Michael Saylor
👤 PersonAppearances Over Time
Podcast Appearances
We have $30 billion of Bitcoin and we have $60 million of cash. I got it.
We have $30 billion of Bitcoin and we have $60 million of cash. I got it.
You got it. So 99%.
You got it. So 99%.
More than 99 point something.
More than 99 point something.
Sure. That makes sense.
Sure. That makes sense.
All of our liquid assets are Bickel. We're a very pure play and we don't diversify and we don't hedge. Sometimes people say, well, why don't you diversify or why don't you hedge? And the answer is because everybody that buys our stock doesn't want us to hedge. Everyone, the people that short my stock, they want me to be long. The people that are long want me to be long Bitcoin.
All of our liquid assets are Bickel. We're a very pure play and we don't diversify and we don't hedge. Sometimes people say, well, why don't you diversify or why don't you hedge? And the answer is because everybody that buys our stock doesn't want us to hedge. Everyone, the people that short my stock, they want me to be long. The people that are long want me to be long Bitcoin.
You can diversify using our stock. If you want to be 5% exposed to Bitcoin, you can either buy 5%. If you had $100 million and you wanted 5% Bitcoin, you could buy $5 million of iBit. Or you could buy less. You could buy $2 or $3 million of MicroStrategy because we're like 2x Bitcoin. And if you want to be 98% something else, that's your decision.
You can diversify using our stock. If you want to be 5% exposed to Bitcoin, you can either buy 5%. If you had $100 million and you wanted 5% Bitcoin, you could buy $5 million of iBit. Or you could buy less. You could buy $2 or $3 million of MicroStrategy because we're like 2x Bitcoin. And if you want to be 98% something else, that's your decision.
I wonder who shorted you guys. I'm looking at Carisdale Capital, a hedge fund that has shorted MicroStrategy, right? Who else? Anybody else that's known that shorted you guys that was against you?
I wonder who shorted you guys. I'm looking at Carisdale Capital, a hedge fund that has shorted MicroStrategy, right? Who else? Anybody else that's known that shorted you guys that was against you?
Well, first of all, I think there's like $35 or $40 billion of put interest, short interest in the options market, a lot. And there's probably $10 billion of short equity. But they fall into two categories. Some people don't like crypto or they don't like Bitcoin. Actually, so that's one reason. They might short it because they don't like the asset class and they just short it naked.
Well, first of all, I think there's like $35 or $40 billion of put interest, short interest in the options market, a lot. And there's probably $10 billion of short equity. But they fall into two categories. Some people don't like crypto or they don't like Bitcoin. Actually, so that's one reason. They might short it because they don't like the asset class and they just short it naked.
Another group of people might be macro traders and maybe they're shorting it to hedge another bullish play or because... they think there's going to be a negative macro event and Bitcoin is a macro asset. So if you want to take a negative short macro play, like a,
Another group of people might be macro traders and maybe they're shorting it to hedge another bullish play or because... they think there's going to be a negative macro event and Bitcoin is a macro asset. So if you want to take a negative short macro play, like a,
Like when there's a missile scare, the Iran-Israeli missile crisis, and people think there's going to be war in the Middle East, Bitcoin trades down. And so on Saturday night or something, or if you think something like that, you might want to take a short macro view. And because you can't short Bitcoin with leverage, but you can short micro strategy. with these options.
Like when there's a missile scare, the Iran-Israeli missile crisis, and people think there's going to be war in the Middle East, Bitcoin trades down. And so on Saturday night or something, or if you think something like that, you might want to take a short macro view. And because you can't short Bitcoin with leverage, but you can short micro strategy. with these options.