Michael Saylor

And what they offer you is 2X microstrategy exposure. So when I think about it, I'm like, well, if we're hitting, if MSTR is 1.5X Bitcoin, then those things are 3X Bitcoin. And then the other bonds are like 0.75% of Bitcoin. Mm-hmm. What we're really doing is we're refining this crude capital. I use the analogy of standard oil or refinery.

You put crude oil in one side of the refinery and out comes kerosene, gasoline, and asphalt. And of course, you put kerosene in the jet engine, but you don't put crude oil in. And so what people want is they want refined petrochemical products. Or you could think of us as a transformer. I want high voltage power and I also want low voltage power for my daughter's hairdryer.

You put crude oil in one side of the refinery and out comes kerosene, gasoline, and asphalt. And of course, you put kerosene in the jet engine, but you don't put crude oil in. And so what people want is they want refined petrochemical products. Or you could think of us as a transformer. I want high voltage power and I also want low voltage power for my daughter's hairdryer.

And you're like, well, you know, you're losing, you know, if I put low voltage in a battery and I put it in my little kid's toy, it's very inefficient. There's a massive markup in it. But the point is the family wants batteries for the kid's toys. They don't want to electrocute Junior, right? So what we're doing is providing low voltage Bitcoin, high voltage Bitcoin.

And you're like, well, you know, you're losing, you know, if I put low voltage in a battery and I put it in my little kid's toy, it's very inefficient. There's a massive markup in it. But the point is the family wants batteries for the kid's toys. They don't want to electrocute Junior, right? So what we're doing is providing low voltage Bitcoin, high voltage Bitcoin.

And the only way to do that is to have a 100% Bitcoin balance sheet. Because I have to have the $30 billion of Bitcoin to sell you the $3 billion of bonds that are 10x over collateralized that also give you the return of Bitcoin and the frequency of Bitcoin. Half of this is the return, but the other half is the volatility.

And the only way to do that is to have a 100% Bitcoin balance sheet. Because I have to have the $30 billion of Bitcoin to sell you the $3 billion of bonds that are 10x over collateralized that also give you the return of Bitcoin and the frequency of Bitcoin. Half of this is the return, but the other half is the volatility.

The reason those instruments have value is because they're volatile, because I can arbitrage them and sell the volatility. So a lot of times people think, Volatility is a bad thing, but I would say it's like radioactivity and heat.

The reason those instruments have value is because they're volatile, because I can arbitrage them and sell the volatility. So a lot of times people think, Volatility is a bad thing, but I would say it's like radioactivity and heat.

And a lot of people are afraid of a fire and they're afraid of radioactivity, but you can't have nuclear power without radioactivity and you can't have an internal combustion engine without a fire. And so MicroStrategy has put this crypto reactor in the middle of the company. And because we have that high volatility, high energy reactor, and people are like, aren't you going to diversify it?

And a lot of people are afraid of a fire and they're afraid of radioactivity, but you can't have nuclear power without radioactivity and you can't have an internal combustion engine without a fire. And so MicroStrategy has put this crypto reactor in the middle of the company. And because we have that high volatility, high energy reactor, and people are like, aren't you going to diversify it?

That's like taking this water and pouring it on the fire. Of course, I'm not going to diversify it. Like I give you fire, you're freezing to death. And the first thing you could think to do is throw water on it, right? So we're actually running the reactor. And that is really our unique value proposition to all those investors.

That's like taking this water and pouring it on the fire. Of course, I'm not going to diversify it. Like I give you fire, you're freezing to death. And the first thing you could think to do is throw water on it, right? So we're actually running the reactor. And that is really our unique value proposition to all those investors.

And they can't get it except from a public company that's 100% committed to Bitcoin. Right.

And they can't get it except from a public company that's 100% committed to Bitcoin. Right.

Let me ask, there's rumors going on that the CEO of XRP met with Trump, right? A ripple. I think there's a rumor. Rob, if you want to pull it up, if there's something like that, I thought I saw something. Did Ripple CEO meet with Trump? Critics remark, fuel XRP surge in speculation. CEO Brad Garland-Cowse remarks amid XRP surge in a fuel speculation. Trump's talk. So if Musk is in there,

Let me ask, there's rumors going on that the CEO of XRP met with Trump, right? A ripple. I think there's a rumor. Rob, if you want to pull it up, if there's something like that, I thought I saw something. Did Ripple CEO meet with Trump? Critics remark, fuel XRP surge in speculation. CEO Brad Garland-Cowse remarks amid XRP surge in a fuel speculation. Trump's talk. So if Musk is in there,

Musk, you know, my view, I may be wrong. Musk is meme coins. Musk is Doge. Musk is crypto. Musk is Bitcoin. For the most part, he's open to the idea. He's not specific to one thing. The community with XRP right now and Ripple, has anything with your position with Ripple changed since the last time you and I were together?

Musk, you know, my view, I may be wrong. Musk is meme coins. Musk is Doge. Musk is crypto. Musk is Bitcoin. For the most part, he's open to the idea. He's not specific to one thing. The community with XRP right now and Ripple, has anything with your position with Ripple changed since the last time you and I were together?

Yeah, what I say today is it's clear we have a pro-crypto president. They're all in on crypto. They're all in on Bitcoin. They're progressive. They're all about freedom. And freedom means the 20th century security regime was you got to spend $40 million on compliance to bring a company public. But what if I only want to raise $4 million in capital?