Ryan Adams

I think he's got to pay some of the people that are lending him funds, David.

Dividends.

Lending him funds to buy Bitcoin.

He's selling a little bit in order to raise kind of the interest payment dividend type fund.

I don't believe it.

It's fake.

He never said it.

It's not fake.

Let's play the clip so people can hear it.

All Bitcoin has to do is appreciate.

I mean, I think it works, though.

Honestly, I just don't hate it.

I think it all works.

It's not a lot of Bitcoin that he would sell, but this is him opening the door in order to do that.

And I think he needs to do that with products like Stretch.

You need to have this option.

The structure of MicroStrategy this time around is much different than it was previously.

And the only way you're going to entice more stretch buyers is to actually open the possibility that you may have to sell some of the underlying Bitcoin as collateral in order to pay them back.

Or they're not going to continue buying your stretch product and your other preferred shares products.

That's right.