Jeff Walton
👤 SpeakerAppearances Over Time
Podcast Appearances
We just announced that last week.
So again, you think about like the risk profile of a full equity capital structure.
What is the, like, I can't default.
Right.
I have no event of default.
I have zero debt.
Saylor and Strategy has debt because they issue convertible notes.
They've got $8 billion of convertible debt that they're in the process of trying to retire, right?
We retired hours that was a function of the similar business that we acquired and that is now fully retired.
We have a full equity structure.
Strategy has $8 billion of convertible debt.
But the debt on strategy's balance sheet, that helped them scale the business.
So they're in the process of retiring that debt.
But that does change the risk profile, right?
Like they do have a default probability that is greater than zero.
And we don't because we have zero debt.
that mathematical risk profile does come into consideration.
That being said, like, the risk profile is so small.