"Retail and institutional investing lanes are merging fast Starting from his 2008 Morgan Stanley career, the speaker traces a structural shift in capital markets: the line between what retail and institutional investors can access "is blending" — driven by the JOBS Act, crowdfunding legislation, and products like Apollo's private credit ETF, which "you couldn't imagine 5 years ago Apollo would want to do." Digital asset treasury companies sit at this convergence, combining "the retail energy of ETFs" with "the institutional energy of bringing access to scarce capacity constrained alpha centric opportunities." Anyone allocating capital today should recognize this convergence as a macro tailwind, not a crypto-specific anomaly, and position accordingly. Source: Jeff, Crypto Podcast, Salt Conference Interview"