Yeah

... kind of break down for you.

And it just underscores for me that it's, it's time to build.

Uh, to answer your question directly, like, go with your gut, [chuckles] right? Your gut [chuckles]-- Maybe other people have different experiences, but I've never had my gut tell me, like, the exact wrong thing Um, to an extent where it was, like, catastrophic.

So I think it's really important to be surrounded by really thoughtful, um, encouraging, optimistic, constructive, thoughtful people.

Um, but, you know.

And y- y- you know, it's like o- obviously there are, are several more.

That's hard to do, yeah

Yeah

... do you know how hard business is? Like, if it was easy, you know, everybody would be doing it.

All of those, you know, cliches.

So I think when I see some of the commentary around, you know, they haven't done an announcement yet, and it's like, well, if they're gonna buy cash flowing businesses, I would hope they'd have a due diligence process, and I would hope it would take more than a few days to a week.

So I think we're early to that.

And, um, you know, I had a c- few conversations this week with, um, sm- uh, smaller Bitcoin treasury companies and, you know, one of them I said, "You know, what are you thinking?" Right? If your thesis is that last cycle Strategy was the fastest horse, and this cycle maybe Strive is the fastest horse, not financial advice.

Like, maybe if it's a really small treasury company, and depending on what, what jurisdiction they're in, if they can hold, um, and are comfortable holding increasing amounts of other public equities, maybe the strategy is pick what you think is gonna be the fastest horse and, you know, do a press release and say, you know, let's say it's ASST.

Mm-hmm

Let's talk about the book value of the company and how the value of these companies is measured, essentially.

Sure.

Yeah, it's very interesting, both to the upside and the downside, because of the amplified nature of these companies, that it's not an exact company.

science and exact book value of we have a billion dollars of Bitcoin.

And so our stock price is trading at a billion dollars.

We've seen everything from companies in the United States, in the UK, in Japan, trading below book value all the way up to 2, 3, 4, 10, 20, 30, 40 times book value at the peak.

And So, of course, that attracts speculators, traders, and in some ways looks like crypto, which is kind of interesting, meaning things that just have wild volatility to the up and downside.

In your opinion, now that you've spent quite a few years monitoring this space, what makes a good Bitcoin treasury company and what makes a bad one?