Can you give us a, a, a brief sort of TLDR of that, and why you think, uh, Michael Saylor has made the sale, what the implications are for Bitcoin going forward, if there are any, and, uh, why he's gone and done this?

Yeah, I think, uh, it's, it's bemusing to, to watch the, um, the misinterpretation of what's been happening with Strategy recently.

Um, and I think that's because the, the headlines are, are great clickbait fodder.

You know, the, the biggest Strategy, biggest Bitcoin bull, Michael Saylor, suddenly starts selling Bitcoin.

You know, uh, ha- has he lost faith in Bitcoin? That, yeah, that's gonna get clicks.

Um, but what's actually happening is that they have figured out, uh, as part of their ongoing evolution of, of, um, rolling out their preferred equities, um, most notably Stretch, uh, they have now figured out that if they are willing to sell a little bit of Bitcoin, the market, the credit market w- will give them a ton more capital so that they can buy even more Bitcoin.

[laughs] So Saylor went on a, a podcast a few weeks ago, um, I think during the, the Bitcoin Prague conference, a- and he, he's quite plainly said this.

Like, if he's selling this much, and he has $2.5 billion of cash in the back to pay back dividends, and that's got like a 15 months r- uh, you know, um, roadmap, how, how much time, uh, is enough time that creditors feel comfortable to continue giving, giving money to receive that interest?

Why do you think this sell-off is happening? And what has strategy done to address this?

Yeah, it's kind of hard to say definitively.

I think it's a combination of factors, ultimately.

I think it's, you know, I was just looking at the Bitcoin chart and comparing that to Stretch and Sata and seeing when were these sell-off events happening? And it's been over the last two weeks.

um during market trading hours bitcoin has been selling off at certain points and those you know uh periods of sell-off for bitcoin have been the periods of sell-off for stretch also um that that suggests that there might be some larger players who are squeezing uh the bitcoin price lower and punishing leverage longs and and just trying to cause panic um that has been a profitable trade in the past for deep pocketed, realistically Wall Street hedge funds that play in these waters because they can cause panic and irrationality and they can trigger leverage liquidations in Bitcoin and now in stretch.

So I think that what's been happening over the last six months with Stretch.

For a long time there, the narrative was increasingly, this thing is now trading at $100.

Do you have any commentary or thoughts on, like... on how the yields price, do you think that'll sufficiently incentivize people to buy more stretch, bring the price back up to 100? What are your thoughts on this system of

What do you think the reason is that other companies have not, I know this is speculation, but what would be some hypothetical reasons that Bitcoin treasury companies would not put on leverage or as much leverage as they could at this point? I mean, you see Strive and the numbers change every hour, but at one point I think Matt posted that they were at 62% leverage and that was a few days after the virtual fireside chats that we had with Fong and Matt at the UK conference.

Yeah, it was pretty cool that the sort of latest development in acceptable amplification was the news was broken at the Bitcoin Treasuries Unconference UK.

So it was pretty cool to see that back and forth.

And then a few days later in the news, the amplification is now much higher for Strive.

And the market continues to reward that, which is quite notable.

I think that I think there's a couple of things happening here where, you know, for plenty of Bitcoin treasury companies, they don't really consider themselves pure play like financial engineering Bitcoin treasury companies.

You know, maybe they they consider themselves as.

So, yeah, digital credit, I think we'll look back at it in a couple of years time and it will be as significant as a lot of other incredibly significant things that have come before us.