Michael Saylor

No, I'm not really concerned.

What happens is the premium will expand as our leverage increases and as the volatility in Bitcoin increases.

When the volatility falls and our leverage falls, sometimes the premium contracts.

But the real key...

key here is the digital credit we're issuing, like Stretch, that represents us stripping away the volatility and the risk from a commodity, from Bitcoin, the digital capital instrument, and then distilling out a particular currency, USD, a particular yield from

say 10% on stretch, and then a certain duration for that yield.

And we offer those to the credit markets.

So we don't really need a premium to issue digital credit.

Our business model works fine whether or not the equity trades at a premium or a discount to the underlying Bitcoin.

The equity will have value because people understand the value of the credit instruments.

And we've launched four credit instruments this year, four billion dollar product lines, and the year's not even over yet.

So that's a lot for the world to digest since they didn't see a new class of credit for 100 years before us.

No, I see it as a positive thing.

There's been an explosion of Bitcoin treasury companies and digital asset treasury companies in general.

I think we were the first.

There's 250 now.

There are tens of billions of dollars of capital flowing into space.

We're the first company to show that we could create a treasury preferred stock like Stretch.

We were the first ones to issue any kind of Bitcoin-backed credit like Stride or Strife or Strike.

We're going to be differentiated based upon the quality of the credit instruments we bring to the market, the degree of collateralization, the degree of liquidity, and, of course, the risk.