The Stablecoin Consortium announced recently that was bringing a lot of new people in. You've heard major U.S. broker-dealers talk about adding wallet offerings to their platforms. You've seen some of the largest fintechs as well engaging in the space on top of just what we call crypto platforms. So for us, those are all opportunities. That's a very rich pipeline and opportunity set for us to sell products and services into. Right now, that's largely the tokenized money market fund, WTGXX. I'd also highlight that we've got a very novel filing in for a tokenized ETF. What we would believe, if it were to launch and become effective, would be the first tokenized ETF in the market. We haven't seen anyone thinking about things the way that we are thinking about them with And that would just open up a whole new set of opportunities for WisdomTree, extending into products beyond the money market fund, so to equities others. So I'd say the opportunity set's never been larger than it is today. We feel extremely confident in it and excited about it, and I think, you know, maybe it happens with clarity or whatever the next couple months. Nothing's going to slow us down there. We think that, you know, things are out of the barn, so to speak, and things are going to keep growing from here.

Great. I'd just add a little color on this as well, if you don't mind. You know, recently, you know, Broadridge had a survey of asset managers where 85% of asset managers say tokenization is strategically important. They say tokenization is not an if, it's a when. You know, personally, I have to be one of the few CEOs in asset management who feels great, who feels extraordinarily confident in our tokenization strategy. As I indicated in my opening remarks, I think we have, you know, a billion dollars of value in our on-chain platform that has yet to be recognized. And, you know, why does tokenization matter? You know, the practical problem that tokenization addresses is simple. Modern markets increasingly operate in real time 24-7, 365 days a year, while most traditional financial infrastructure still depends on business hours, batch processing, and multi-day settlement. That's the mismatch that tokenization solves. And WisdomTree has demonstrated with our 24-7 trading of our money market fund that we're actually executing currently on the strategy and on the promise of tokenization. So we're feeling great about it going forward.

You're speaking to the choir there. Last question. Relative to the farm assets, we are obviously seeing a lot of these NIMBY, not in my backyard, concerns relative to data centers. You obviously have a wide portfolio with a lot of different potential use case opportunities, understanding, including solar. But I'm curious specifically about the AI data center opportunity, and I know you've contemplated pursuing some opportunities there. Can you give us a sense of that opportunity?

Jared or Will – not Will. Jared or Jeremy, would you want to take this, or I can? Thank you, Jeremy.

Go ahead, Jeremy. Yeah, this is Jeremy Schwartz, our global CIO. You know, I'm part of our investment committee on the series group, and we're looking at these things very closely. We always want to work with the communities, for sure, and not against them in all those places. But we do see a continued exploration across the portfolio. There's a number of opportunities that the team's looking at. And, you know, these things are not overnight things. people buy options to do the development. And there's a number of conversations ongoing where there is opportunities that we think potentially will still very much come to market. You see the demand for compute and energy and all these things are like the most important theme for the global economy today. And we feel very strong about the position that Ceres has in all the optionality on the best use case of their land. So we do think a number of these things will hit over time, and it just takes time for that to come to fruition.

Perfect. Thanks, guys.

The next question comes from the line of Wilma Burtis with Raymond James. Please proceed.

Hey, good morning. Can you give us some color on how far you are along in incorporating private farmland into ETF and what the liquidity profile could look like? Thanks.

Jeremy, would you want to touch on it?

Yeah, we've talked about this on prior calls, that that is one of our goals that we are working for. And we don't have an exact timeline today, but we're absolutely looking to do it. And we will be thoughtful of how do you do that in a way that manages liquidity of the different publicly traded vehicles on ETFs. So we don't have a specific time today, but it is something that we think is manageable and that we have a plan and working towards it as quickly as we can.

Okay, thank you. You touched on this event earlier, but digital assets seem to have a little bit of outflows this quarter. And, you know, it's just been a little bit noisy there in that world in general. Could you talk about the development and just what you're expecting going forward? Thanks.

Will? Yeah, you know, I view, yes, AUM goes up and down. I think you've seen in the chart that we've had kind of ups and downs along a broader uptrend in some sense, you know, the business of asset management. You know, like I said in the answer earlier, we're just incredibly excited about the pipeline as it currently expands today and really where the industry is. So really, the overall market size needs to grow a lot for all of us for Wisdom Tree to really see, you know, the greatest possible benefit from this. And we're seeing a lot of the activity in the market that leads you to believe that the market size is just going to continue to grow, right? That stablecoins will grow from $300 billion in total value outstanding into the trillions that people have forecast. And so we're feeling, you know, very optimistic, excited about that growth trajectory and our ability to win and grow share into it.

Okay, thank you.

Once again, if you would like to ask a question, please press star 1 on your telephone keypad. And the next question comes from the line of Mike Grundahl with Northland Securities. Please proceed.

Hey, thanks, guys, and congratulations. What are your couple priorities for Atlantic House in the back half of the year in 27?

You know, when we made the acquisition, we bought an asset manager of excellence, but, you know, who in the derivative, block-based, defined outcome space. But what's interesting that they really operated solely in the United Kingdom. We expect that we'll be launching ETFs both in Europe and in the United States, using them as the underlying strategy to really develop, you know, what we've said in the past, expect something like, you know, 15 ETFs over the next 18 months between the US and in Europe. as well as, we touched on earlier, the solutions business, which, again, generated $13 million last year for them just in the United Kingdom to take that to the rest of the world as well. So I think you'll see a lot of activity, and it's been a very, very successful integration in a very short period of time.

That's great to hear. It'll be great to see some of those funds in the U.S. And then just secondly, models, portfolio, that kind of continues to do well and grab assets. And, you know, it's done a lot in a couple of short years. What's next for that?

Yeah, I think it's a continuation. And you're right, it has done well. We ended last year with about $6 billion. today. We currently have $9 billion in model AUA. And importantly, the flows that are going into models are outpacing the ETF business as a whole and are tracking ahead of last year, so momentum is increasing. But that's part of another one of our strategic initiatives is to continue to not only increase the sort of sustainability of our flows but the quality of the flows and model flows are stickier and so going forward it's it's really blocking and tackling like it is with every part of the business we want to increase the number of users and increase the assets per user we continue to do that and that's continuing to produce these good results thanks guys Thank you.

This concludes the question and answer session, and I'd like to turn the call back over to Jonathan Steinberg for closing remarks.

Thank you. Markets, investors, and analysts are starting to recognize Wisdom Tree's operational successes and superior strategic positioning, as demonstrated by our total shareholder return year-to-date over 50 percent, and over the last five years where we are best of all of our public peers. That said, we are still significantly undervalued. Investors should know that management and our board are fully committed to closing the valuation gap that exists, and we are highly confident that we will be able to do so. The best is yet to come, and with that, I want to thank you all for your time and attention today, and we will speak to you again next quarter. Thank you. Have a great day.

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.