But really for everyone out there, in your mind, what is the thesis for a Bitcoin treasury, um, play? Like, should people be investing in it? Like, what market fit does a Bitcoin treasury solve? Just general thoughts on that idea, and then we'll kinda, you know, get the conversation rolling more particular into Strive.

Sure.

Yeah, the Bitcoin treasury model I think has evolved quite a bit, uh, particularly over the last year.

You know, this, this last cycle was really a good stress test for the industry as a whole, I think, and I think because of it, a lot of these companies are gonna come out significantly stronger.

But, you know, when you look back to even when strategy really started this, the investment thesis was actually opening up the door to Bitcoin exposure for a lot of different institutions and types of organizations that can't get the natural exposure to the commodity itself.

And wh- in a corporate wrapper, when you've got the ability to utilize the capital markets and utilize premiums and different securities and put different types of models together to allow you to accumulate Bitcoin, really the long-term value proposition is in being able to increase the exposure of a share.

So if you purchase a share today, through all the activities these companies can take in the capital markets, you should own more exposure to Bitcoin over the long run.

What were some of the biggest takeaways or lessons from this previous cycle, specifically as it relates to the Bitcoin treasury model, and something that perhaps could be done differently in the future?

How do you think about finding alpha strategies over and above just outperforming holding Bitcoin? What are some of the opportunities that you guys have as a digital asset treasury company to get that alpha for your investors? And how do you think about those opportunities?

Yeah, this is something you've really seen evolving out there.

For us, when you look at the high-level strategy of what you're trying to do as one of these treasury companies, we're effectively putting on a very long-term carry trade.

So if you were taking on debt, you would call it you're taking on leverage against the balance sheet that you're holding and you're putting on a directional trade against Bitcoin where structurally you should outperform Bitcoin over the long run as you exceed your cost of capital.

For us, we actually term it amplification.

And that's a very important distinction.

When people think about perpetual preferred equities, these are equity products.

What's your outlook on Bitcoin?