Joseph Onorati joins the show the week DeFi Development Corp filed CHAD, a variable-rate perpetual preferred with a 13% initial dividend paid daily and a $10 par, modeled on Strive's SATA. Joseph spent eight years at Kraken, the last stretch as chief strategy officer, before buying control of a Nasdaq shell in 2025 and turning it into the first non-Bitcoin treasury company in the US. Within months DFDV was the comp on every other treasury company's pitch deck. His argument is that the four-year cycle can't survive everyone predicting it, that treasury companies will displace ETFs, and that the only rule that matters in a levered vehicle is what you do at the bottom.