Jeff Walton

Every single Bitcoin that they buy from the digital credit instruments that are sold is increasing the Bitcoin exposure, the potency of the underlying equity.

So if you go look back at the 1x MNAV bears, go look at 1x MNAV, the value of the balance, the value of the share at 1x, and you go look at that over time, it's going up and to the right.

There's more Bitcoin per share, but the floor, the floor, like fair value, if you thought fair value was 1x MNAV, the floor price is rising.

Because there is more Bitcoin per share.

Because there's more Bitcoin exposure per share, right?

It's like a potency of the underlying instrument.

You added the word exposure.

Bitcoin per share is the same thing?

Bitcoin per share, yeah.

Bitcoin per share, okay.

Bitcoin for sure.

Yeah.

Bitcoin exposure.

It's more potent.

What I'm getting at is the underlying value, like the floor, is going up and to the right.

That's kind of how I view the common equity.

There are going to be periods where it's incredibly volatile, right?

These instruments have beta on top of Bitcoin.

So if Bitcoin goes up, MSTR goes up 1.5.

Our common goes up 1.7.