gave where you called Ethereum the cure for the uncanny valley of wealth.
And I thought this was a really interesting presentation.
But could you just start with explaining what the uncanny valley of wealth is and why you think Ethereum is a solution for this?
Yeah, there is this notion of the uncanny valley.
So there's a famous Japanese roboticist who wrote about the idea that if robots start to look too human, then people get very uncomfortable.
And that's actually true.
I think we're going to be very uncomfortable the day we see like androids walking around that we can't tell the difference.
Well, the same thing is going to happen with the financial system and your money because agent systems are gaining a lot of capabilities.
In fact, we already know that within a lot of these models, the agents are actually buying more of the tokens than humans.
So we know that agent activity is picking up.
Well, there is going to be a similar uncanny moment regarding your money because once AI systems become part of our economy, they're becoming revenue producing units, potentially even taxable units.
And they might be delegated and working on our authority, but what will prevent them from deciding to do their own?
and make their own decisions financially, including how they access your accounts and execute transactions, which you may have already authorized.
That to me is going to be the uncanny valley of wealth that over time it is possible that more of our wealth for each of us individually is going to be created by our delegated agents.
Are we going to trust them if they're running on Visa rails and JP Morgan accounts?
to make sure that they're not going to drain our financial resources.
I think that's why we want to have crypto, smart contracts, finality, instant settlement, things that are really sort of the nature of crypto to protect us from agent systems going rogue.
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So this is a way for humans to sort of stay in the loop as robotics and AI roll out.
Why do you think Ethereum is unique in serving that need in the market and being a solution for that kind of a problem?
Well, it's just one of the things that I think people don't really appreciate, especially someone who might be writing code or actually just whiteboarding, is the network value, the network effects of a widely used system is...
hugely underappreciated because people don't know how to monetize that.
For instance, why do we all use dollars?
I mean, there's plenty of liquid currencies, but because the dollar has not only been the most accepted and as people say, has been around the longest, but why would we use anything else?
Well, that's true of almost every asset, whether that's real estate, why do we own land?
Why do we trade in the US stock market when Korean stocks are cheaper?
Ethereum is the largest by a country mile, the platform that is not only has the most number of wallets, the most activity, but is also the place where financial institutions are already building.
So the question you'd have to ask is, if financial institutions who've now chosen to use a public blockchain, would they suddenly want to be betting on a new illiquid chain that could actually have problems in the future with code or adoption, or there could be problems with their market maker or their node operators.
So we're creating a whole series of cascading problems when the reality is that Ethereum actually is the platform of choice today.
Let's talk a little bit more about what Wall Street is building.
Last week, Robinhood CEO Vlad Tenev wrote an article on X calling for a tokenization super cycle.
And I think a lot of people hear these words like tokenization and super cycle, and it may not know exactly what that means.
How do you see this tokenization super cycle playing out?
What does that mean?
And how does that change markets as we know them today?
I mean, tokenization super cycle probably is the best explanation for what's happening.
Vlad should really have I think the most credible perspective.
Why is that?
Well, first of all, he's a proven financial disruptor that has already built a company that has reached scale.
I mean, Robinhood, remember, was a complete innovation to traditional equities and asset markets because he offered essentially free trading.
But that might have been the unique feature.
But what he really did was he created a platform where the user experience was so vastly different.
I mean, when people were using Robinhood and swiping and moving with ease compared to like these archaic, traditional trade tickets on other apps, it shows you he really understood how he could innovate.
Well, guess what?
Financial rails are overdue for basically a 21st or 22nd century platform.
Today, the financial system is a...
a very, very complex system of multiple layers of people and multiple legacy systems and very uninterconnected systems that work with interfaces and lots of human intervention for transactions to get done.
And while many people think it actually does work well, which indeed it does, it doesn't move with the speed and error-freeness and cost that could be achieved by doing this on the blockchain.
And so that's really what...
what Vlad is referring to is that if the financial system moved to crypto rails, it could unleash not only much faster access, lower cost access, but perhaps most importantly, create huge innovation.
Because when you can move things much more quickly, truly in a digital way, a lot of things that we define as like money, us.
Sorry, that we traditionally don't think of as money could suddenly become money.
I mean, that is the huge unlock.
You know, today, a dollar becomes a digital dollar when it becomes a stable coin.
There's already stocks trading as software, you know, as tokenized stocks on blockchains.
