Michael Saylor Bitcoin for Corporations 2025 Keynote Speech

I'm Natalie Brunell. I'm the host of the

Coin Stories podcast and I'm a Bitcoin

educator on a mission

to fix the

money. It is truly an honor to stand

here and introduce someone so prolific,

influential, and giving of his time and

his knowledge. Someone who really needs

no introduction. Michael Sailor is the

reason we are all here in this room

today. When most corporate leaders were

ignoring or dismissing Bitcoin, Michael

stepped forward, putting his balance

sheet and his reputation on the line.

It's never easy to be the first to do

something. But Michael Sailor did just

that. He didn't just question the system

and point out its problems. He found a

solution, a better way. And he acted

boldly, publicly, and with laser focus.

Such courage and conviction is scarce.

He's proof that it's never too late to

reinvent yourself. Not for personal

gain, but for purpose, to serve a

mission greater than yourself, greater

than really all of us. He didn't just

architect a new corporate playbook. He

sparked a movement. And today he

inspires thousands of business leaders

from around the world to think

independently and to think long term.

I've come to know Michael as the most

generous teacher, one who cares deeply

about principles, about freedom, and

about helping others achieve economic

empowerment. And while he's known for

his insatiable appetite for Bitcoin, his

most powerful contribution might just be

his brilliant ideas. and its ideas that

endure. Nothing is more powerful than an

idea whose time has come. And I can't

think of anyone more skilled at

spreading the powerful idea of Bitcoin

than him. So, please join me in

welcoming the executive chairman of

Strategy, Michael Sailor.

[Applause]

I am uh delighted to get the opportunity

today to speak with you about my

favorite subject which is Bitcoin for

corporations. Why should your

corporation

recapitalize on Bitcoin? And uh leading

up to this

presentation, I uh I had uh my team, my

talented finance team uh working

alongside my my three devoted AI

assistants do a lot of research in order

to explain this topic to you

today. So I want to start with uh the

challenge that every company

faces.

Uh if you've been living in the 21st

century, you know that the winners are

the digital monopolies. Apple's winning,

Meta is winning, Google is winning,

Microsoft is winning, Amazon is winning.

Uh the more unpleasant part of this

observation is that the price that we

pay for Amazon to win is 20,000

retailers have to lose. And the price we

pay for Apple to win is 20,000 device

manufacturers have to lose. And the

price that we pay for Google to win is

20,000 journalist organizations, media,

newspapers have to lose. And you can see

from this chart uh the magnificent seven

are certainly winning. The 500 greatest

companies in the world that is out of

the 400 million companies on the planet

the 500 greatest companies in the world

are getting smoked by the s by by the

magnificent 7. They're

struggling. And uh I spent many years in

the public market. If a public company

can't grow organically 15% a year or

more, institutional investors lose

interest, uh the liquidity in the stock

dries up, the uh the liquidity, the

equity disappears, and then the options

disappear. And you know, I I remember

when it used to be everybody's dream, I

can't wait to go public. You're going to

start a company and your and your idea

was if I could just go public, I will

have made it. And uh what I'm saying is

going public is just the next step. But

what you find is even if you do go

public, unless you can keep up with a

magnificent 7, you're not making it. Uh

another way to look at the at the world

today is in the public markets, uh most

companies in the public market are are

what I call zombie companies. Um they

don't have much liquidity. They don't

have an options market. They can't beat

the S&P index. They can't retain

earnings. They can't raise capital. They

can't take

risk. They they're trapped in this

paradigm where the capital is toxic,

volatility is toxic, inflation is

toxic. And this is the dilemma that we

face.

You can actually see it playing out if

you look at a list of publicly traded

companies over the past 20 years. This

is publicly listed companies in the US

and you can see how they've been getting

ground down. Uh it's not a chart of

success.

Uh if if I showed you uh anything in the

modern world and the chart went down and

to the right, you would say this is uh

this is failure or this is a a a gradual

progressive slide to malaise. We're just

not creating healthy companies. Now it's

not just public companies.

If you take a snapshot of all the

companies in the

world, there are approximately 400

million companies in the world, small

private companies everywhere. There's

400,000 large private companies. There's

40,000 listed companies in the

world. 4,000 listed companies on the

major exchanges in the US, the NASDAQ,

the the

NICE,

400 seasoned

issuers. And uh probably many of you

don't actually How many people in the

audience know what a seasoned issuer is?

