The biggest bear case is that they don't prioritize $BAT with the card and simply keep the revenue for themselves. Their buybacks have been underwhelming over the past two years. I think their card could become the biggest in crypto, competing with the likes of EtherFi. They have 50M DAU and 120M MAU, with their user base growing by 1M+ per month. I don't expect BAT cardholders to be as wealthy as EtherFi cardholders, so they'll need to onboard more users to make up for that. They've mentioned using a portion of card revenue for buybacks, but it's still unclear how much, or whether they'll actually follow through. On the community call, they said they were still looking for a provider for their crypto card. That could suggest this was a quick idea rather than something they've spent much time working on. They have a strong privacy and AI narrative, with their privacy-first browser and AI built into search. As for revenue and buybacks, I wouldn't expect $50M in annual buybacks. Most crypto "businesses" trade at P/E ratios of 75+ and have very small buybacks relative to their FDV. Look at Pendle, Derive, etc. If they deliver on some of their promises, I could easily see $BAT trading above $1B FDV. My bear case is that they rug the card and no buybacks materialize, sending BAT below $0.10. My base case is modest buybacks alongside a profitable business that can grow and compete with the leading crypto cards. In that scenario, I'd expect atleast $600M FDV (similar to $Ethfi at ~$680M) My bull case is that they use card revenue for buybacks and become the biggest crypto card. They have the distribution and the foundation to get there. The question is whether they can execute, and whether they're token aligned or let all the revenue go to equity holders.