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  <div class="sailthru-emco-preheader" style="display: none; max-height: 0px; overflow: hidden;">
   Yesterday was a massive day for the American electric car industry, with Tesla earnings and a surprise reveal from a new rival to the vaunted EV brand.
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                   Presented by
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Hey Snackers,
                  </span>
                 </h1>
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                  <p style="margin:0">
                   The arc of history is long, but it bends toward US bank CEOs trying their darnedest to convince everyone they actually represent tech companies. On Monday’s earnings call, the CEO of the regional bank
                   <strong>
                    Zions
                   </strong>
                   asked ChatGPT for an economic outlook, and it gave
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     this limerick
                    </strong>
                   </a>
                   , which begins:
                  </p>
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                  <p style="margin:0">
                   <em>
                    “Trump’s tariffs have caused quite a fuss,
                    <br/>
                   </em>
                   <em style="background-color: transparent;">
                    With markets unsure who to trust.”
                   </em>
                  </p>
                 </div>
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                  <p style="margin:0;margin-bottom:16px">
                   Alas, Wall Street wasn’t wowed, but in our view, the poem
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     wasn’t the reason
                    </strong>
                   </a>
                   .
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   US stocks bounced back from Monday’s drubbing, reaching their
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     highs of the day
                    </strong>
                   </a>
                   on Tuesday after headlines broke from a closed-door event with investors and Treasury Secretary Scott Bessent. In that meeting, he expressed optimism on making progress toward a trade deal with China, deeming the status quo untenable for long.
                  </p>
                  <p style="margin:0">
                   The S&amp;P 500 gained 2.5%, the Nasdaq 100 rose 2.6%, and the Russell 2000 advanced 2.7% yesterday. A whopping 494 members of the S&amp;P 500 gained on the day, tying
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     the highest number this year
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
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              <table border="0" cellpadding="0" cellspacing="0" class="button_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:left">
                 <div align="left" class="alignment">
                  <!--[if mso]>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     BILLIONAIRE RIVALRY
                    </strong>
                   </span>
                  </span>
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                 </div>
                </td>
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:26px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:31px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Tesla meets Edison
                   </strong>
                  </a>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   Yesterday was a massive day for the American electric car industry, with
                   <strong>
                    Tesla
                   </strong>
                   earnings and a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     surprise reveal
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   from a new rival to the vaunted EV brand.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   First up, those
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Tesla earnings
                    </strong>
                   </a>
                   . The company missed expectations on adjusted earnings per share (came in at $0.27, below the expected $0.43) as well as revenue ($19.34 billion, well under the $21.37 billion analysts anticipated).
                  </p>
                  <p style="margin:0">
                   But the case for Tesla has never really been based on something so financially prosaic as “revenue,” nor has the company’s valuation ever been so gauche as “the net present value of future cash flows.” The details do get a bit gory:
                  </p>
                 </div>
                </td>
               </tr>
              </table>
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               <tr>
                <td class="pad" style="padding-bottom:15px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Last quarter’s promise of a “return to growth in 2025” doesn’t appear to be in contention, as the announcement no longer mentions that return to growth.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Set aside the regulatory credits the company reaps as well as its interest income, and the company generated
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      a pre-tax loss of about $200 million in Q1
                     </strong>
                    </a>
                    .
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    The company said its plans for its robotaxi launch and less expensive vehicles remain on track, but alas, no more information about that.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   That said, again, this company does not trade on these numbers. Are they useful for understanding the state and health of Tesla’s business? Absolutely. Do they paint a picture of a company that is getting smaller and not capitalizing on opportunities as competitors nevertheless advance? They might! But does that have anything to do with what the share price of Tesla will be tomorrow?
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   Who knows — there’s a first time for everything.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   If anything, the reveal yesterday of a Jeff Bezos-funded automaker that’s been operating in
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     stealth mode
                    </strong>
                   </a>
                   may present a serious riposte to Tesla’s business. The reason?
                  </p>
                  <p style="margin:0">
                   Six words:
                   <em>
                    twenty-five-thousand-dollar electric truck.
                   </em>
                   With Cybertruck sales in decline and no cheap Model Y on the horizon, the reveal of the (
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     reportedly transformable!