I'm interested just for my own

awareness. Okay, you're going to learn

something new today.

A seasoned issuer is a public company

that is uh is deemed seasoned enough,

mature enough to be able to file a

registration statement with the SEC and

sell securities the same

day. So another way to say it is 400

companies out of 400 million companies

can raise capital in the United States

and and the world's greatest capital

market without friction.

Um it it doesn't seem quite egalitarian.

400, you know, one in a million, one in

a million. Um it turns out that

0.06% of the businesses in the US are

able to tap the capital markets. So if

you're in business and you're

struggling, you know, the conventional

wisdom is if you were just better and

worked harder, you'd be succeeding. But

you can see that the traditional capital

markets, they're structured to be uh

exclusionary and elitist. Uh you could

maybe this has gone back thousands of

years. You can definitely trace it to

the SEC act of 1933 and 1940 when the

intent of the act was to cut off access

to the capital markets to businesses

deemed to be quote too entrepreneurial

unquote.

So, here's the hard truth about publicly

traded

equities. If I expand my view from New

York Stock Exchange and NASDAQ to, you

know, all the over-the-counter uh

publicly traded securities, just

12,000 of those 12,000,

15% can beat the S&P

index. 15 15% beat the index over the

course of a decade. 12% of them have a

stock that's got more than $10 million a

day of

liquidity.

83% of all the trading volume in the

stock market in the United States is a

100 stocks. When you watch CNBC and it's

like Nvidia, Apple, Google, Meta,

Nvidia, Apple, my opinion of Apple, my

opinion of Nvidia, my opinion of the 2x

Nvidia ETF, Apple 2x

Apple, Nvidia,

Meta, Gold, Bitcoin, Bitcoin,

Bitcoin. And if you're waiting for your

favorite company to pop up, it's not

going to pop up because the television

knows that people just want to trade

these hundred

things. 8% of those companies have an

option market.

8%. Okay, here's the painful

one. All of the wealth created in the

stock market comes from 4% of the public

companies.

96% of these companies have performance

equivalent to a Treasury

bill. That That's brutal, right? 96% of

the companies can't beat a T

bill. Here's a snapshot of stock

performance of the S&P. So, we pull the

500 companies. These are the greatest

500 companies in the world. Uh, look at

them on this distribution chart. What

you can see is that the Magnificent 7,

they're up 221% over the past four

years. S&P is up

67%.

96% of the S&P companies are

underperforming the

MAG7.

96%. 68% can't beat the

index. Bitcoin is for the rest of us.

It's for the 96%. If you're not Apple,

if you're not Google, if you're not

Microsoft, then you need to come up with

a strategy. And as you can see, it's

it's probably not going to be working

harder. Here's a distribution of those

companies based on market cap. The

average S&P company, $ 35 billion market

cap. Uh the Magnificent 7, 2.4 billion.

So they're not quite a hundred times

bigger. You got seven companies that are

100 times bigger. You've got all these

other quote unquote big successful

companies. They're they're at 1 to 2% of

the size of the

winners. This is liquidity, you know,

and so if you're looking at liquidity as

a percentage of market

cap, what you can see is that um the

average is

1%. So 1% of your market cap is liquid

every single day. our company uh of

course off the charts

7%. Is

volatility. Well, business school

teaches you volatility is a bad thing.

And so everybody's sent out of business

school with a mission to strip the

volatility from the balance sheet and

then spend their entire life stripping

the volatility from the

P&L. And uh you could almost say they

succeed. I mean, they've done a pretty

good job. Look how many have volatility

less than the S&P

index. You know, by the way, who has

more volatility than the S&P

index? Every rich person you

admire, every wealthy person in the

world has volatility more than the S&P

index because they didn't strip the

volatility from their balance sheet.

Bernard Arno and Jeff Bezos and Mark

Zuckerberg and Elon Musk, the people

that were supposed to aspire to have

massive volatility. And yet these great

well-run companies in the world are

going out of their way to strip their

volatility. The number one way to strip

your volatility away, by the way, is uh

give away all your

money. Like if you want to strip the

volatility from your family's balance

sheet, give all of your family's wealth

to charity. If you want to strip the

volatility off of a company, then you

you take all of the capital, all the

cash flow of the company and you you

either buy back the stock or dividend it

out or give it to somebody else. And it

works. But again, uh the idea it's kind

of you almost can't make this stuff up,

right? When you present it that way,

it's it's I have a strategy. If I just

give away all my wealth, I don't have to

worry about losing it.

