Michael Saylor

That's why people are wondering, why did you actually sell equity when you're trading at three times NAV and we sold $21 billion of it?

It's like, why do you do that?

Because we made $14 billion risk-free in a matter of weeks.

Why wouldn't you do that?

What's the second best way?

Right.

Let's say you can't do that.

Right.

I mean, that trade isn't always there and eventually it dries up.

And right now with Bitcoin treasury companies, there aren't any Bitcoin treasury companies trading a two or three times now.

So the second best way is you buy Bitcoin with a perpetual, a variable rate, perpetual preferred stock.

You enter into what is in essence a nearly risk free swap.

You're going to give me a billion dollars.

I'm going to buy a billion of Bitcoin.

I'm going to agree to pay you a monthly dividend, currently 11%.

I'm never giving you back the billion.

Now, over the course of 20 years, what is the average dividend rate on stretch going to be?

Probably eight, right?

I mean, 11.5% is kind of the rate right now while Bitcoin is in a bear market and the volatility is 55 and everyone is concerned and this is a new thing.

But don't you think after three to five years after this instrument's been in the market, the ball of Bitcoin comes off, Bitcoin appreciates?