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
When we sell STRC, we're selling equity.
It's the exact opposite.
If you give me a million dollars for my equity, for common equity, I have the money forever with no obligations.
Okay, that's the longest duration money.
When you give me a million dollars to buy a preferred equity with a variable dividend, if you read the securities document and you understand what that security is,
You're entering into a perpetual swap.
I am agreeing as the issuer to give you SOFR, the standard overnight funds rate, plus a credit spread determined by the company.
And you are agreeing to give the company that capital forever.
And you're not getting the money back.
So it's not an overnight loan.
There is no collateral call.
You have no redemption right.
You can't, it's not like you can go to the bank and say, give me the million dollars back tomorrow.
In fact, you're not getting the money back ever, right?
It's an equity investment.
If you wish to sell the instrument, you can sell it into the market, but you're selling it to other investors.
And so the magic of this structure is you're creating a perpetual swap between
That's got stochastically, if you were to actually do the statistical modeling, it's more like a 20 year duration instrument.
So like the issuer has the money for about 20 years, right?
Not, if you were to borrow money from a crypto exchange, you have the money for 20 minutes.
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