Think about that.

Um, here's a distribution of open

interest. This is the interest in the

options market as a percentage of market

cap. And what you can see is maybe

people want to trade Tesla and

Nvidia. I mean, they read about them, we

speculate about them, we gossip about

them. There's something to trade there.

But, you know, for the most part, the

S&P 500 has very small open interest.

And companies that are that are small in

the S&P often times don't have any

option market. Billion dollar,

multi-billion dollar companies, there is

no option market. And um by the way, if

your strategy is get rid of all the

volatility on the balance sheet, you'll

never accidentally make $50 billion like

Elon Musk does or like Jeff Bezos do.

You'll never accidentally have anything

you own trade up. And if your strategy

is strip all the volatility from the

P&L, we'll just sign our customers to

three-year enterprise agreements and

renew them a year in advance and put a

CPI or PPI escalator on it. Once you've

done that, the question is, why would I

bother to ever trade the stock? I could

tune in once a

year, make a decision, and forget about

it. The only volatility you're getting

in that case is negative volatility when

something goes wrong.

And this is how that strategy transforms

the performance. Note that uh by

stripping away the volatility from the

P&L on the balance sheet, the companies

also effectively strip away the

performance. And uh you can see how my

how our company strategy is an outlier

here. There's a there's a few uh sparks,

but for the most part uh and again this

is the top 500 companies were we're

struggling. And another way to say it is

uh most companies they're struggling to

compete and they're dying slowly. 85% of

the US listed companies have less than

$10 million of options interest. 75%

have less than $10 million in daily

trading volume.

85% are destined to underperform the S&P

500. So if you're in one of those

companies and or you're running a

company or you hope to start a company,

the issue is how do you break free? H

how do you actually overcome this

structural

disadvantage? Everybody in the world

talks about AI. Um if you walk down the

street and you asked a hundred people,

do you think AI is a good idea? Most of

them would say yes. Every CEO's got an

AI plan. Every investor wants to know

your AI

strategy and uh it's sexy and it's fun

and it's uh it's critical, but it's not

the solution to the

problem. AI is not the

solution.

Why? Well, first of all, because

everybody agrees that you should use it.

Everybody agree. It's a consensus idea.

Everybody agrees you should use AI to

cut your cost, improve your products,

and grow your business. We all agree on

it. Well, that just means 400 million

businesses are all agreeing to use the

same technology to do the same thing at

the same time, right? Where's your

edge? Uh here's what's going to happen

with AI. The rich are going to get

richer. The famous are going to get more

famous. The powerful will get more

powerful. Right? This is going to be a

big benefit to Microsoft and to Apple

and to Google and and to all your famous

celebrities, you know, and to Tom Cruz.

If you've got a famous brand, if you've

got a distribution channel, you're the

beneficiary. Th those with money and

power.

However, if you're trying to start

something up, yeah, there'll be 10,000

AI startups, 100,000 AI startups. A few

AI unicorns, and when I say unicorn, I

mean one in 10,000 companies. There'll

be a

99.9% failure rate or

99.99% failure rate. But you'll have

some pure play AI unicorn startups and

they will disrupt entire industries.

They will destroy thousands of

companies. They will change the world.

You know, you'll have robots making

robots. You'll have someone launch some

product to provide the work of 187,000

accountants. You'll have interesting

things. Many will fail, but something

will succeed. But here's the bad news.

It's more likely that your company will

be the victim of that trend than the

beneficiary of that trend. At the end of

the day, this is a steamroller. It's

coming. But if you are not the unicorn

and if you are not the digital monopoly

or the most powerful company in your

country or in your

industry, then AI is feeding the rich

and powerful. That's not feeding you.

It's just turning the screws to you. So

consensus thinking, uh, it won't elevate

the average company. Uh, AI, it's not

that it's a bad idea, it's a good idea.

AI is a necessary condition for success.

You won't stay in business a decade from

now if you haven't embraced it. There's

no doubt. It's a necessary condition.

It's just not

sufficient. It is necessary, but not

sufficient. You have to embrace it, but

it's not going to save

you. Bitcoin is the solution to the

problem. And why? Well, because very few

people agree. because most people don't

think it's the solution to the problem.

