For comparison Blackstone is worth ~$180bn with ~$1 trillion AUM.

So somehow this crypto firm and its investor think it can get a better return than Blackstone with a fraction of the assets. Now, sure, developing market and all that. But really? If it scaled to Blackstone assets level of $1 trillion then you’d expect the platform valuation to scale, perhaps not in lockstep but at least somewhat. So with $1 trillion in collateralised crypto does that make Tether worth $1.5 trillion? I’d love someone to explain that.