Jeff Walton

So I think that's a helpful way to kind of start to look at the difference between the two.

Yeah, I think, look, you're underwriting the long-term trajectory of this.

Every single dollar, you sell one share of Seda, right?

$100 comes in the door.

Within an hour,

I've purchased Bitcoin and I'm putting it into cold storage.

Boom.

So I've got Bitcoin on the balance sheet.

You bring in a hundred dollars and you know, we've got a process and how much we deploy, but I've got Bitcoin on my balance sheet within an hour.

Okay.

So then I've got, then I've got Bitcoin on my balance sheet and I'm carving off excess risk return, right?

So I'm saying I will give you the 13% on that hundred dollars and

right, over time.

So I'll give you $13 per share.

Think about that.

It's $13 per share.

Now that $13 per share stays flat over time, okay?

Now, the Bitcoin that I have on my balance sheet is compounding over time.

So I don't need it to go up 13% compound annually in order to pay the dividends on that specific share that I sold.

We've got a long term.