Few agree that you should use Bitcoin to

capitalize your business. Now, you don't

have to take my word for it. You can

literally go out on the street. You can

ask a hundred wealthy, well-educated

people. Go ask any, you know, business

school professor. The majority will say,

"Ah, it sounds risky. Not a good idea.

Increases the risk." Um, you go ask the

same people, "Should I use AI in my

startup?" They're like

absolutely. Okay. The consensus

technology is digital intelligence. The

paradigm shifting technology is digital

capital. Digital capital will save your

company because everybody else doesn't

understand it because the mainstream has

not yet embraced it. You get to be

first. Or in the words of Peter Teal,

and this is the probably the most

important most important quote I'm going

to put on the screen today. Courage is

in much shorter supply than

genius. I can I can show you geniuses.

I, you know, there's 8 billion people on

the planet. You can find 8,000 people

that are the smartest one in a

million. You can't find 8,000 courageous

businesses to do what I've described.

You might think that you've got an

IQ200. You know what people with IQ200

do in this world? They come up with a

hundred reasons to not buy

Bitcoin. They come up with they they

they can write books everything that can

go wrong. Well, I can hypothetically

imagine that this might be a problem 10

years down the road in that

circumstance. And so that's why we'll

not do it. People people lacking courage

apply their brilliance to apologize for

why they're not going to take the risk.

And so this is not about being smart.

This is actually about having some

courage.

Success success comes from a willingness

to acknowledge reality. I was just

showing you some reality, right? Is your

business going to all of a sudden start

growing 20% a year forever and like grow

past the magnificent seven? Well, again,

if you haven't acknowledged that

reality, then you won't embrace a new

idea, right? You're not winning in the

status quo. You need a paradigm shift.

Embrace the new idea. Then you have to

do the work. Doing the work requires a

lot of study, a lot of research, a lot

of careful planning. And at some point

after all that work, take a

risk. And if you do take a risk, then

you have to execute. But your path out

of this is acknowledge reality, embrace

the idea, do the work, take a risk,

execute. And what's it mean to do the

work? Well, you're going to you're doing

work for 40 years of your life. You're

working. That's you know, 80,000 hours

of work to make money. The great irony

is I every single person in the economy

spends 80,000 hours working. Trying to

get someone to spend a 100 hours to

figure out how to keep their money.

That's actually challenging. But what I

say is spend a 100 hours learning how to

keep the money that you generated over

80,000.

Now, if you're the CEO of a company with

10,000 employees, I want you to imagine

10,000 times 80,000 hours, working very

hard, and then losing all the

money. Well, practically speaking,

that's what's going on in the world

today. It's going on thousands of times

everywhere in the

economy. Spend a 100 hours learning to

debunk the hundred criticisms people

come up with. Well, I'm worried about

this. I'm worried about that. What if

Satoshi is a CIA dude? What if Dr. Evil

gets a quantum computer? What if what

if, you know, often times when people

get past the it's tulip bulbs, they go

to this they go to the argument, well,

you know, it's too good to be

true, so the government's going to take

it away from you. That's literally the

the the gigabrain objection. It you're

right. It's it will solve all my

problems, but it's going to solve them

so well, it's too good to be true. So

somebody more powerful than me that

hates me will just take it away from me.

So I think I'll just not

try. After a bit of work, you conclude

that

money decomposes into capital and

currency. Uh the conventional thinker

will tell you money is a medium

exchange, a unit account, a store of

value, and they'll stop and they'll act

like they just solved the problem. It's

like this is why you don't want to teach

people to

brainlessly repeat stuff that they

learned in school. Well, the truth of

the matter is when you think about it,

you realize that that high frequency

money versus low frequency money varies.

So, if I want to spend the money for the

next four weeks, I'm going to use the

peso in

Argentina. It's a super super high

frequency money. uh if I want to hold

the money for four weeks to four years,

I'll use the dollar. It's the world's

reserve currency. Those are mediums of

exchange in the world. But if I want to

hold the money for a decade to 40 years,

I'm going to use an asset like real

estate, like gold, like equity. And if I

want to hold the money for 10 years to

100 years, I I better have a very

durable asset, one that's going to last

a hundred years. So when you put money

on that spectrum, you can see that on

one side is capital. It's uh it's

long-term store of value money that I'm

going to give to my children's children.

