Michael Saylor

So now you have to find something else to invest in that's going to perform 30%.

And so what is that something?

And the answer is, here's the answer.

I don't think there's anything better, right?

I think that that's the best long-term capital investment.

But it doesn't really matter whether you agree with me or not.

The point is I run a public company and all of the equity investors in the public company are Bitcoin maximalists.

Right.

And so the people that hold MSTR believe that Bitcoin is going up more than 10 or 11 percent and they want to outperform it.

So when we're selling the credit to buy the Bitcoin, we are aligning with the equity investors.

We're giving them what they want.

which is more Bitcoin per share.

We're supporting the Bitcoin ecosystem by buying the Bitcoin, providing liquidity.

And then we're backing the credit with over-collateralized Bitcoin, like 5X as much Bitcoin as the credit.

And if you're the credit investor,

you're able to assess the credit risk by plugging in the price of Bitcoin, the volatility of Bitcoin, your opinion of the future ARR of Bitcoin, that spits out a credit risk for you.

you go to our website, you'll see we've actually published that credit model.

It's a very transparent credit model based upon the BTC rating of the credit instruments.

BTC rating is the degree of over collateralization.

So a dollar of credit backed by $5 of Bitcoin is a BTC rating of five.