You know, we bought $62 billion of Bitcoin, we're the biggest buyer of Bitcoin in the world.

We will probably be, continue to be, add infinitum, the biggest buyer of Bitcoin in the world.

Thank you, Michael, for having CoinDesk interview you.

How's everything going? I think it's awesome.

I mean, it's been a 2026 is, I think, a great year. It's really exciting. Our digital credit product stretch has exploded in popularity. And I just finished speaking and meeting with a bunch of people at consensus down here in

Miami.

And it was my first time at consensus.

I think you could summarize what's going on here is the convergence of tradfi and

defy through digital credit and the convergence of tradfi and defy through digital credit and the convergence

of Bitcoin interest and crypto interest through digital credit. So I think that the industry's

moving together with more enthusiasm than any time I can remember. I couldn't agree more um i kind of want to go back to your

earnings call and do if we could decipher like a two minute or uh if you could shrink it from a two

hour to two minute but how i would decipher it is um you the as an operating company you're now more as a

i'd say a hedge fund, quote unquote.

So it's selling high cost basis Bitcoin.

I think there was, well, $14 billion cost basis above 100,000 Bitcoin.

You've got your tax loss harvesting.

And then once you book profits, you then have the

optionality to then go into common stock, retiring your convert, issuing digital credit, or buying

Bitcoin. Is that a fair synopsis of a shorter?

Yeah, I think the summary of the call is that the company has lots of different treasury operations that it can engage in, and many, many assets to manage.

And we were working to communicate all the various trades and all the various capital markets activities that we thought were rational in the best interest of the shareholders.

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