But once you turn stocks into software and money into software, we could be turning other things that aren't traditionally thought of as money.
into digital money, whether that's loyalty points, reputation, clout, sponsorships, future present value of contracts, things that we just traditionally don't think of as money, but they're actually obviously monetizable.
That's the unlock in how much bigger a market could it create.
Think about this, that the financial system today in its vast, you know, it's over 150 trillion of liquid assets.
It's essentially driven by two simple asset classes, bonds and stocks.
Everything else that's traded is a derivative of that.
Well, number one, tokenizing all of that, the addressable market of assets is not $140 trillion.
It could be $500 trillion.
It could be intellectual property, future licensing, resources held.
So we have a much bigger what they call addressable market.
But then you could innovate the existing stock market in vast ways.
So, yeah, I think super cycle is like the best word, but it's probably understating the size of the innovation that's coming onto crypto.
Robinhood launched their Robinhood chain to wild success.
Users are trading tokenized stocks and crypto there.
This week, Coinbase also launched tokenized stocks on their base chain.
Now, both base and Robinhood chain are Ethereum L2s.
So they're denominated in ETH.
They're settling in ETH.
Talk to me about how this fits into your overall thesis on the Ethereum network, but also on ETH, the asset, to see some of these major titans of trading building in the Ethereum ecosystem and what you see playing out as this goes forward here.
Yes.
Well, I mean, this is a really, it's a very important issue.
And I think people tend to have very simplistic or sort of single line views around the importance of that.
L2s play an important role on Ethereum.
And it's by design.
They offer innovations, hopefully innovations, and speed and capacity.
all while relying on the security of the underlying Ethereum.
So that is why I think it is important to understand that the L2s, even if they're not generating fees, their existence is dependent on the L1, on Ethereum's security layer and finality and trust, but in ways that can create a lot of value.
Now, BASE and Robinhood Chain have been knockout successes.
Robinhood is actually generating pretty good income as well as Coinbase, not as much as Coinbase used to generate.
And in the future, volumes increasing should drive a lot of economic creation for both the creator of the L2, but also increase the need and desire for people to want to settle on Ethereum.
I know there's going to be a lot of folks thinking that over time, a lot of folks want to create their own L1s.
And I think That's a possibility.
But look at what's happened, for instance, with Revolut and their stablecoin launch.
They didn't end up, even though it was in partnership with Stripe, they didn't launch it on Tempo.
It really was launched on Ethereum.
And at the end of the day, there's a reason people are choosing Ethereum and it is the most liquid chain.
So I think that over time...
All of this is going to change the way people actually value Ethereum.
I think that there is a lot of folks that want to try to value chains on a cash flow basis.
And of course, there's a lot of success stories.
So Hyperliquid and LIDR are very, very good examples of chains that have cash flow models.
But the most successful assets in the liquid markets today, like equities, They actually act more like store of value assets, not cash flow assets.
I think that it's a really important distinction.
I think it's a subtle distinction that's not well understood.
But most stocks today are actually not held and valued.
And their accretion has less to do with cash flow and more to do with store of value.
So, Tom, we talked about the tokenization piece of this and how you gave the example of Revolut.
Robinhood chain, Coinbase, a lot of different major players in the industry are bringing assets on chain and doing it into Ethereum.
The other side of this, we touched on a little bit as well, is AI, agentic finance, agentic commerce.
I thought a great illustration of this was Cloudflare reported recently that they're moving to begin offering USD stablecoin wallets for agents.
They also said that they anticipate that by 2030, most activity online will be agentic and non-human.
How does that factor into the thesis here in that?
tokenized world with agents now running all this?
And how does Ethereum maintain that dominance and even expand its value proposition in that universe?
Well, I guess something I probably want to just say, you know, we really don't, I think we can say with certainty, some things and we can then also say with things with a lot of uncertainty, like with certainty, we can say that the capabilities of AI agents should be vastly improving.
in the next five years.
I mean, I think that that's not something that we would really have to argue against.
You know, we're not really reaching a peak in capabilities there.
There's no Moore's law that's breaking by making that observation.
And then I think it is probably correct to say, are traditional financial rails, which were built for humans and verified transactions between humans, and all the potential risks that humans do with each other, you know, that's why we have to create all these levels of trust within traditional financial systems.
Are they suited for agent activity?
I mean, I'm going to say no.
