Crypto Treasuries are diversifying towards alts and NFTs. I've personally spoken to a few institutions and its an ongoing effort. Today, most of these are yield-seeking investors. But, there are new entrants that are strategic in nature. Strategics want access to ecosystems that may benefit them in the future. The new Corporate Strategic Treasury strategies are inside of companies that understand they can't be left behind if their industry turns to Web3. Its a hedge, but its a big one when you consider what they're hedging. If you're a big studio in an industry that is copy/pasting old brands out of existence, you're looking for an edge on your competition. Where is the edge? Original brands with existing audience. This is an exceptionally scarce thing in the entertainment biz. These studios invest $150m+ to bring a show, movie or game to market. And they do that multiple times a year. Netflix spent over $16b in 2024. Disney spent over $23b in the same year. If you were going to hedge that book of business, access into the scarcest and most valuable parts of your own industry is very valuable. And, before they buy, they'll do their diligence: -Is the brand strong enough for the regular consumer? -Has this brand been above board since launch? -Has their PR been professional? -Is this a brand that has stood the test of time? I can only think of a few that tick all the boxes and align appropriately to the strategy.