Michael Saylor

So there's a massive options market, a massive amount of liquidity, a massive amount of volatility. And so the convertible arbitrage guys, let me say it differently. If you have 100 vol, you can generate 100% interest just by selling the upside. So people, there are funds like MSTY, all they do is just sell the calls. They just sell the volatility and they generate like 180% dividend yield.

So who loans us the money? People that want that volatility because the volatility is worth a lot more than getting paid 12% interest.

So who loans us the money? People that want that volatility because the volatility is worth a lot more than getting paid 12% interest.

So who is giving you the money? Who's it coming from? What does a typical investor look like?

So who is giving you the money? Who's it coming from? What does a typical investor look like?

Well, it depends. For the equity, it's Bitcoin maximalists, people that believe in Bitcoin that want to outperform Bitcoin. It's also institutional investors that like Bitcoin, but they can't buy Bitcoin because of their charter. They can only buy an operating company. Many investors have large pools of capital, and they're not allowed to buy the commodity. They have to buy a company.

Well, it depends. For the equity, it's Bitcoin maximalists, people that believe in Bitcoin that want to outperform Bitcoin. It's also institutional investors that like Bitcoin, but they can't buy Bitcoin because of their charter. They can only buy an operating company. Many investors have large pools of capital, and they're not allowed to buy the commodity. They have to buy a company.

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.