Michael Saylor

They want the car that drives itself.

It's like, I just want to get in the car, fall asleep, sip my coffee, and I want it to take me from point A to point B. Okay, that's the simplest idea, but it's the most ambitious piece of automotive engineering.

So with Stretch, what we did is we said, let's just make it monthly.

Let's make the volatility go away.

Let's do everything we can to strip the delta, strip the duration.

Instead of a 20- or 30-year bond, it's like a one-month T-bill.

It's like a money market.

So can we create a Bitcoin backed money market instrument?

And it's, you know, what's the promise?

Well, I'm going to give you a monthly dividend.

You know, it may not.

If I want the principal to stay stable around 100, I have to make the credit spread variable.

If I make the credit spread or the credit, if I make the dividend constant, then the principal is going to vary widely.

So you can either have stable dividend yield but unstable principal, or you can have stable principal value and unstable or variable dividend yield.

So we created a monthly variable rate preferred stock where the company, the issuer,

has the ability to adjust the credit spread, in essence, adjust the dividend rate each month at its discretion.

And then we pay the dividend as a cash dividend each month.

So what's unique about that?

That's the first time in the history of the world, guys, where anyone ever created variable rate preferred stock.

Well, if you dig through all the preferreds, you'll find that normally they're either fixed, they pay you a fixed dividend, or they pay you a fixed credit spread over SOFR, like SOFR plus 350 basis points.