Michael Saylor

And how do you buy Bitcoin at the all-time high and get the upside but don't have the downside? So you buy the bonds and it turns out that our bonds have outperformed Bitcoin, but they're bonds. And so that blows people's minds that we can actually sell you a bond. They don't just outperform all the other bonds. Some of these bonds are, I mean, they're trading 200 plus against 100 basis.

And how do you buy Bitcoin at the all-time high and get the upside but don't have the downside? So you buy the bonds and it turns out that our bonds have outperformed Bitcoin, but they're bonds. And so that blows people's minds that we can actually sell you a bond. They don't just outperform all the other bonds. Some of these bonds are, I mean, they're trading 200 plus against 100 basis.

They're up 100%. So they outperform all the bonds, but they also outperform the Bitcoin. And that's because we've created a public company with a tiered capital structure. And we've got a lot of permanent capital. Then we've got the senior bonds and the capital structure. And then the equity generates a BTC yield. And so a lot of Bitcoin maxis pile into the equity. And that gives us a premium.

They're up 100%. So they outperform all the bonds, but they also outperform the Bitcoin. And that's because we've created a public company with a tiered capital structure. And we've got a lot of permanent capital. Then we've got the senior bonds and the capital structure. And then the equity generates a BTC yield. And so a lot of Bitcoin maxis pile into the equity. And that gives us a premium.

And we're able to use... the premium from the equity in order to create very accretive capital markets transactions with the bonds and the rest of the equity.

And we're able to use... the premium from the equity in order to create very accretive capital markets transactions with the bonds and the rest of the equity.

Now, the question is, like, when you went from, you know, 41 to 30 to $20 and the market's reacting to you, Michael Saylor was wrong. He made a mistake. Look what's going to happen to all his investors' money. Biggest mistake. He's going to get a margin call. He's about to lose it all, right? Did you ever get a margin call? Did that ever happen? No. Nothing. Were you ever close to a margin call?

Now, the question is, like, when you went from, you know, 41 to 30 to $20 and the market's reacting to you, Michael Saylor was wrong. He made a mistake. Look what's going to happen to all his investors' money. Biggest mistake. He's going to get a margin call. He's about to lose it all, right? Did you ever get a margin call? Did that ever happen? No. Nothing. Were you ever close to a margin call?

No. Not even close.

No. Not even close.

No.

No.

Why weren't you close to a margin call?

Why weren't you close to a margin call?

Well, we just weren't. I mean, like most of our debt is convertible debt. It's not margin and call. I mean, you can't call it. It's unsecured, no recourse.

Well, we just weren't. I mean, like most of our debt is convertible debt. It's not margin and call. I mean, you can't call it. It's unsecured, no recourse.

I got it.

I got it.

Like, so we borrow a billion dollars for five years for 0% interest. There's no margin call possible.

Like, so we borrow a billion dollars for five years for 0% interest. There's no margin call possible.