Michael Saylor

I said 29% a year when we started the conversation.

So can I pay a dividend of 10%, 11%?

Yeah, sure I can.

That's like one third of my expected ARR.

Okay, so how do we pay the dividend when the equity is trading at a premium?

And it's almost always trading at a premium to the underlying Bitcoin.

We've got a derivative of Bitcoin.

Our MSTR is a Bitcoin derivative.

So we just sell the equity, take the cash flow, remit it back to the credit investor.

If the equity trades at a discount, then you don't.

Maybe you sell the Bitcoin itself.

you would probably take the highest cost basis of the Bitcoin and you would sell it, capture the tax gain and remit the cash flows.

And that's the way you would do it.

And you might at some point dabble in the derivatives market where you actually sell out of the money call options or enter into the basis trade, or you do swaps against the underlying Bitcoin collateral.

That

That you have to consider the tax consequences and the counterparty risk and the economics.

But if volatility is high, then you sell the volatility.

And if volatility is cheap, maybe you don't.

And then finally, as a buffer, you hold two years worth of cash.

And if you just don't like the equity markets or the derivative markets or the capital markets, you just use the cash to pay the dividends.