Jeff Walton

So as that underlying Bitcoin goes on to the balance sheet, the equity has more potency, I would say.

You can think of it that way.

It's like more potent.

And when it's more potent, that means there are more people that are buying calls.

There are more people that are buying puts.

The equity itself is moving and the volume of the equity is rising.

We've seen it over time.

You can go look at the data.

As our Bitcoin balance sheet has grown, our average volume on the underlying equity has also grown.

So we're seeing more dollars traded because it's a more interesting instrument.

And it's a pure expression of, you know, this amplified Bitcoin exposure.

So the market, and we've been told by the market that the market is using these equity instruments like MSTR and like our common stock to hedge Bitcoin exposure.

So there's multiple reasons people are buying and selling the common stock.

That creates volume, that creates dislocation, that creates opportunity for us to raise additional capital or hold off.

And so by having two of these instruments, we're kind of constantly monitoring the underlying balance sheet, how the equity is moving, how the digital credit is moving, and ultimately, again,

We need the health of both of these instruments to continue into perpetuity.

So we are constantly monitoring all of them every single day.

And it's paramount in how this structure operates.

We have the ability to issue new shares into the market.

So we've got an ATM at the market equity offering on both of the instruments, right?