And finally, marketing wraps the whole thing. It’s about people, technology, working with partners and suppliers from the tailwind of our 50th year anniversary here as we go into new regions with new products, Asia Pacific and lean into digital, bringing our awareness to new regions, new audiences so that we can better penetrate the markets that we operate in.
Operator: Thank you. And the next question comes from Ken Worthington with JPMorgan.
Ken Worthington: With the syndicate in place now for Cboe Digital, can you give us more details on the investments you plan to make here? And I think one of the goals is to enhance flow in the platform for 2023. If you can give us some approach on how you want to build that liquidity. And to the extent that things have changed for Cboe Digital since FTX has imploded, how has your strategy evolved in the recent quarter since the environment seems to have changed quite a bit?
Chris Isaacson: Yes. Thanks, Ken. Thanks for the question. We continue to be very excited about Cboe Digital. And as Ed mentioned in his opening remarks, we’re coming off a record month in January after closing the syndicate of those 13 great investors that are deeply embedded within both traditional finance and in the crypto space. So, we have industry-leading spreads now in Bitcoin and Ethereum. About 1 basis point is what we’re seeing through the month of January. So why we continue to be excited about this and focused on the future is we’re working with the CFTC on margin futures. And we’re looking forward to the approval there of bringing that to the market in a way that has not been brought to the market in the U.S. thus far, continuing the onboarding of that syndicate as they — about half of them are now onboard, and others are in different phases of onboarding.
And our strategy relating to how has it changed, if at all, since the FTX bankruptcy, I would say our strategy is unchanged, while the market has gone up and down as far as crypto prices, our strategy has stayed the same. We’re going to bring a trusted, transparent regulated market to crypto to Cboe Digital. We’re going to bring intermediary-friendly products and services. And we’re going to access ultimately to end users through those intermediaries, which we view as great partners and clearly, as part of our syndicate. So, we see growth in this nascent asset class for years to come, and that’s where we’re building a strong foundation right now alongside and with this syndicate. So, margin futures expand the distribution of our data as the market quality has improved dramatically, as Dave mentioned, and continuing to grow as we onboard this syndicate.
John Deters: Ken, this is John Deters. Just a couple of other points to tag on there, I think first of all, when you look at the data, it’s interesting. The number of active addresses for Bitcoin, for example, has stayed relatively consistent since really the Three Arrows Capital collapse, so even through the FTX issue. And what does that tell you? It tells you that engagement overall has stayed fairly consistent once the period when leverage was taken out of the system. So what our partners are seeing, and this is really one of the great benefits of having this around us they’re seeing that the remaining customers and the new customers that continue to come into the space are gravitating towards highly compliant, regulated marketplaces.
You heard this from China, for example, in his conversation in December. And so when this market ultimately begins to grow from its stabilization period today, we believe we’re set to be — among the winners in this space. We’re investing for the long term.
Operator: Thank you. And the next question comes from Gautam Sawant with Credit Suisse.
