Bitcoin Investment and Credit Strategy

Our credit investors expect that we're going to support the credit dividend and pay it and our asset is BTC

So they expect that I are you willing to actually if you make a trillion dollars and you owe us some money

Will you sell some Bitcoin to pay us the money?

They expect me to say yes, because if I'm not gonna pay the dividend

They won't buy the credit the credit rating agency won't rate the credit right the equity investors

They bought a company that's stacking Bitcoin

they expect us to say we're gonna defend the equity and we're gonna run the company responsibly, so

if a short seller shorts the stock to a 90% discount to the Bitcoin nav they expect us to defend the stock and

Swap the Bitcoin for the equity so they don't get abused

Yeah

And if I'm unwilling to defend the equity they won't buy it and if I'm well

Unwilling to defend the dividend the credit investors won't buy it

it's kind of like you know a

Woman's not gonna marry you if you're not gonna defend her

When attacked by half it's like everybody wants security and our job is

fiduciaries is we need to defend the credit investors and we need to defend the equity investors and

If that means on occasion

We'll buy 20 Bitcoin will sell one Bitcoin and will then the credit investors will give us enough to buy 20 more Bitcoin

And we'll sell one more Bitcoin. That's actually more tax efficient and it's economically rational

That belief in the credit and the equity is how we got the capital to buy 175,000 Bitcoin.

If we lose the confidence of the capital markets, we're buying zero Bitcoin.

And so what the company is doing is rational and it's in the best interest of the credit markets, the equity markets, and also the Bitcoin market.

Because how is Bitcoin better if I don't buy 175,000 Bitcoin?

In fact, I don't think there's a conflict between doing the right thing for Bitcoin, doing the right thing for the equity, and doing the right thing for the credit.

I think that those are all in a very comfortable harmony, in a dynamic harmony with each other.

That's why our company went from a $600 million enterprise value to an $85 billion enterprise value.

It's because the machine works.