100 vol
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Sell the vol, recycle back into Bitcoin
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2x Bitcoin, 2x vol.
.
Spread, BTC spread
.
4.6B ATM, $3B,
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60%, 90% BTC spread
80% BTC spread
.
Levered Bitcoin position
It won’t go down
.
BTC will not go to $0
Buy equity we want 2x bitcoin, 2x volatility
.
5.4B in
$500M a day
Million time a minute! ***
.
Most profitable in the USA, fastest growing company
.
Question of leverage?
.
20x buy faster than available supply
.
1x
$10B a capital, still make money off the arbitrage
We make 10x that! ***
$3B , or make $30B in convertible bonds
$35B of permanent capital
.
overnight deposit
Cannot create duration and exploit invest at 60%, borrow at 0%
.
Buy your own stock?
.
Buy our convertible bonds, downside protection , $500M in a 20 minute meeting
.
3 choices
Buy MSTR CONVERT
2x Bitcoin is MSTR
55% premium, 5 years , 0%
5 converts in a single year
.
I love the battle!
.
$1M a coin next year?
$29ARR, 60% ARR, to 20% ARR, 60 vol to 25 vol,
Head wind into tail wind! ***
Always be the stronger capital asset
..
$13M a coin by 2045,
Saylor as the only man with balls!
Stomach the down runs!
$13M a coin —  every bitcoin you don’t buy today will cost you $13 million a coin in 21 years. 
.
Take the sure gains