New York Islanders co-owner Jon Ledecky says the general public has yet to fully recognize the scale of sports as an asset class. But there may be a structural reason for this disconnect. Millions participate in sports as fans, yet only a select group of investors has historically been able to participate in the equity value of the organizations behind it. Institutional capital is increasingly recognizing the investment opportunity, while direct ownership remains largely inaccessible to the broader public. The latest valuations from @Sportico put the combined value of all 62 NBA and NFL franchises at approximately $498 billion. The average NBA franchise has increased in value by 21% over the past year, while the average NFL franchise has risen by 31%. These figures reflect a broader transformation in how professional sports are valued and perceived by financial markets. Rising franchise valuations, expanding commercial revenues, global audiences, and the scarcity of professional sports assets are attracting growing interest from private equity firms, institutional investors, and long-term capital. Yet a fundamental imbalance remains. We believe the next phase of this market's development should not be defined solely by rising valuations and increasing institutional investment, but also by the financial infrastructure that can enable broader ownership participation. Together with @Socios and @Securitize, we're working to address this structural opportunity through the tokenization of sports equity. Our ambition is to develop new regulated pathways that could allow a broader base of eligible investors to access minority ownership interests in professional sports organizations, subject to applicable regulatory requirements and approvals. This goes beyond bringing existing financial assets onchain. It's about exploring how blockchain-based market infrastructure can expand access to an asset class that has historically remained largely private, while maintaining the regulatory standards and investor protections expected of modern financial markets. Institutional capital has already recognized the investment potential of sports. We believe the next chapter is about building the infrastructure that could allow more people to participate in its ownership. Watch the full conversation between VanEck’s Ed Lopez and New York Islanders co-owner Jon Ledecky on Trends with Benefits, a podcast by @vaneck_us. Full episode: https://www.youtube.com/watch?v=xViFHN5zLRA