Powers price feeds for 500+ protocols with an institutional publisher network (Cboe, Jump, Jane Street). Just launched Pyth Pro - a Bloomberg-style data subscription supposedly already at $1M ARR. TradFi clients need contracts a DAO can't provide, they tried buybacks, still down 96% from ATH, the market doesn't care. Candidate for an ACX-style token-to-equity conversion (coindesk.com/markets/2026/03/12/across-s-acx-rocke…), and the token re-rates on announcement. Key risk: large unlock in May.