Michael Keller
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Whereas Bitcoin is down what, like 50, 60%?
53%.
53%.
53%, okay.
I think I would ask, like, what is the probability of the company to pay me back?
Right.
So how much cash do they have?
And then like cash in dollars because I'm getting paid in dollars.
So same unit of account.
And then I would say, what else does the company have in terms of their balance sheet to be able to sell to go pay me back, right?
And of course, if you look at strategy, there's a lot of things they could sell.
It's called Bitcoin, and there's tens of billions of it.
And they could just sell some Bitcoin and pay me back.
But of course...
In the three bodies that you described, a market sale of Bitcoin at some level, that kind of tanks the Bitcoin price, which isn't good for MSTR.
Premium to NAV is just barely a premium to NAV, barely above 1.
Okay.
So he can't do any more ATM.
He can't mint very much more.
He can do 3% more.