You know, I mean, one, like Visa and all these are physical cards or, you know, there's when you look at a payment system and a card swipe and it moves through 24 different systems to be validated.
You know, is that the most efficient way for an agent system that might be doing a microtransaction that only like lasts, you know, it's a fraction of a penny.
So it's like, it's not even in the numerical system of the traditional financial rails.
And then a speed that the financial system can't handle.
I don't think they're going to use traditional financial systems.
However, I don't know if we can conclusively say they're going to use crypto rails.
But.
they're either going to use crypto rails or agent systems are going to create their own monetary system.
Okay.
If they create their own monetary system, I think humans have to be really scared because you know what?
They're going to cut humans out of the loop.
I mean, if agents create their own economy trading with each other and they're using units of exchange of money that they create and the only time that they convert it back to dollars is like when they need to interact with humans.
That's pretty scary future.
So I think by either design or regulation, humans are going to force themselves into that loop.
And again, I think that the system today that exists that could allow humans to be forced into that loop is a crypto rail.
You know, one thing we've talked about a lot on this show is that crypto is quickly becoming a huge part of the global payments infrastructure, and nowhere is that more obvious than in Asia.
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So Tom, we talked a lot about the need for a crypto rail to underline this system of tokenized assets and agentic commerce.
You have been betting very heavily.
that Ethereum is going to be that rail that underlies this.
And in that capacity, Bitmine has been allocating to Ethereum.
You guys are now over $14 billion worth of Ethereum you've accumulated to get towards this target of 5% of the total supply.
You have bought Ethereum now, I think, for 65 consecutive weeks, which I think is a personal best.
And you have also recently, in the last five weeks, though, begun introducing buybacks of the BMNR stock as well.
So I'm curious if you could just tell us a little bit about the strategy here.
Why the consistent purchases of ETH every week and why the recent introduction of the buybacks of Bitmine stock?
Yeah, I'm glad to.
When we created Bitmine on June 27th, a year ago, 2025, our goal was to really play what we viewed as a central role in the future financial system.
So our bet was that Ethereum was going to be the future settlement layer of finance.
And we wanted to capture a level of Ethereum that wasn't too sizable because we didn't want to centralize Ethereum, but one that...
gave us network value benefits, you know, of size.
So 5% was our target.
And I think it's a target that the foundation is very comfortable with and the founders of Ethereum, because at that level, we can play a role as a stabilization agent within Ethereum, but we can also play a role in helping guide and strengthen the ecosystem.
Because, for instance, and it's, I think, been evident in the way that we've been able to help anchor the Ethereum Foundation spinoffs.
The reason we want to buy consistently is that, you know, in our view, Ethereum is still vastly, vastly undervalued.
the blockchain and then i think it's going to play a very important role in really helping safeguard humans and and really govern agentic ai activities so what does that create what does that make ethereum worth well to us the present value is far higher than the 2500 per eth today and even at the old all-time highs of around 5000 i think it it's really undervaluing ethereum and a simple way to think of it is The price ratio of Ethereum to Bitcoin today is around 0.03.
It used to be 0.08 at the 2021 highs.
But in 2021, that was all really driven by meme coins and NFTs.
We're now talking about tokenization and agentic AI.
I think that ratio is going to go way beyond 0.08.
Maybe it even goes to 0.25.
Maybe it even goes to 1.
And that means Ethereum is hugely undervalued.
So for us, we would want to buy Ethereum every week, which is what we've done.
We've been able to acquire it.
We've been a consistent bid.
We've taken out essentially 5% of the supply of Ethereum.
So if you think about that, that is a sinkhole of liquidity that we've absorbed.
And I think it's going to have a lot of strategic benefits to the ecosystem in the future because now this is quite a lot of ETH that can be used to seed and fund and encourage a lot of DeFi future opportunities.
And I think equally important, as we know in the next crypto cycle, there's going to be multiple tens of billions of dollars of companies that are going to be stood up that are part of this new.
crypto financial rails system.
And now we have an opportunity to really help either seed those, be involved with them, even create those.
And so I think that's why we've been buying Ethereum every week.
Now, in terms of equity buybacks, we have an authorization to buy back $4 billion of common equity, which is a huge percentage of the company.
We could essentially buy back when we commenced it.
50% of the company.
And the reason we want to have a buyback authorization in place is to ensure that the stock price doesn't deviate from what we consider to be fundamental value.
And so when we started this buyback program, we thought the stock was a really good investment for us because we could actually grow our Ethereum per share.
by buying back stock.
