Michael Saylor

So the question when a lot of people ask and say, why would you give your money to MicroStrategy to invest? Why not just go do it yourself and buy Bitcoin? This is because some can't do that, right?

So the question when a lot of people ask and say, why would you give your money to MicroStrategy to invest? Why not just go do it yourself and buy Bitcoin? This is because some can't do that, right?

Well, there's a lot of answers to that. One is, can you borrow a billion dollars for free for five years with no recourse and unsecured? Probably not, right? Individuals can't borrow money for free for long periods of time. It's difficult. Companies can. So one reason why is because we can borrow $4.2 billion unsecured for a long period of time and pay less than 1% interest.

Well, there's a lot of answers to that. One is, can you borrow a billion dollars for free for five years with no recourse and unsecured? Probably not, right? Individuals can't borrow money for free for long periods of time. It's difficult. Companies can. So one reason why is because we can borrow $4.2 billion unsecured for a long period of time and pay less than 1% interest.

So when you're investing with us, you're not just getting the Bitcoin. You're getting the access to the company that has the cheapest cost of capital. We probably have the cheapest cost of capital in the entire market. Like if you look at every S&P company, if you look at every company in the market, who else can borrow billions of dollars for less than 1% interest?

So when you're investing with us, you're not just getting the Bitcoin. You're getting the access to the company that has the cheapest cost of capital. We probably have the cheapest cost of capital in the entire market. Like if you look at every S&P company, if you look at every company in the market, who else can borrow billions of dollars for less than 1% interest?

So one thing they want is they want our financial power. But then if you go to Europe, like in the UK, I think it's impossible, it's illegal for a UK investor to buy Bitcoin. They can't, like the regs don't allow them to buy it.

So one thing they want is they want our financial power. But then if you go to Europe, like in the UK, I think it's impossible, it's illegal for a UK investor to buy Bitcoin. They can't, like the regs don't allow them to buy it.

Anywhere.

Anywhere.

In the UK, they can't buy it in their like retirement fund. They have like, they have retirement plans and 401k. So a lot of times there are regulations that prohibit investors from buying Bitcoin, but they can buy companies. We're a company, so they can buy our stock.

In the UK, they can't buy it in their like retirement fund. They have like, they have retirement plans and 401k. So a lot of times there are regulations that prohibit investors from buying Bitcoin, but they can buy companies. We're a company, so they can buy our stock.

So if you had money locked up in your retirement plan and you loved Bitcoin, but you can't buy the Bitcoin, you can't even buy the ETF, you can buy MicroStrategy. There are a lot of pools of capital that they could buy us. And there's another example, which is, you know, there's been no options market on Bitcoin ETFs, and you can't margin it, so you can't borrow against them.

So if you had money locked up in your retirement plan and you loved Bitcoin, but you can't buy the Bitcoin, you can't even buy the ETF, you can buy MicroStrategy. There are a lot of pools of capital that they could buy us. And there's another example, which is, you know, there's been no options market on Bitcoin ETFs, and you can't margin it, so you can't borrow against them.

But with MicroStrategy, we have very healthy options. We have an $80 billion open interest in our options market. That's extreme. Like the options market in our stock is 20X bigger than the options market in Beto, which is the only Bitcoin ETF that had options. So sometimes people want to use those for leverage. And then the last point is you can't borrow against those ETFs.

But with MicroStrategy, we have very healthy options. We have an $80 billion open interest in our options market. That's extreme. Like the options market in our stock is 20X bigger than the options market in Beto, which is the only Bitcoin ETF that had options. So sometimes people want to use those for leverage. And then the last point is you can't borrow against those ETFs.

But if you had a million dollars of Apple stock, you could borrow against it. It's SOFR plus 100 basis points. If you have a million dollars of MicroStrategy stock, you can borrow against it. If you have a million dollars worth of IBIT or BTC, you can't.

But if you had a million dollars of Apple stock, you could borrow against it. It's SOFR plus 100 basis points. If you have a million dollars of MicroStrategy stock, you can borrow against it. If you have a million dollars worth of IBIT or BTC, you can't.

What percentage of MicroStrategy stock is in Bitcoin? Is it 100% or what's the percentage of it? Not the technology. I know the technology, but of the investments you guys make, what percentage is Bitcoin?

What percentage of MicroStrategy stock is in Bitcoin? Is it 100% or what's the percentage of it? Not the technology. I know the technology, but of the investments you guys make, what percentage is Bitcoin?