A few principles I believe in when it comes to peers in the Bitcoin treasury industry: 1. Our first duty is to our own shareholders. Every management team has a fiduciary responsibility to make its company as successful as possible. 2. Every company is trying to win. We all want to generate the best returns, build the best products, recruit the best people, and execute better than our competition. That’s capitalism. 3. Competition makes the entire industry better. Bitcoin benefits from companies challenging each other, innovating faster, and forcing one another to improve. Mostly friendly competition is still competition. 4. A large Digital Credit market requires multiple winners. Building Digital Credit into the massive asset class it can become will require issuers with different risk/return profiles, capital structures, investor bases, and access to markets around the world. 5. We must hold ourselves and each other to a high standard. This is a young industry still earning the trust of investors and the broader capital markets. When something is wrong, we need to be willing to say so. 6. Competing and collaborating are not mutually exclusive. We can compete for capital and performance while sharing ideas, helping each other, and working together to grow the overall market. 7. Competition is fun! Let’s normalize companies openly wanting to win. It doesn’t mean we don’t respect each other, aren’t rooting for each other, or willing to help each other succeed.