Jeff Walton

Everything that they did that was good.

Everything that they did that was bad.

And we effectively started it from a blank sheet of paper.

Right.

Yeah.

I'm going to go straight there.

I'm going to go no debt.

I'm going to go full perpetual preferred equity.

I want the clean capital vehicle and I want to write this into perpetuity.

And, and so we like, it's imagine, imagine like a Apple, they made, they made the computer, they made the iPod and then they come out with the iPhone and you're like, that's it.

And it's like, okay, we're Samsung and we just showed up and we're going to create the galaxy.

We're not going to play around with the iPad or any of the other stuff.

And we're just going to show up and, and come out with a really good second option.

Yeah.

I think our, the yield, the relative yield, Bitcoin yield per share, that I think we have an ability to scale faster because the, just the relative size, right?

You're talking about a small base going to a bigger base.

No, this is great.

A great conversation.

These instruments are fascinating.

In my opinion, it's the biggest story in all of finance.