Bitcoin balance sheet

Bitcoin development company, securitize

$17b of capital, Bitcoin

.

No redemption

Overnight deposits

Trustee

Return it

Permanent bonds

.

Premium price premium

.

BTC yield

10 years of earnings in 5 days! ***

Pioneering a new market

Issue bond, buy Bitcoin, 300M gain, announce, trade up, do another bond

Faster quicker feedback loop

.

Heterogenous credit, slow investment cycle

Homogenous credit

.

5 years in 5 days! ***

Fast, rapid cycle. Keep doing it!

Once you’ve discovered a good strategy, just keep doing it!

800M, 600M convertible bond, accretive . The market liked it!

1.1B equity sold, massive BTC yield, convertible bond. Billion dollar convertible bond.

Rapid investment cycle

Develop a city in cyberspace ***

Develop manhattan, cyber manhattan

Cash is too slow?

.

Build a building in 5 days ***-> real space takes 5 years to build a building

Capital every month

.

Bitcoin go up forever

More Bitcoin per share ***

How your Bitcoin per share accretive, few days

Public issue of securities to acquire Bitcoin

Drive up scarcity of Bitcoin

1%

450bitcoin a day , market

4.2B debt, less than 1% interest, leverage on equity … more performance and volatility

40b a day.

Options want 10-20x leverage long call, or short it

Micro is 1.5x

50ARR, 50 vol

100% upside and 100% downside digital commodity

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1.5x, issue bonds, half upside of bitcoin little downside.

Convertible bond, 4x over collateralized

Buy 1.5 equities

3-10x,

.

$15B of open put interest

Early 30s

.

Shorting stock good sign –> will benefit you!

Why haters are good.