Jeff Walton

Any Bitcoin that we're buying helps increase the floor value of the strategy balance sheet and vice versa.

And...

So if we want to go to rating agencies, boom, you can go to rating agents and there's two issuers instead of one.

If there's just one, you're like, you're crazy.

If there's two, it's like, okay, well now you're both a little crazy, but I need to take you seriously because now there's two of you.

If you're thinking about creating a product on top of this, like go to DeFi land, right?

The DeFi land products are using both of these instruments.

Why?

Because you now have diversification and different yields.

You have different risk return profiles.

Okay.

Now that increases the TAM, your access in that market.

Can, can this grow?

Absolutely.

Um,

It is certainly helpful.

I think from a decision-making perspective, we're also underwriting strategy's relative position in the market.

That's part of our long-term structural Bitcoin thesis is strategy's existence, its risk profile, its security, the instruments that they're issuing.

We're underwriting all of that.

They're also probably looking at us and saying,