What are the common applications of Caplight for investors, including risk management?

We formally started the company in February and didn't launch until May, so we really only started collecting real orders and building out an order book since May. What we’ve seen over less than a year of doing this, what jumps out in the order book is this gravitation towards hedging transactions.

That manifests in a couple of ways. The first is call overwriting, which is selling a call option where you already own the underlying stock. “Covered call writing” would be another way of putting that. And increasingly recently, given some of the public market volatility that we're seeing, protective put buying, which I think is a really interesting new development in the market. If you pushed me on why puts are interesting, I think it fundamentally changes the risk reward math that comes into the VC asset class. We could talk more about puts and why they're important, but I would say those are the two biggest use cases in terms of how an order manifests when someone is interested in hedging.