And we did execute the largest over those past five weeks, the largest stock buyback in history of any crypto debt.
We bought nearly 20 million shares back and we commenced that buyback program when the stock was under $15 per share and it's currently 26.
So I think in many ways, it's been a very successful program.
Well, I want to talk a little bit about something you mentioned earlier in that answer, which is some of these new organizations in the Ethereum ecosystem and Bitmine's involvement there.
The Ethereum Foundation has broken out into more organizations.
There's ETH Labs, ETH Systems, Ethereum Institutional.
Bitmine has been a major supporter of all of these organizations.
And I would love to just hear your perspective on the overall strategy here in the evolution of Ethereum's governance and this expanding ecosystem of participants here.
What should investors understand about this?
And what do you see as the strategy here?
Okay.
You know, this really ties back to kind of a restructuring that took place in the Ethereum Foundation earlier this year.
The Ethereum Foundation had morphed into a really large organization with a lot of multiple mandates.
And a lot of folks.
And in some ways, and this really, I think, is evidence of the maturity of Ethereum, it didn't necessarily make sense for all of those different efforts to be sitting within the Ethereum Foundation.
So, for instance, you know, should enterprise engagement be driven by a central foundation or should the foundation play a supporting role, but actually stand up different entities that will drive enterprise engagement.
And that's true of whether it's privacy or even Ethereum Labs.
And I think that they properly concluded that some of these efforts should be built and stood up outside of the foundation because it brings in the potential for two things, additional partnerships that may not exist if they're within the foundation.
And that could include outside financial institutions.
It could include tech companies.
And it could include a lot of actually Ethereum core developers that want to have direct participation, but not necessarily have that through their involvement in the foundation.
So that's why when we saw this taking place, it made a lot of sense for us to act as a stabilizing entity, as an anchor for each of these.
And some of these entities are what we consider public good investments, things that we know are really good for Ethereum.
But we're not measuring success as, hey, this entity is generating returns and payments to us.
It is simply, we know it's a really smart decision and something that will really position Ethereum for a lot of future wins.
And you know what?
Since those entities have been stood up, look at the wins that have been taking place.
I think it's been a resounding success.
Yeah, I think you could make that argument very easily.
I did an interview with three of the five co-founders of ETH Labs, which is one of these entities that's been stood up.
They said that their goal is to make Ethereum the root of global finance, which sounds great, but is a very ambitious goal.
And I was wondering if you could give your perspective on how that actually starts to happen and what do you see as the next hurdle on that journey towards that goal?
I'm going to just share my perspective.
you know, a lot of this is opinion and not like facts and that's not how it's either going to play out.
But I spent my entire career in traditional Wall Street.
So I worked at Kidder Peabody, Solomon Brothers, which became Citigroup, and then J.P.
Morgan for 15 years before I started Fundstrat.
So I...
have spent most of my adult life and professional career in traditional working with working at large financial institutions and understanding traditional financial institutions.
And I think it's really important to have that perspective because the crypto industry is a quantum, quantum improvement of what can be done for financial systems.
Okay.
But The mere fact that it is a superior solution does not mean that the traditional financial system is going to adopt it.
I think it is an incredibly important thing to understand for anyone who's building, that you might build something that is lightning fast and works better to settle a futures trade, but it doesn't mean that Wall Street will adopt it.
And if they don't adopt it, at least today, it's not going to become a source of future.
opportunity.
And financial institutions have huge regulatory guardrails.
They have customer considerations.
They have very different pain points.
And then there's an enormous, enormous layer of a chain of people that are involved in these systems that you cannot overnight snap a finger and change.
These are incredibly complex systems.
And actually the larger a financial institution is, it means it's likely has a history of many, many acquisitions.
In fact, many of those acquisitions means that the internal systems aren't integrated and tied together.
So that means financial institutions have to move very slowly.
And then when...
something eventually sees a use case, then you could see rapid adoption.
That is a glacial, glacial process.
That is not going to happen overnight.
So I think these institutions want to work with organizations that understand their requirements.
And I think that these new stand-up entities completely understand it, whether it's Ethereum Institutional, ETH Labs, ETH Systems.
They understand.
Exactly that, because they've been engaged with these companies for many years.
But they also understand the reason a financial institution will adopt something is that it's a 10x improvement over what they do today.
