Katie Griefeld

But let's talk a little bit first about MicroStrategy's premium to its underlying Bitcoin holdings, the MNAV, if you will.

So it's interesting, if you take a look at the past few months, MicroStrategy or strategy shares have actually been underperforming Bitcoin.

That has taken your premium down to about 1.4 times.

And I would love to hear your perspective on why that dynamic exists.

Is it something about the market?

Is it the fact that you have all these digital asset treasury companies coming to the fore?

Or is it something else?

Well, when we talk about the premium, and it's been at lower levels, but you think about the premium coming down, I think it was closer to two a couple of months ago.

Is that something that concerns you as you look at these different types of financing vehicles that you have?

Not a big concern.

It's interesting.

I mean, you think about the position that you hold when it comes to Bitcoin, which is basically never sell.

You hold forever.

And then I was listening to a conversation this morning with Tim Draper on BTV with Matt Miller, who was saying that Bitcoin is the currency of the future.

You're going to have a day where you have US retailers using Bitcoin instead of US currency.

And it falls into basically the store of value versus currency debate.

And I wonder, Michael, whether those two viewpoints

can coexist together or is it going to be one or the other?

There you go.

Michael, before we let you go, we talked about some of the different types of financing that you have when it comes to perverts, when it comes to convertible debt.