Ken Griffin’s Citadel Securities put $400 million into Crypto.com. The Capitalist read is the one worth writing down: Citadel did not buy Bitcoin. It bought infrastructure. That is the signal — the legacy apex-predator of equity market-making sees more edge in owning who moves the hardest money than in owning the hardest money itself. This is the same play the Capitalist tier has been running with the treasury wrappers for two years, except now it comes from a firm that historically shorted volatility, not one that stacked sats. Read the structure. Griffin is not orange-pilled. Griffin is compensated. When the cap-structure layer’s biggest predator writes a $400M check to the exchange rails, the operator-class read is that the exchange layer just became a more expensive real-estate market. Not a bull thesis on BTC. A bull thesis on who owns the toll roads.