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
You know, if you do this and you buy Bitcoin and Bitcoin doesn't go up forever, then what happens?
Well, the equity investors aren't going to make a lot of money on that trade, right?
If you're paying SOFR plus a credit spread or 10% and Bitcoin goes up 0%, the equity investors and the company didn't make money on that trade.
But that's all.
It just wasn't profitable to the equity.
And if you're wrong for 50 years, well, then there might be a risk to the preferred equity.
But you see, we've taken something that would be a risk in the next 50 minutes or 50 hours or 50 days, and we've turned it into a 50-year risk for the credit investor.
It's like we literally have 50 years of dividends.
Like how do you create this?
Well, you're over collateralized by a factor of 10, 20, 30.
So a lot of times people think they don't really understand the math that well.
If Bitcoin goes up 2%, we've got a $50 billion equity tower.
That means we're making a billion a year.
That's the dividends.
So the breakeven point for us is 2%.
So if you don't think Bitcoin's going up 2%, you probably shouldn't be an equity investor in a Bitcoin company, right?
So there's no equity investor that thinks Bitcoin isn't going up 2%, right?
But if it goes up 2%, we can pay the dividends forever and create shareholder value.
If it goes up 10% a year, well, 10 or 11, maybe a little bit less because the math is kind of complicated.
We get the benefit of the float.
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