Michael Saylor

You know, on October 30th, we announced our 21-21 plan. So $21 billion worth of equity we're going to raise and $21 billion we're going to raise in fixed income securities. And we filed this shelf registration to sell the $21 billion in equity in at the market offerings. So then the next week, we had the election, a lot of activity, the red sweep.

And then that Monday, Monday a week ago from today, we announced we'd actually bought $2 billion of Bitcoin. So that was like a $2 billion week. Yeah. And it's like 27,000 Bitcoin or something. But then another week went by. So the announcement this morning was from last week's activity. So that's five days in the marketplace. So we did about $2 billion the first week.

And then that Monday, Monday a week ago from today, we announced we'd actually bought $2 billion of Bitcoin. So that was like a $2 billion week. Yeah. And it's like 27,000 Bitcoin or something. But then another week went by. So the announcement this morning was from last week's activity. So that's five days in the marketplace. So we did about $2 billion the first week.

And we did $4.6 billion the second week.

And we did $4.6 billion the second week.

This is the biggest ever, biggest purchase you've ever made.

This is the biggest ever, biggest purchase you've ever made.

Yeah, I think it's the biggest Bitcoin purchase ever. Yeah. Yeah.

Yeah, I think it's the biggest Bitcoin purchase ever. Yeah. Yeah.

Yeah, because I see this year, August 2020, you made a quarter of a billion. September 2020, 175. December 2020, you bought 50 million. February 2021, you bought a billion. November 11, 2024, last week, 2 billion, and then today, 4.6 billion.

Yeah, because I see this year, August 2020, you made a quarter of a billion. September 2020, 175. December 2020, you bought 50 million. February 2021, you bought a billion. November 11, 2024, last week, 2 billion, and then today, 4.6 billion.

Yeah, so $6.6 billion since we had our quarterly results. I think it's like 41, 42 times we bought Bitcoin in that range. So ever since August of 2020, we keep buying. We don't sell. It's a very simple strategy. Bitcoin is Manhattan in cyberspace. I just want to keep buying Manhattan in cyberspace. I have this theory that one day 8 billion people want to put their money in Manhattan in cyberspace.

Yeah, so $6.6 billion since we had our quarterly results. I think it's like 41, 42 times we bought Bitcoin in that range. So ever since August of 2020, we keep buying. We don't sell. It's a very simple strategy. Bitcoin is Manhattan in cyberspace. I just want to keep buying Manhattan in cyberspace. I have this theory that one day 8 billion people want to put their money in Manhattan in cyberspace.

And of course, the more we bought, the more transparent we are, the more the capital markets get behind us. So now, if you're an investor on Wall Street and you're looking for the company that's going to buy up cyberspace, then you're buying MicroStrategy stock. And some people like Bitcoin, so they buy Bitcoin. Every day of my life, I tell people to buy Bitcoin.

And of course, the more we bought, the more transparent we are, the more the capital markets get behind us. So now, if you're an investor on Wall Street and you're looking for the company that's going to buy up cyberspace, then you're buying MicroStrategy stock. And some people like Bitcoin, so they buy Bitcoin. Every day of my life, I tell people to buy Bitcoin.

Some people want more Bitcoin, right? The joke I have is the only thing better than Bitcoin is more Bitcoin. So- So we borrowed $4.2 billion at 82 basis points and we bought Bitcoin with it. So for the people that like Bitcoin, they buy it. But people that really like it want to borrow a lot of money and buy more. And then there's another group of investors, the convertible bond investors.

Some people want more Bitcoin, right? The joke I have is the only thing better than Bitcoin is more Bitcoin. So- So we borrowed $4.2 billion at 82 basis points and we bought Bitcoin with it. So for the people that like Bitcoin, they buy it. But people that really like it want to borrow a lot of money and buy more. And then there's another group of investors, the convertible bond investors.

And how do you buy Bitcoin at the all-time high and get the upside but don't have the downside? So you buy the bonds and it turns out that our bonds have outperformed Bitcoin, but they're bonds. And so that blows people's minds that we can actually sell you a bond. They don't just outperform all the other bonds. Some of these bonds are, I mean, they're trading 200 plus against 100 basis.

And how do you buy Bitcoin at the all-time high and get the upside but don't have the downside? So you buy the bonds and it turns out that our bonds have outperformed Bitcoin, but they're bonds. And so that blows people's minds that we can actually sell you a bond. They don't just outperform all the other bonds. Some of these bonds are, I mean, they're trading 200 plus against 100 basis.

They're up 100%. So they outperform all the bonds, but they also outperform the Bitcoin. And that's because we've created a public company with a tiered capital structure. And we've got a lot of permanent capital. Then we've got the senior bonds and the capital structure. And then the equity generates a BTC yield. And so a lot of Bitcoin maxis pile into the equity. And that gives us a premium.