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Speaker 1: Bloomberg Audio Studios, podcasts, radio news joining.

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Speaker 2: Us now is one of those filers. Twenty one Shares

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Speaker 2: President and co founder Ophelia Snyder. Aphelia, a big week

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Speaker 2: for twenty one Shares, the SEC paving the way for

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Speaker 2: the eventual launch of the first US Ether ets, and

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Speaker 2: then the news that we've been mentioning throughout the program

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Speaker 2: today today the London Stock Exchange debuting that batch of

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Speaker 2: exchange traded notes linked to Bitcoin and Ether. Explain to

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Speaker 2: me the context here. It's sort of where you think

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Speaker 2: we are when it comes to the cryptocurrency universe. What

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Speaker 2: does this moment mean to you at twenty one Shares.

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Speaker 3: So there's been a really big change in global momentum

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Speaker 3: over the last few weeks.

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Speaker 1: The FCA in the UK moved forward with approving our

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Speaker 1: application for both Spot Bitcoin and Spot e egps on

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Speaker 1: the London Stock Exchange last week, and not.

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Speaker 3: Even twenty four hours later, the SEC moved on our

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Speaker 3: Spot application here in the US, which is, needless to say,

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Speaker 3: quite interesting and it really shows there's a global momentum

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Speaker 3: around crypto as an asset class.

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Speaker 1: You know, we've.

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Speaker 3: Obviously been managing, we've been managing physically back to crypto

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Speaker 3: ATPs in the US, in Europe and also in Australia

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Speaker 3: over the last six years.

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Speaker 1: We launched in Australia in twenty twenty two, and so there's.

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Speaker 3: Obviously been quite a bit of press recently also about

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Speaker 3: movements in Australia and approvals by X you know, as this.

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Speaker 1: Type of issue.

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Speaker 3: We've been the first mover in this category for a

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Speaker 3: long time and our conviction that crypto is the future

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Speaker 3: remains as true today as it was then. And really

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Speaker 3: our mission is to build products that would let people

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Speaker 3: like my mom buy crypto and we haven't really deviated

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Speaker 3: from that at all. And the momentum over the last

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Speaker 3: couple of weeks has been really exciting to see and

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Speaker 3: it's remarkable to see such consistency across different markets.

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Speaker 4: Well, let's talk about the momentum in the US. As

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Speaker 4: we were just discussing with our Emily's it was quite

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Speaker 4: a reversal that we saw last week when it comes

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Speaker 4: came to really the temperature around US spot Ether ETFs.

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Speaker 4: And again it's anyone's guess when we actually will get

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Speaker 4: the full approval and the listing of these products. But

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Speaker 4: from where you sit right now, what's your best estimation

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Speaker 4: of what that might be.

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Speaker 1: It's really hard to say.

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Speaker 3: This is very much a day by day, minute by

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Speaker 3: minute process, and that's actually quite unique to the US,

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Speaker 3: and we typically see when any movement happens in a

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Speaker 3: very public way, and that's completely different than the rest

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Speaker 3: of the world, and it can sometimes gives this impression

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Speaker 3: that movement is coming out of nowhere because of just

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Speaker 3: the nature of the way those communications work.

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Speaker 1: But people working on you.

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Speaker 3: Know, with the US regulators for a long time, and

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Speaker 3: I mean we've certainly been doing that for as long

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Speaker 3: as the company has been alive, you know, more than

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Speaker 3: a half a dozen years now, across different administrations and

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Speaker 3: different regulators.

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Speaker 1: I think it's slowly building where we are today.

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Speaker 3: It's hard to say, and the emily is, as you

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Speaker 3: put it, are right and to say exactly what that

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Speaker 3: timeline looks like, because you're not falling back on statutory

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Speaker 3: timelines in the same way you do with an itteen before.

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Speaker 3: But I think there's been a lot of really interesting

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Speaker 3: movement and a lot of progress over many years to

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Speaker 3: get to this point. It's not dissimilar in some respects

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Speaker 3: from the conversations that been had around spotpin coin products.

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Speaker 2: Hey, feel I want to go back to something that

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Speaker 2: you said just a couple of minutes ago. You mentioned

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Speaker 2: the idea of your mom buying crypto, and it made

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Speaker 2: me think, should our moms really be buying crypto?

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Speaker 1: Is that responsible? Is crypto for moms?

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Speaker 2: Is crypto for everyone?

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Speaker 3: Yes?

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Speaker 1: Yes, it most certainly is.

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Speaker 3: And I have the interesting honor of having been actually

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Speaker 3: introduced to crypto by my mom. So my mom's the

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Speaker 3: one who actually first talked to me about crypto in

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Speaker 3: twenty thirteen, and it's really interesting when you talk to

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Speaker 3: her about why you know this is obviously yes, this

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Speaker 3: is higher volatility than you know, potentially buying debt instruments,

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Speaker 3: But that being said, it certainly has a place in

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Speaker 3: people's portfolios and it has a place for people to

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Speaker 3: make responsible investment decisions in the sector. My mom is

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Speaker 3: a great example of that. She actually gave an interview

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Speaker 3: recently talking about how she got into the space for

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Speaker 3: the first time, and it was really fascinating because the

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Speaker 3: promise of technology and the promise of technology, especially in

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Speaker 3: the context of like multi generational planning and the context

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Speaker 3: of retirement planning, and the context of the planning of

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Speaker 3: your financial life is really interesting and really impactful for people,

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Speaker 3: and so we're really of the belief that opportunity in

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Speaker 3: crypto really is for everyone.

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Speaker 4: There you go and your mom obviously being a great

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Speaker 4: example of that. Unfortunately, only have about a minute left

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Speaker 4: with you, but I did want to ask when it

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Speaker 4: comes to us ether, the spot Ether ETFs one way

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Speaker 4: we see options start trading on those funds.

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Speaker 3: So we still don't have options actually trading on the

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Speaker 3: bitcoin products.

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Speaker 1: Right.

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Speaker 3: That's a separate regulatory process, and I think that's going

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Speaker 3: to continue to move forward as discussions with regulators advance.

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Speaker 3: I would expect to see them hopefully soon, but it's

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Speaker 3: difficult to give an estimate at this point in time.

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Speaker 4: Yeah, good reminder that we don't have options on those

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Speaker 4: spot bitcoin products. Really interesting since they were very quick

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Speaker 4: to list with the Bitcoin Futures ETFs, not yet with

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Speaker 4: the spot ones. Ophelia always great to speak to you

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Speaker 4: really appreciate your time. That is twenty one Shares president

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Speaker 4: and co founder Ophelia Snyder