The latter, plus the Steele (Piss) Dossier, Fusion GPS and Flynn investigation. All threads lead back to Michael's husband. And scoops up other villains like Killary and Skippy because of Fusion GPS - and maybe triggers a re-investigation of the murder of Seth Rich if they go all the way. They were always damned by their tight networking in shared business ventures like Uranium One - stuff that's much easier to track than the Pizzagate activities.