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Capital as a Service
I think the thinking was that we can create an index fund for pre ipo te companies, for sort of late stage private te companies. I actually think they did a reasonably good job in creating a a great approach for founders who want late stage capital. If the valuations have been correct, i think it would have worked. Sere's the problem right now, palaton and coin base are both their market caps are trading at lower than their last private market valuation. So if you did that last private round, you're under water big time in those names. It's still a phenomenally good idea, but you would want to cure that business for probably ten years on your own money.