                    </strong>
                   </a>
                   ) Slate SUV on the very day Tesla announces earnings can only be construed as a shot across the bow, with its product seemingly tailored to hit Tesla in two of its more vulnerable places.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-7" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:8px;padding-top:24px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   Nothing is assured, to be clear. But let’s just observe that Tesla getting beaten by a ruthless competing innovator despite personally propelling technology well forward has precedent; just ask Thomas Edison.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="10" cellspacing="0" class="button_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                   <!--[if mso]>
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                    <span style="word-break: break-word; line-height: 36px;">
                     <strong>
                      Read more
                     </strong>
                    </span>
                   </span>
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                  </a>
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                  <span class="button" style="background-color: #5869ff; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-radius: 7px; border-right: 2px solid #000000; border-top: 2px solid #000000; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 5px; padding-top: 5px; padding-left: 13px; padding-right: 13px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;">
                   <span style="word-break: break-word; line-height: 16.8px;">
                    Presented by Cytonics
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                 </div>
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              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                  <strong>
                   This company wants to take biotech innovation out of Big Pharma’s pocket
                  </strong>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="image_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                   <a style="outline:none" tabindex="-1" target="_blank">
                    <img alt="" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fbazh%252F6su869qw%252Fg86%252F33f%252Fg6p%252FCytonics%25204.23.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3NDU0MDQ5MTkuNTM5MDg2M30:1u7XYF:jdKsZxSvAH-ZFJN5hS8I--yjaPqhHELMv1gChjNT3ms" style="display:block;height:auto;border:0;width:100%" title="" width="550"/>
                   </a>
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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   Big Pharma has failed to develop a disease-modifying therapy for osteoarthritis (DMOAD). It’s an oversight that’s burdened patients with temporary, inefficient treatments and left 365M+ people suffering with knee OA pain globally.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <a style="text-decoration: underline; color: #5869ff;" target="_self">
                    <strong>
                     Cytonics
                    </strong>
                   </a>
                   believes that this is unacceptable, and has developed a novel approach to overcome pharma’s deficiencies in the standard of care.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   By tweaking the genetic code of a naturally occurring blood protein, Cytonics has developed a genetically engineered variant named CYT-108, which
                   <em>
                    could
                   </em>
                   become the first disease-modifying therapy for osteoarthritis.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   And they’re doing it without
                   <em>
                    any
                   </em>
                   assistance from Big Pharma or Venture Capital.
                   <a style="text-decoration: underline; color: #5869ff;" target="_self">
                    <strong>
                     Cytonics has taken exactly $0.00 from Silicon Valley behemoths
                    </strong>
                   </a>
                   , and their current round is open to investors.
                  </p>
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #5869ff;" target="_self">
                    <strong>
                     Help fund the future of joint health in Cytonics’ current raise
                    </strong>
                   </a>
                   <strong>
                    .
                   </strong>
                   <sup>
                    1
                   </sup>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-9" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
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                  <!--[if mso]>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     MUY AUTÉNTICO
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
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                  <strong>
                   <a rel="noopener" style="text-decoration: underline; color: #5869ff;" target="_blank">
                    Chipotle “Mexican Grill” is opening for the first time… in Mexico
                   </a>
                  </strong>
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                  <p style="margin:0;margin-bottom:16px">
                   Though it’s opened more than 90 international units since 2008, including 58 locations in Canada and 20 in the UK,
                   <strong>
                    Chipotle
                   </strong>
                   has never expanded to the native land of many of its dishes. Now, though, it’s finally opening a Mexican outpost — and this could be the perfect time.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   As prices of
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     produce imported from Mexico
                    </strong>
                   </a>
                   are expected to rise on President Trump’s 25% tariffs, Chipotle has been on a mission to find avocados from alternate sources. Opening restaurants in its primary supplying country not only keeps menu prices low in stores in that region, but could also help hedge against higher costs domestically by staying close to the source. It also won’t have to play around with
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     portion sizes
                    </strong>
                   </a>
                   , something
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     customers hate
                    </strong>
                   </a>
                   , as Chipotle learned the hard way.
                  </p>
                  <p style="margin:0">
                   That said, another Mexican fast-food chain serves as a cautionary tale:
                   <strong>
                    Taco Bell
                   </strong>
                   . While the chain’s slogan was once “Make a run for the border,” when it actually crossed the southern border, it failed
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     not once, but twice
                    </strong>
                   </a>
                   to survive in Mexico. As of today, while there are
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     8,757 Taco Bells
                    </strong>
                   </a>
                   across the globe, there is
                   <em>
                    not a single one
                   </em>
                   in the country that inspired its food. That said, the brand is doing just fine, as
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     our chart on its growth shows
                    </strong>
                   </a>
                   .
                  </p>
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
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                  <p style="margin:0">
                   Chipotle reports earnings after the bell today, and analysts are expecting
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     slower revenue and earnings growth
                    </strong>
                   </a>
                   from the chain as consumers worried about a recession dine out less. Last quarter, it
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     cut 2025 guidance
                    </strong>
                   </a>
                   , as the burrito chain just isn’t growing like it used to.
                  </p>
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                    <strong>
                     THE BEST THING WE READ TODAY
                    </strong>
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                    Can AI save Pinterest or has it already irreparably damaged it?
