You said crazy markets create “strange bedfellows,” like potential deals with Bitcoin miners. How do you avoid getting distracted?

We look at many ideas, but we do not let them drive the strategy. In hot markets, asset owners often expect irrational prices. We are careful with capital. Our first choice is to build and operate our own hardware and infrastructure. Any partnership or M&A must clear a very high bar on economics, control, and long-term fit.