But why? Why do you think they're so critical of specifically the Bitcoin treasury companies accumulating in this way?

So I think the first thing is you have to understand that for a lot of people, they believe in a sort of utopia where everyone's You have a section of Bitcoiners where they believe that everyone's going to self-custody their Bitcoin, everyone's going to be their own bank, and that essentially there's no reason for these companies to exist.

But, you know, Bitcoin's been around for 16, 17 years, and it's clear as day that most people are not going to self-custody their Bitcoin.

Most people don't care to understand what money is.

Most people don't care about money.

privacy being sovereign um so that's one aspect of it i think the second aspect behind it is there's a bit of cognitive dissonance going on where they think that the model isn't sustainable you know they will tell you how bitcoin is going to take over the world it's going to a million dollars a coin and then 10 millions a coin 10 million dollars of coin sorry and then we'll tell you that these companies you know are going to go bust these companies can't sustain their flywheel when if you just look at the numbers you know um for strategy you know they have 1.7 billion dollars in annual obligations the stock in 2025 did a trillion dollars in trading volume you know so they just need to capture a With just the ATM alone, you know, 0.17% of that trading volume for the ATM to service those dividend obligations.

But failing that, they've got a cash reserve, which they have just increased to $1 billion.

um um strive trade at such high volumes relative to their market cap there's got to be a lot of traders out there investors who you know are using stock screeners and are seeing the volume coming into these companies getting and they probably get curious and they're probably interested in in trading a stock that has such high volume and volatility like this