1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,039 --> 00:00:11,280 Speaker 2: Let's stick with the digital currency space and bringing Chris Marslik. 3 00:00:11,360 --> 00:00:14,560 Speaker 2: He's the CEO of crypto dot com, which last week 4 00:00:14,760 --> 00:00:17,560 Speaker 2: announced the partnership with Trump Media and a blank check 5 00:00:17,640 --> 00:00:21,320 Speaker 2: vehicle to launch a new crypto treasury business. It's focus 6 00:00:21,560 --> 00:00:24,520 Speaker 2: buying up crypto dot COM's own token, known as Chronos 7 00:00:24,640 --> 00:00:28,200 Speaker 2: or Crow. I think, Chris, it's one of those stories 8 00:00:28,240 --> 00:00:31,000 Speaker 2: where we start with the basics. Where did the idea 9 00:00:31,160 --> 00:00:33,800 Speaker 2: come from to do this of a Kronos treasury company? 10 00:00:33,880 --> 00:00:34,920 Speaker 2: Where did it originate? 11 00:00:36,720 --> 00:00:38,279 Speaker 3: I think it's a little bit of a trend by 12 00:00:38,360 --> 00:00:43,839 Speaker 3: now and pioneered by micro seller of micro Strategy, and 13 00:00:43,880 --> 00:00:48,040 Speaker 3: I think every single blockchain from the top, say twenty 14 00:00:48,600 --> 00:00:53,760 Speaker 3: will have a leading treasury company that will be focusing 15 00:00:53,880 --> 00:00:56,480 Speaker 3: on driving demand for it and acquiring as much as 16 00:00:57,240 --> 00:01:02,200 Speaker 3: physically possible. And we thought that with Trump Media to 17 00:01:02,280 --> 00:01:04,160 Speaker 3: do so, it's just the perfect match. 18 00:01:04,840 --> 00:01:07,119 Speaker 2: So there are a number of initiatives between Crypto dot 19 00:01:07,160 --> 00:01:10,520 Speaker 2: com and Trump Media or the broader Trump family. Where 20 00:01:10,560 --> 00:01:13,480 Speaker 2: did that relationship start, Who did you first meet and 21 00:01:13,560 --> 00:01:15,440 Speaker 2: how long have you held those relationships? 22 00:01:17,240 --> 00:01:20,640 Speaker 3: So I think it dates back a couple of years. 23 00:01:20,680 --> 00:01:25,280 Speaker 3: And you know, we always look forward to working with 24 00:01:25,400 --> 00:01:29,760 Speaker 3: people who are procrypto, who want to help drive this 25 00:01:29,959 --> 00:01:33,720 Speaker 3: industry forward. And I think it has to be said 26 00:01:33,720 --> 00:01:37,800 Speaker 3: that both the current administration and specifically Trum Media Technology 27 00:01:37,800 --> 00:01:40,959 Speaker 3: Group has probably done it out in this space. We've 28 00:01:41,440 --> 00:01:45,440 Speaker 3: helped them execute on their bid contrast strategy with a 29 00:01:45,520 --> 00:01:48,200 Speaker 3: multi billion dollar a bit coin purchase. We help them 30 00:01:48,560 --> 00:01:53,120 Speaker 3: consider coins, so we provide infrastructure, and this new play 31 00:01:53,160 --> 00:01:55,559 Speaker 3: on cr is just an extension of the relationship. 32 00:01:56,040 --> 00:01:59,640 Speaker 1: Extension of a relationship that broads out to ETFs, that 33 00:01:59,680 --> 00:02:03,680 Speaker 1: brought out to payments, a subscription creation, but it also 34 00:02:03,760 --> 00:02:07,200 Speaker 1: broads out the conversation that people are having about more 35 00:02:07,240 --> 00:02:12,640 Speaker 1: broadly benefits to the Trump's broader family when it comes 36 00:02:12,639 --> 00:02:15,800 Speaker 1: to crypto, Chris, when you're having those conversations with friends 37 00:02:15,800 --> 00:02:18,840 Speaker 1: with family, how do you talk about whether or not 38 00:02:18,880 --> 00:02:21,040 