Over the past few days, we’ve seen some people rushing to unfairly write off $SWC after its pullback — declaring “it’s over” with zero substance to back it up. But they overlook what makes $SWC truly unique and differentiated (vs US or European peers) - The structure of the UK market itself. Prior to SWC there was no access to Bitcoin exposure for retail (ex MSTR) — $SWC changes that which not everyone could buy. You’ve got £1.3 trillion locked away in tax-efficient wrappers, desperate for some diversification. Years of pent-up demand of having missed gains on the best performing asset ever with millions of people with brokerage accounts ready to act. On the institutional side, after years stuck in one of the world’s most defensive markets — heavy in consumer staples, pharma, utilities, and tobacco — managers finally have a listed stock that brings real volatility and asymmetric upside. Even small allocations to opportunities like this can transform portfolio returns. Lots of UK fund managers weren’t able to invest in MSTR and finally have a vehicle. I have a feeling I’ll be making this point again and again — but for me, this is a structural and cultural unlocking of capital. The beginning of a potential tsunami