Let's remember the Bitcoin network is a security network for the transmission of value.

That network extends across the globe.

So if the U.S. wants to exclude itself from what is probably the most important financial innovation in the last 50 years or ever, that's not

great for us.

Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The Breakdown is sponsored by Nidig and produced and distributed by Coindesk.

What's going on, guys? It is Saturday, September 11th, and that means it's time for the weekly

recap. Except, instead of a traditional weekly recap, today I have an interview that I am thrilled to share

with you. It's with one of my favorite returning guests on the breakdown, Dan Tapiero.

Dan is probably best known now as the founder of 10T, a mid-to-late-stage growth equity fund that

invests in private companies operating in this digital asset ecosystem.

You're going to hear about 10T, you're going to hear about Dan's perspective on the markets,

why growth or mezzanine equity is an underserved role in these markets, how the number of

crypto unicorns has increased from 20 to 70 over the past year, plus his thoughts on regulatory risk, macro

tailwinds, macro headwinds, institutional involvement in the space, and so much more. It's always a

pleasure to have Dan here, so without any further ado, let's dive in. Dan, welcome back to the show.

It's great to have you. Great to be here, NLW.

It probably has only been a yearish, less than a year since last we chatted, but obviously a huge amount has changed since then.

You're coming off some big news. I guess let's start right at the top. You just announced a raise for the fund. Let's talk about that.

Let's talk about the numbers, how it came together, the fund thesis. Let's get into the meat of it.

Yeah. Yeah, it was announced. We've got about 750 million AUM. The fund itself, there are actually two funds, is about 390 million. And then we've

...