Speaker 1: there might be any conflicts of interest? Which I will 39 00:02:21,080 --> 00:02:24,239 Speaker 1: reiterate the family and indeed spoke to you for the 40 00:02:24,240 --> 00:02:25,959 Speaker 1: administration would say there are none. 41 00:02:26,240 --> 00:02:28,720 Speaker 3: And you know you have to agree with their statement 42 00:02:28,840 --> 00:02:31,679 Speaker 3: because everything is held in Briad trusts and this is 43 00:02:31,720 --> 00:02:36,320 Speaker 3: a published company that operates independently and we are still 44 00:02:36,360 --> 00:02:39,920 Speaker 3: a privately held company, but we love partnering with people 45 00:02:39,919 --> 00:02:43,120 Speaker 3: who want to really take this industry forward. So I 46 00:02:43,120 --> 00:02:47,520 Speaker 3: think people need to understand that the administration has a 47 00:02:47,520 --> 00:02:52,720 Speaker 3: certain agenda which places cryptocurrency industry at the very center 48 00:02:52,800 --> 00:02:56,040 Speaker 3: of it, with setting out a very ambitious role for 49 00:02:56,120 --> 00:02:59,280 Speaker 3: America in this space, and anything we can do to help, 50 00:02:59,400 --> 00:03:01,480 Speaker 3: we'll do, so we'll support it. 51 00:03:01,680 --> 00:03:04,760 Speaker 1: What's interesting is you say you're still privately held, what 52 00:03:04,800 --> 00:03:07,440 Speaker 1: are the plans of crypto dot com? More broadly, we're 53 00:03:07,480 --> 00:03:09,520 Speaker 1: just hearing of IPOs of Gemini, and they're like, would 54 00:03:09,520 --> 00:03:11,080 Speaker 1: you ever think of an ipo? Would you ever think 55 00:03:11,120 --> 00:03:12,600 Speaker 1: about selling parts of the business? 56 00:03:13,080 --> 00:03:18,440 Speaker 3: Right? I have to admit it's quite tempting to consider 57 00:03:18,600 --> 00:03:22,800 Speaker 3: these options, given how richly the market value scypto companies 58 00:03:22,800 --> 00:03:26,480 Speaker 3: these days. We certainly have the numbers to do so. 59 00:03:27,280 --> 00:03:30,680 Speaker 3: We've done about one point five billion in revenue last year, 60 00:03:31,120 --> 00:03:34,680 Speaker 3: about a billion in gross profit, reinvested about seven hundred 61 00:03:34,680 --> 00:03:36,320 Speaker 3: million of it. So let's say a three on a 62 00:03:36,320 --> 00:03:41,120 Speaker 3: million net profitability this year. I think it's going to 63 00:03:41,160 --> 00:03:46,160 Speaker 3: be better, especially if we see the Federate cut and 64 00:03:46,200 --> 00:03:49,240 Speaker 3: a strong Q four following. So we have the numbers 65 00:03:49,520 --> 00:03:52,240 Speaker 3: and we've been approached by all the top names in 66 00:03:52,320 --> 00:03:57,680 Speaker 3: them of the investment banks. We want to be a 67 00:03:57,840 --> 00:04:03,200 Speaker 3: very well run company, so we are working on preparing everything, 68 00:04:03,280 --> 00:04:06,200 Speaker 3: but no decisions have been made at this point. We 69 00:04:06,280 --> 00:04:09,160 Speaker 3: think that we actually enjoy operating as a private company. 70 00:04:09,280 --> 00:04:12,240 Speaker 3: It alls us to move really fast. We've got a solid, 71 00:04:12,360 --> 00:04:14,040 Speaker 3: solid balance street, so we don't have to make any 72 00:04:14,120 --> 00:04:15,480 Speaker 3: decisions in a short term. 73 00:04:16,920 --> 00:04:20,320 Speaker 2: Some breaking news this morning that you're looking at starting 74 00:04:20,360 --> 00:04:24,880 Speaker 2: sports prediction markets, particularly for the NFL. That's so interesting. 