Mike

That's only about 500 bucks below the current Bitcoin price as it is now.

No, but they only started buying in August 2020.

But as well as that, because of the way it worked, it was kind of a bit of a hype cycle.

So the higher Bitcoin would go, the easier it was to raise money.

And so once they raised money, they were pumping straight into Bitcoin.

So they were always buying high as well.

But remember, the average price is only about 500 bucks below the current Bitcoin price.

And Bitcoin is up about 20% in the last two months as well.

So when Bitcoin came down from...

I think it peaked at about 125, 126 grand last year, and it fell as low as 60 something.

The stock actually outpaced the price of Bitcoin falling.

So that kind of leveraged amplifying returns is the same the other direction as well.

The company is no longer carrying the premium it once had.

And so it's basically priced its market cap is the equivalent to its book value in terms of what it holds in Bitcoin, slightly less even.

And then just the fact that they have billions of dollars of debt to service mean that it's caught in this weird Schrodinger's

bankruptcy situation where when it has to service that debt it'll likely need to sell bitcoin to do it and then as the world's largest bitcoin holder selling that is not going to help matters it's going to make the bitcoin crash and because of the bitcoin crashing then that could end up crashing the stock and it's like this death spiral so

yeah look it on paper is perhaps one of the most successful pivots we've ever seen just the last six years of performance alone if you take out the last nine months say

Crazy.

Like it was up 30 fold in the space of five and a half years.

But it is also, and I'm repeating this again, but I think it's a complete house of cards.