Michael Saylor

So a lot of times people think they don't really understand the math that well.

If Bitcoin goes up 2%, we've got a $50 billion equity tower.

That means we're making a billion a year.

That's the dividends.

So the breakeven point for us is 2%.

So if you don't think Bitcoin's going up 2%, you probably shouldn't be an equity investor in a Bitcoin company, right?

So there's no equity investor that thinks Bitcoin isn't going up 2%, right?

But if it goes up 2%, we can pay the dividends forever and create shareholder value.

If it goes up 10% a year, well, 10 or 11, maybe a little bit less because the math is kind of complicated.

We get the benefit of the float.

But if you expect Bitcoin to go up 10% over the next decade, it's a screaming home run for the equity investors.

If you think Bitcoin's going up 0% a year for 100 years, well, in like 55 years, we have to do something.

I mean, like we do things faster, right?

Like you think I'm going to sit around for 55 years and not do something?

Look at all the things we've done in the past five years, right?

So at the end of the day, if you wanted to acquire Bitcoin with leverage,

Okay, the least risky way to do it is you sell common equity at a premium to the underlying NAV of the company.

So if the equity is trading at two times NAV, you sell a billion dollars of equity, you buy a billion of Bitcoin backed by 500 million of NAV, you just captured a $500 million gain upfront and it is risk-free forever, okay?

That is the lowest risk way.

And we did a lot of that, right?