Raise $10B, acquire 252,200 BTC

take risk, raise capital, buy the Bitcoin … kind of like a real estate company?

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Ironically enough, I don’t like to take unhedged risks

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We have acquired Bitcoin
every quarter for the past four years—40 times.

40 times , every quarter the last 4 years

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We have the same idea, but we’re going
to take ourselves public, and we’re going to issue securities—public debt, public bonds, public equity. Then we’re going to raise
money and buy Manhattan and build buildings.”

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If someone figured out how to create a company to raise money at less than 1% interest and build buildings in
Manhattan or buy property there, they would have a competitive edge over all the other developers.

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Recycling capital **

+50% bitcoin

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Patient

Borrow at 1%, invest at 49%–> arbitrage

48% arbitrage yield

Borrow money at 1%

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we’ve outperformed Bitcoin because what’s the only thing better than
Bitcoin? It would be borrowing money at 0% interest and buying Bitcoin with it, or issuing equity at a 60% premium—or 100%
premium—to underlying Bitcoin and then buying Bitcoin back with it. We’re just arbitraging the difference between certain fiat
capital markets and the digital capital market.

Bitcoin or MSTR, microstrategy?

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You can see MicroStrategy (1455% returns since Aug 2020) compared to the top 10 constituents in the S&P 500. What I say to
companies all the time is, “If you can copy Nvidia, have at it. Go ahead. Do it.” Of course, you should. But even Apple, Google, and
Microsoft don’t think they can copy Nvidia. Anybody can copy MicroStrategy.

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Nobody can copy Nvidia

3x the cost to capital

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The big idea is that we
are recycling the capital with a weak capital cycle, investing in something that yields three times the cost of capital instead of
yielding 10% less than the cost of capital. In the traditional finance world, capital is toxic, and the T reasury asset has a -10% real
yield. We are getting a +30% real yield versus the cost of capital, or +40%. If you can beat the S&P Index with your capital asset,
then how much capital do you want? I mean, the answer is infinite. So we just keep recycling it. That’s how MicroStrategy’s
enterprise value has grown from $600mn to $45bn in four years.

600M to $45B in 4 years!

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1.5x performance or volatility of Bitcoin

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A lot of people can’t handle crude oil; they want the refined products.

Refined product over crude oil

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Recycle into Bitcoin and lever up

Bitcoin recycling company?

Rinse & Repeat

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Jan 2025

Infinitely scalable strategy

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“Disciplined”?