                   </strong>
                  </a>
                 </h1>
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                  <p style="margin:0;margin-bottom:16px">
                   <strong>
                    Pinterest
                   </strong>
                   wants to cash in on the AI boom and allow AI companies to ingest its vast library of user-generated content, but those pins of
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     nail art
                    </strong>
                   </a>
                   , wedding inspo, and recipes are already filled with AI images.
                  </p>
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     See what we mean.
                    </strong>
                   </a>
                   <strong>
                   </strong>
                  </p>
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                   Whether you’re looking for your first crypto investment or just your next, Grayscale’s 10-year experience managing crypto investment products is yours to leverage.
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                   Yesterday’s Big Daily Movers
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               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Northrop Grumman
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      tanked
                     </strong>
                    </a>
                    after reporting poor Q1 earnings and axing its full-year outlook for earnings per share
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     CoreWeave
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      surged
                     </strong>
                    </a>
                    after a host of Wall Street banks initiated coverage with largely bullish views on the recently IPO’d cloud-computing company
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Bitcoin
                    </strong>
                    crossed
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      $90,000
                     </strong>
                    </a>
                    again, taking
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      bitcoin-linked stocks up
                     </strong>
                    </a>
                    with it
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-14" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:25px;padding-top:25px">
                 <div align="center" class="alignment">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                   <tr>
                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   What else we're Snackin'
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Gold, the fear trade, has become the ultimate greed trade, driving its price to an
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      all-time high
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Amazon
                    </strong>
                    joined
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Microsoft
                     </strong>
                    </a>
                    in
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      tapping the brakes
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    on AI data center spending as economic jitters spread
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    A court ruled
                    <strong>
                     Dunkin’ Donuts’
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      upcharge for alternative milks
                     </strong>
                    </a>
                    was
                    <em>
                     not
                    </em>
                    discrimination against the lactose intolerant
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Need a break? Enjoy these
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      pics of the good dogs
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    at the 2025 Corgi Derby
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-15" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-radius:0;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;padding-left:25px;padding-right:25px;padding-top:5px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:25px;padding-top:25px">
                 <div align="center" class="alignment">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                   <tr>
                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-16" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto;background-color:#5869ff;border-bottom:30px solid #fff;border-left:30px solid #fff;border-radius:10px;border-right:30px solid #fff;border-top:30px solid #fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;border-bottom:4px solid #5869ff;border-left:4px solid #5869ff;border-right:4px solid #5869ff;border-top:4px solid #5869ff;padding-bottom:15px;padding-left:25px;padding-right:25px;padding-top:15px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:center;width:100%">
                 <h1 style="margin:0;color:#fff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:center;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Snack Fact of the Day
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;padding-left:40px;padding-right:40px;padding-top:10px">
                 <div style="color:#000;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:center;mso-line-height-alt:22px">
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #ffffff;">
                    <strong>
                     Ripple was the second-largest donor to Trump’s Inauguration Day fund.
                    </strong>
                   </a>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-17" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-radius:0;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:25px;padding-top:25px">
                 <div align="center" class="alignment">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                   <tr>
                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Wednesday
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-18" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px;padding-top:5px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    March new home sales
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Earnings expected from
                    <strong>
                     Boeing, AT&amp;T, Philip Morris, IBM, Texas Instruments,
                    </strong>
                    and
                    <strong>
                     Chipotle
                    </strong>
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:11px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:13px">
                  <p style="margin:0;margin-bottom:16px">
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <strong>
                    Advertiser's disclosures:
                    <br/>
                    <br/>
                   </strong>
                   1 This is a paid advertisement for Cytonics Regulation A+ Offering. Please read the
                   <a style="text-decoration: underline; color: #1d1d1d;">
                    offering circular
                   </a>
                   and
                   <a style="text-decoration: underline; color: #1d1d1d;">
                    related risks
                   </a>
                   on the
                   <a style="text-decoration: underline; color: #1d1d1d;">
                    SEC website.
                   </a>
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   2 BTC is low cost based on gross expense ratio at 0.15%. Brokerage fees and other expenses may still apply.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <strong>
                    3 Please read the
                   </strong>
                   <a style="text-decoration: underline; color: #1d1d1d;">
                    BTC prospectus
                   </a>
                   <strong>
                    carefully before investing in the Fund.
                   </strong>
                   Foreside Fund Services, LLC is the Marketing Agent for the Fund.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   Investing involves significant risk, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries. Extreme volatility, regulatory changes, and exposure to digital asset exchanges may impact the value of Bitcoin and, consequently, the value of the Trust. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. There is no guarantee that a market for the shares will be available, which will adversely impact the liquidity of the Trust.
                  </p>
                  <p style="margin:0">
                   The value of the Trust relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors. There is no certainty that an active trading market for shares will develop or be maintained which will adversely affect the liquidity of shares of the Trust.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-19" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
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