75 00:04:24,920 --> 00:04:27,880 Speaker 2: There was market reaction from some of the established players 76 00:04:28,240 --> 00:04:30,919 Speaker 2: that in that space. Right, explain how it's going to 77 00:04:30,920 --> 00:04:32,880 Speaker 2: get It's going to work, but why. 78 00:04:34,360 --> 00:04:36,640 Speaker 3: Look, we think that prediction markets are going to be 79 00:04:36,720 --> 00:04:39,200 Speaker 3: huge and sports is a part of it, but it's 80 00:04:39,240 --> 00:04:43,160 Speaker 3: not the whole thing. And if there is any company 81 00:04:43,240 --> 00:04:46,280 Speaker 3: out there, a large business that wants to build out 82 00:04:46,680 --> 00:04:51,360 Speaker 3: a prediction market operation, we are the perfect infrastructure partner. 83 00:04:51,680 --> 00:04:54,960 Speaker 3: We are regulated by the CFTC. We've got battle tested 84 00:04:55,000 --> 00:04:59,359 Speaker 3: trading technology, very robust, APIs all the best market makers. 85 00:04:59,400 --> 00:05:04,320 Speaker 3: We want to be the liquidity center for prediction markets 86 00:05:04,480 --> 00:05:08,760 Speaker 3: on shore in the US, so we'll play very aggressively 87 00:05:08,760 --> 00:05:09,360 Speaker 3: in that space. 88 00:05:10,080 --> 00:05:14,480 Speaker 1: And you're someone who's comfortable perhaps in markets that regulation 89 00:05:14,640 --> 00:05:17,120 Speaker 1: is always trying to catch up with. Chris, it's interesting 90 00:05:17,120 --> 00:05:19,799 Speaker 1: that the CFTC federal courts is still debating whether ultimately 91 00:05:19,800 --> 00:05:23,360 Speaker 1: sports prediction markets counter is gambling. How do you think 92 00:05:23,360 --> 00:05:25,880 Speaker 1: about the regulation process having given what you've lived through 93 00:05:25,920 --> 00:05:27,120 Speaker 1: when it comes to crypto. 94 00:05:28,720 --> 00:05:31,120 Speaker 3: I think it's news space and it's going to evolve, 95 00:05:31,520 --> 00:05:36,039 Speaker 3: and the regulatory setup is going to have to evolve 96 00:05:36,120 --> 00:05:40,520 Speaker 3: with it. We've gone through this journey of cryptocurrency, so 97 00:05:40,680 --> 00:05:43,640 Speaker 3: we are used to being the role of being in 98 00:05:43,640 --> 00:05:47,400 Speaker 3: the role of a trusted counselor to regulators and helping 99 00:05:47,440 --> 00:05:51,120 Speaker 3: them understand how they can do their job effectively while 100 00:05:51,720 --> 00:05:56,080 Speaker 3: allowing market participants to make use of these wonderful instruments. 101 00:05:57,040 --> 00:05:59,600 Speaker 2: Just very quick, Chris, do you expect that this could 102 00:05:59,640 --> 00:06:02,800 Speaker 2: be some sort of meaningful contribution to revenues this year? 103 00:06:03,120 --> 00:06:05,800 Speaker 2: You kindly gave us your financials for last year. Just 104 00:06:05,839 --> 00:06:07,120 Speaker 2: model it out for us. 105 00:06:08,200 --> 00:06:12,520 Speaker 3: I think it's still it's not gonna be a massive 106 00:06:12,560 --> 00:06:16,200 Speaker 3: contributor this year, but we're also very aggressive and pricing 107 00:06:16,240 --> 00:06:20,400 Speaker 3: for our partners, like it's all about building liquidity right now. 108 00:06:21,240 --> 00:06:23,520 Speaker 3: But if you look at what's going to be in 109 00:06:23,560 --> 00:06:25,200 Speaker 3: like five years time. I think it's going to be 110 00:06:25,240 --> 00:06:26,720 Speaker 3: a massive business line for US. 111 00:06:27,120 --> 00:06:30,279 Speaker 1: Crypto dot com C Chris Maslak is great speaking with you.