Jeff Walton

If Bitcoin goes up, I think it's about 5.7% as of today, then we could pay our dividends in perpetuity.

That's a function of the underlying balance sheet.

That's a function of the compounding and the way that the math works.

You think about M2 money supplies increased at 6.7% compounded annually.

So we've got delta in and above the money supply growth, right?

So if the money supply just continues increasing, we've got buffer within that.

And ultimately, it's the success of this product is putting more Bitcoin on our underlying balance sheet, right?

So the equity cushion theoretically rises as well.

That does a few things.

So within the common equity, right, we've got two products.

We've got our digital credit instrument, SADA.

We've got our common equity, ASST.

Now with the common equity, what is it worth?

Like how do you value it, right?

You have to value that vehicle relative to everything else in the market.

And the market's doing that 24-7, 365, right?

Like it's constantly rebalancing and understanding and trying to figure out what the value of that equity vehicle is.

Now, if you're long-term structurally bullish on Bitcoin, a healthfully leveraged Bitcoin exposure seems interesting, right?

And we've seen it.

And the volumes are increasing.