Jeff Walton

At 30% below the 200-week moving average, what would our balance sheet look like today?

And I wanted to post that to you as like, let's look at downside and let's see what the balance sheet would look like.

Now, so thinking about our notional outstanding, $524 million notional outstanding, we've got $68 million annual interest obligation.

So at a price, at a Bitcoin price of $44,260,000,

which is 27.5% below the 200-week moving average, we would have 10 years of dividend coverage in the Bitcoin already on our balance sheet.

Okay, that's, forget the cash, forget the STRC.

So you think, okay, well, that seems pretty strong.

What does that look like relative to other credit instruments in the entire market?

Do other companies that are issuing debt or issuing debt capital

In a very volatile period like that, do they have 10 years worth of dividend coverage already on their balance sheet?

I don't know.

That's an interesting question.

I think it's good to compare the relativity there.

Now, there's also, there's two components when you think about downside risk and like structural bid.

You're looking at depth and duration.

So how long did it stay below the 200-week moving average?

And historically, the longest that Bitcoin was below its 200-week moving average was 35 days.

Okay, so that's interesting.

So it's rebounded relatively quickly.

Okay, what's the structural difference between 2022 and that happened in today?