Michael Saylor
speaker
2,284 appearances
6 recordings
5 series
first heard Nov 2024
last heard 14 Jun
Michael Saylor’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 1.
Appearances
We did an asset-backed loan with Silvergate where we barred against our Bitcoin.
We did a senior loan where we had an EBITDA covenant.
Then we did a bunch of convertible bonds.
Then we did all the long duration perpetual preferreds.
And we kept working it until we finally found the sweet spot of the market.
But let me tell you the interesting thing about Stretch.
Stretch is the simplest, simplest instrument we've ever created.
from the point of view of the investor, but it's the most ambitious piece of financial engineering from the point of view of the issuer.
So it's like we created the car with the automatic transmission or maybe even better.
What do people want?
They want the car that drives itself.
It's like, I just want to get in the car, fall asleep, sip my coffee, and I want it to take me from point A to point B. Okay, that's the simplest idea, but it's the most ambitious piece of automotive engineering.
So with Stretch, what we did is we said, let's just make it monthly.
Let's make the volatility go away.
Let's do everything we can to strip the delta, strip the duration.
Instead of a 20- or 30-year bond, it's like a one-month T-bill.
It's like a money market.
So can we create a Bitcoin backed money market instrument?
And it's, you know, what's the promise?
Well, I'm going to give you a monthly dividend.
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