Haseeb

I think what he's learned is that, look, I sold nothing.

I sold 25 Bitcoin, and this is the reaction of the market, right?

He lost so much more money in his NAV because of how much Bitcoin went down from that sale relative to the amount of cash he would need to raise to pay dividend holders, which tells you the way that you raise this money is not by selling.

That breaks the whole system.

you have lost more than you would have conceivably have gained.

So now I think the lesson that the market is telling him is, no, no, no, no, no, no, no.

You got to die with the ship.

You do not get to be a prudent financial manager.

You are Mr. Bitcoin.

Mr. Bitcoin doesn't get to sell.

So if you want to be Mr. Bitcoin, like either one, you got to throw the stretch holders under the bus and say, okay, you guys are going to have to sit on your dividends for a while.

I'm not paying any dividends.

And

You know, they have the ability to skip paying out dividends.

The dividends accrue over time.

They actually eventually get paid.

But you can miss a dividend and, you know, they have the discretion to do that.

The second option, of course, is dilute the stock, right?

So just go do some ATMs, sell some more stock, dilute the common shareholders so that you can pay the dividend, right?

Now, in each of those cases, somebody gets screwed.