Jeff Walton

We understand the

the seriousness of this instrument.

We understand the scale.

We understand what this can become.

And that is paramount in how we're thinking about our balance sheet and how we're delivering this product to the market.

So, I mean, we've publicly stated before strategy did that we would be willing to sell Bitcoin in order to pay the dividends.

And I think it's helpful to think about the capital structure, right?

So we've got

We've got significant Bitcoin reserves held on our balance sheet.

I think as of today, something like 18 years.

We just announced a new Bitcoin purchase right now.

As of today, we've got 15,390 Bitcoin.

On our balance sheet, we have $524 million of notional perpetual preferred outstanding.

Okay.

So our annual interest obligation is $68 million.

Okay.

Okay, we have 12 months of cash and six months of STRC to pay the dividends already on our balance sheet.

So that's like, you could think of it as like first line of defense before the Bitcoin comes into play.

And we're constantly in the process of raising additional capital, whether that be on equity, whether that be on perpetual preferred equity and understanding our balance sheet.

We're monitoring our balance sheet every single day.