Quick thoughts on Eigen: 1. The first wave of institutional unlocks is complete. Some institutions sold OTC, while others used TWAP to offload tokens. The team managed the sell pressure quite well, and the biggest risk point has been resolved. 2. The team hasn’t gone idle. Sereem is still one of A16Z’s favorite founders, maintaining strong fundraising capabilities. This year, the team underwent a restructuring and downsizing, replacing some traditional employees handling compliance with the founder personally stepping in to liaise with institutions. 3. They’ve found a new narrative angle. While what they’re doing might not matter much, once the price goes up, secondary market funds can step in to buy. Previously sold before the unlock, recently opened new positions.