So maybe with that as the setup, can you just give your high level, like your 20,000 foot view on what is happening in this space right now and why you're so excited? Yeah.

So I think there's a fundamental question that is kind of like the first principles question that I think should be addressed head on on this topic, which is why should $1 of Bitcoin held by a public company be worth more than $1? Because that's the dynamic that has existed and persisted with MicroStrategy for now coming up on the past about two and a half years.

It's traded at a pretty healthy premium to NAV.

And so the big question is why? And actually, when I first encountered MicroStrategy...

Back when they were starting to do their convertible bond issuance, the first convertible bond issuance, I believe, was in 2018, 2019.

They started to buy Bitcoin with debt and with cash on the balance sheet and then did the first convert issuance in, I think, 19 or 20.

I scratched my head a bit because I couldn't wrap my head around why an investor would pay a premium.

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