Michael Saylor

So that's still fixed.

I mean, it's called a floater, but it's floating with the standard overnight funds rate.

The credit spread is fixed, which means that

the value of the preferred is going to vary depending upon the market perception of the credit of the issuer.

So none of those would be stable.

If you want to create a completely stable preferred stock that trades around 100, then you have to combine a variable credit spread

with a adjustable at-the-market shelf registration.

So we combine a shelf registration where we can sell STRC into the market or not sell it, and we combine it with the ability to adjust the credit spread every month.

So when the market is jittery,

Like, let's say, you know, we had this thing at 100 when Bitcoin was $125,000 a coin.

And then Bitcoin went on this epic bear market, you know, went from $125,000 out of $60,000.

So the collateral backing the credit instrument was cut in half.

And the market gets very jittery.

So what did we do?

We don't sell it below 100.

Then we raise capital in the form of cash and we created a cash reserve in order to improve the credit.

Then we raise capital.

We bought Bitcoin to improve the amount of Bitcoin backing it.

And then we raise the dividend like six times in a row.

Okay, so we're managing that credit instrument.