Jeff Walton

our existence helps them underwrite the Bitcoin as well.

Like they've got to do something with these convertible bonds in the balance sheet.

And I think now that we're in the market and we're operating within the marketplace, I think that gives them a little bit more comfortability to make a decision to do something with convertible bonds today than doing something in the future and waiting a little bit further.

I think there's so much optionality that increases by having multiple issuers in the market.

There's going to be more too, I would suspect.

And you can take different structures, right?

Our capital structure is different.

We have one perpetual preferred equity, and that's it, and it's senior.

We have SATA.

And they have STRF, that's senior.

They've got convertible bonds.

They've got STRF, which is senior than STRC.

Then they've got STRC, STRK, STRE, STRD.

So they've got a whole completely different capital structure

That changes the math.

Like there is math behind the scenes.

Me and my team have probably built some of the most complex math.

If I tried to share it, it would be like too much, right?

Yeah, it'd be too much.

But like the mathematical risk profile, like you can actually look at points along a probabilistic curve.