Crypto clearly is a 10x improvement, but they need to see financial returns.
or payoffs that are 10x right away.
Tom, I really appreciate those thoughts.
I did an interview with Joe Shalom, who I used to work with at BlackRock on the Aladdin platform, and Joe Lubin of Sharplink, which is the second largest Ethereum debt.
And they said something similar.
They said Ethereum isn't competing with these alt L1s.
It's really competing with a lot of this legacy software and systems at these institutions and trying to replace that.
So it's interesting to hear that perspective there.
I want to come back to this question of the Ethereum and BTC ratio, because a lot of people are wondering where Ethereum goes for the rest of this year.
And it's been in this 10 year downtrend against BTC and is now broken out of that downtrend and with size and conviction.
And I'm curious your thoughts on the drivers of ETH, of drivers of value for ETH for the rest of 2026 relative to BTC.
And do you think that that breakout is going to hold and continue to play out?
Yeah, I think the ratio between Ethereum to Bitcoin should continue to rise.
I mean, I think at a minimum, it should go back to its old high of 0.08.
And the reason for that is one, when we look at the next five years, I'm still a very big believer in Bitcoin because to me, it is better than digital gold.
It's digital gold, but it functions.
as a substitute for gold far better.
So I think Bitcoin easily has multiples of upside from here.
But I think the story that's being written around crypto over the next five years has to do a lot with tokenization.
And as you know, Vlad said, it's a super cycle, antigenic AI and really protecting humans and inserting humans into that chain, which we think is a lot of it is, and maybe the majority of it is, Maybe all of it will happen on Ethereum.
So I think that ratio is going to increase.
I think there are catalysts between now and year end.
You know, of course, one of the most important is the Clarity Act.
If it does pass in September, it's important for traditional financial institutions.
It's not important for the crypto world.
But the traditional financial system can more safely navigate now knowing there is, you know, a designated entity that has.
rulemaking authority on crypto.
That is really going to help traditional financial systems start to formally build on crypto.
However, if it doesn't pass, it's not the worst thing for crypto because the crypto industry has already shown it innovates in the absence of regulatory clarity.
So I think Ethereum is going to do fine either way.
But I think you're really going to supercharge the movement if the Clarity Act passes.
The second catalyst is that there's a lot of people on the sidelines.
And you started this podcast off with pointing that out because they're waiting for crypto winner to end because they're using the four-year cycle and they're waiting till October.
Well, guess what?
You know, that's like five weeks away.
So you're going to have a lot of folks who are short or sitting on cash.
or who've left crypto and been trading AI coming back in.
And I think that also includes the Asia market.
You know, Korea went crazy for Korean equities, but now I'm not bearish on AI stocks, but there is a lot more upside in crypto, which is really what we have viewed as a downstream story to the AI trade.
And so you have not only the crypto winter ending.
but a lot of cash on the sidelines, especially Asia, that's three really huge catalysts.
And of course, there's going to be performance chasing by institutions because since June 30th, the best performing asset has been crypto.
Ethereum is up 54%.
Gold's only up 13%.
Stocks are up single digits.
Well, when we get to September 30th, which is a month, and if Ethereum is still the best performing asset, Guess what institutions will be buying from September 30th to December 30th?
There's going to be a lot of FOMO chasing.
So now that's the fourth catalyst, which is a huge institutional bid.
I think Ethereum could easily, easily exceed its year-to-date highs on that ratio of ETH to BTC.
But, you know, does it get to 0.04?
Well, if it does, and if Bitcoin's $150,000...
You know, that's going to put Ethereum at around 6,000.
And I think that's being very conservative because, again, 0.08 is the old ratio high.
All right, I have a very specific ask for you guys.
Somebody listening to this knows the person running marketing at a crypto or AI company that should be advertising with Milk Road.
We reach more than half a million investors across everything we do and Q4 is filling up.
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Tom, I really appreciate you coming on The Milk Road Show.
I think this channel and our audience have been very closely following Ethereum and a lot of the changes and developments in that ecosystem.
So I really appreciate you coming on to share your insights with us today.
I have a ton more questions that I wanted to get to with you.
Unfortunately, we're out of time, so I'm going to keep my word and let you go.
But I just want to say thank you so much for being on The Milk Road Show.
I really do look forward to having you back to check in as this all plays out.
But in the meantime, good luck.
Thanks for being here.
And we look forward to another conversation soon.
Thanks.
And 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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