Michael Saylor
👤 SpeakerAppearances Over Time
Podcast Appearances
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.
But with MicroStrategy, we have very healthy options. We have an $80 billion open interest in our options market. That's extreme. Like the options market in our stock is 20X bigger than the options market in Beto, which is the only Bitcoin ETF that had options. So sometimes people want to use those for leverage. And then the last point is you can't borrow against those ETFs.
But with MicroStrategy, we have very healthy options. We have an $80 billion open interest in our options market. That's extreme. Like the options market in our stock is 20X bigger than the options market in Beto, which is the only Bitcoin ETF that had options. So sometimes people want to use those for leverage. And then the last point is you can't borrow against those ETFs.
But if you had a million dollars of Apple stock, you could borrow against it. It's SOFR plus 100 basis points. If you have a million dollars of MicroStrategy stock, you can borrow against it. If you have a million dollars worth of IBIT or BTC, you can't.
But if you had a million dollars of Apple stock, you could borrow against it. It's SOFR plus 100 basis points. If you have a million dollars of MicroStrategy stock, you can borrow against it. If you have a million dollars worth of IBIT or BTC, you can't.
What percentage of MicroStrategy stock is in Bitcoin? Is it 100% or what's the percentage of it? Not the technology. I know the technology, but of the investments you guys make, what percentage is Bitcoin?
What percentage of MicroStrategy stock is in Bitcoin? Is it 100% or what's the percentage of it? Not the technology. I know the technology, but of the investments you guys make, what percentage is Bitcoin?
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?