Jeff Walton

We're shoving energy into Bitcoin.

We're continuously shoving energy into Bitcoin and we're witnessing everybody else shove energy into Bitcoin.

So we're, again, we're underwriting that long-term trajectory that Bitcoin is going to survive and it is going to be able to hold the capacity of everybody that's shoving energy into it.

And so as the equity moves and changes, our equity cushion relative to our credit changes, and we are thinking about the credit quality and able to raise capital opportunistically to preserve that vehicle going forward.

Ultimately, again, we want to retain that incredibly high credit quality and the trust within the market.

Yeah, I disagree fundamentally with that approach and that perspective.

I wouldn't say it's hammering it for revenue.

I think it's opportunistically identifying ways to scale the balance sheet.

Think about like MSTR, okay, what, five years ago had $500 million of capital.

they now have $60 billion of capital, okay?

If you're going to sell institutional grade credit, you need a large balance sheet.

And that's why they've had the ability to go sell a lot of digital credit.

I think the strategy has shifted a little bit, right?

So they've been able to scale the balance sheet.

Okay, now I've scaled the balance sheet.

Now I can go sell credit against it.

I think if you're interested in any of these equities, you have to take a long-term view of what does this look like 10 years from now?

If you were buying Apple in the 90s and they sold shares and you're like, I don't want to hold Apple anymore because they're selling shares to raise capital.

They're going to go build products.

They're going to go build a balance sheet to go do things with it.