Tyler Crowe

If I was being most generous, and to Lou's point of, if you're not an evangelical and you're just managing an asset, you could kind of almost draw the line of this being like a mortgage reek, where you basically buy and sell mortgages, you issue equity and debt when your price is higher than your net asset values, and then when

You know, you're trading at a discount to that.

You sell down some of your net assets to basically you have to be willing to sell under that.

Yeah, it's it's the it's playing both assets to what is at a premium at any given moment.

And that, you know, it happens in other industries.

It happens a lot in the finance industry.

It happens in real estate, happens in commodities trading all the time, you know, trading one asset based on value or discount to the other.

What that works, unless to lose point, you're an evangelical who says, I'm never going to sell this because, you know, you say Bitcoin yield, but Bitcoin doesn't yield anything.

The price goes up, the price goes down.

You're going to have to pay cash somewhere.

And that's going to either come from issuing equity or selling your position.

And that's where it gets really complicated here, because unless they're actually willing to be like, yeah, we're just a asset manager, basically, it would make sense.

The point that I think is making it so challenging is it's not just like selling equity or buying down equity.

You start adding in debt, you start adding in dividends.

It becomes a little bit more complicated right now.

I wouldn't say that MicroStrategy is in some huge distress here.

I think they still traded a little bit of a premium to net asset value.

This is according to their website.

How trustworthy that is, I don't know.

That's not something you have to report and the SEC is going to tsk you if you're not doing it completely right.