Michael Saylor

So it's a long-winded answer to your question, but the point is the credit model is predicated upon a homogeneous collateral base.

The equity model is predicated upon a homogeneous capital base.

And that allows all of these investors to invest.

Now, you might think, well, you're 100% all in on BTC.

Well, yes, we are.

But let me make one more point.

The equity portfolio of the professional investor isn't.

So if you're an equity investor, you might decide that you want 1% of your money invested in Bitcoin equity.

Or you might decide you want 1% of your money invested in Bitcoin credit.

So we are a pure play, transparent, understandable set of securities.

And that way, the investor can make intelligent decisions.

whether it's to allocate, to hedge, to short, to go long, because we've given them this pure Bitcoin credit and this pure Bitcoin equity.

If we were to diversify, if we were to hedge, we would be creating an opaque security, an obscure credit risk.

And now it becomes very difficult to assess the risk.

And so the issue is,

It doesn't matter to me that the equity investor loves or hates Bitcoin.

What matters is that they need to know that they can short $100 million of our security or go long $100 million and know that we're not going to obscure the credit risk or the equity risk, you see.

So for us, we have created a pure play digital credit company

And to the extent that you don't believe, if you think Bitcoin's radioactive going to zero tomorrow, you don't want to touch any of this.

But to the extent that you believe that Bitcoin is a real asset and you have an opinion on it, whether it's negative or positive doesn't matter.