How will early stage investors adapt to CartaX and will they shift from buy and hold investments to a buy and trade strategy?

Certainly. A lot of early stage funds in later rounds are not opposed and are actually taking some chips off the table. So  if you own 15, 20% of a business and  you were the seed or a series A investor, the ability to actually return some capital to LPs, to mark your fund up a little bit, but then still let it ride, is super attractive.

The problem with that today  is that you can only do that at episodic events. The episodic events are typically a secondary into a primary.  If your portfolio has raised a big round, let's say a billion dollar round, and you didn't sell in to that primary, and four or five months later, you're now trying to offload a piece of that, the market kind of scratches their head and says, wait a second, you just raised at a billion dollars, why don't you sell into that primary? And so we actually think what will happen is, and we've done some math on this, is that for  a lot of these asset managers, all these early stage venture funds, they're actually going to increase the amount of proceeds that they would typically get from selling into that billion dollar round by selling in the quarterly auctions that happen post that billion dollar round.

So maybe they sell 50% into that billion dollar round and then the rest of their 50% over the next four auctions. And that ends up increasing their total return in between the billion dollar round and the billion $5 rounds by 1.25. So it's actually great portfolio management as well.