What is the expected volume per listing on CartaX's platform that would attract institutional investors, given the required size of investment?

Yeah, so it's a really interesting point, Walter, and I think it's something that will shift over time. Is today, for most secondaries in the private markets, there has to be a minimum check size for some of these larger institutions, say 50 million bucks. What we think will happen is, is that the paradigm shift will change much like it did in the public markets where institutional investors can leg into and out of an account or out of a target.

We think the same thing will be true here. So our issuers are signing up for quarterly and even monthly liquidity offerings. So that means that if you're a large institution, you might buy only 25 million in the first auction, then you can buy 25 in the next and then 25  in the third auction.

And it doesn't have to be just one episodic slug of capital that you put to work.