And on the other side is currency. It's

high frequency convenient medium of

exchange

money. And um once you get that, you

realize there's a hierarchy of capital

assets. I can use a weak currency to

store my company's money. I can use a

stronger sovereign debt. I can use

strong

currency. I can use investment

grade debt. I can have a 6040

portfolio. I can invest in the S&P

index. I can buy a bunch of commercial

real estate. And at the at top of that

hierarchy, just about everyone that

studies this

concludes Bitcoin is better gold than

gold. Bitcoin is better property than

physical property. Bitcoin is a better

tech equity investment than any company

equity. Bitcoin is the the apex capital

asset. And if you can't derive it from

first principles, then you just look at

the market indexes. And so here I'm

showing you the average performance of

companies in each of these

indexes. So look on the far right,

that's the Russell 2000. If you're a

Russell 2000 company and you generate

cash flow and you buy your own stock

back, you're generating a 5% return

statistically, you would be better off

to buy the S&P index than buy your own

stock back. Right? If you're an S&P

company and you buy the S&P index or if

you buy your own stock back, you're on

average you're generating a 10% return.

the companies like uh the MAG 7 when

they buy their own stock

back, they're actually outperforming the

S&P because they outperform the S&P. So,

they're capturing a 31%

return, but nobody's capturing the 79%

return of BTC. So, if you're that

Russell 2000 company, instead of buying

your stock back, buy Bitcoin. Instead of

5%, you get

79%. Right? Instead of divoting out your

your cash flows, you bought Bitcoin.

Yeah. You you know what you're doing

when you do that? You're buying a

company at one times revenue that's

growing 79% a year. If I gave you the

chance to buy a digital monopoly, a

global digital monopoly growing 80% a

year for one times revenue with the

cash, would you do it? Answer is

everybody would do

it. Everybody would do it. There's

there's not a single company on earth

that wouldn't buy a high growth monopoly

growing 20 30 40 50 60 70 80% at one

times revenue. Well, it's right there,

right? That's the asset. You might think

I cherry picked the

numbers. Well, this is the 10-year

performance slices for every 10-year

period, you know, from 08 to

18 all the way to 2014 to 2025. And you

can see Bitcoin is just continually

outperforming. The worst 10-year stretch

it ever had was

50%. Well, what if you just hire the

smartest money manager in the world to

actually manage your money for you? Can

can you outperform it with people with

PhDs or look at the performance of all

the endowments of the Ivy League? All of

the money managers running the

endowments of Harvard and Yale and

Stanford and MIT, they're actually

underperforming the S&P by

3%. That is to say, if they all stopped

doing anything and you just put your

money in the S&P, they would improve

performance by 50%. Right? All of the

gigab brains uh doing smart performance

for the most part they they just can't

beat the simple index. They're

destroying value. And what you see is uh

Bitcoin against all these strategies

keeps just keeps beating it over long

periods of time. There's nothing you can

find here that's

compelling. So what is Bitcoin? Well,

Bitcoin is the best strategy. The best

strategy for what? The best strategy to

create shareholder value. The best

strategy to grow your company, the best

strategy to make money for your

investors, the best strategy to keep

your company in business

forever. What's the second best

strategy? Uh, you could wiggle your nose

and cast a spell and hope that you're

Nvidia. What? There is no second best

strategy, right? You've got one thing

that's that's giving you 56% a year for

the past five years or so. Uh if you

look to the far right, what's the worst

strategy? The worst strategy is buy

longdated sovereign debt. Like long

dated by the way, this is not quite the

worst. The worst strategy is buy a weak

currency or a collapsing currency or

international bonds and a collapsing

currency. You're going to lose all your

money in three to five years. That's the

worst strategy. The worst strategy in

the US is buy longdated uh treasuries.

Uh who did that? uh Silicon Valley Bank

did that. It bankrupted them. Most banks

did that. They would all be insolvent if

they weren't uh given a waiver by the

Fed. Uh there's a an irony, of course,

that the government actually mandates

that banks use those treasuries as their

capital asset. It turns out that um that

regulations in the capital markets keep

a company from capitalizing on

securities.

That's why uh Google can't buy the S&P

index. That's that's why companies can't

buy portfolios of stock. That's what

they knocked out of the system in 1933

with the SEC act. Uh there was, if you

read uh Rothbard's conceived in Liberty,

there was a lot of uh maneuvering

politically in DC between the

Rockefeller interest and the JP Morgan

interest. And this was a big win for the

Rockefeller interest against the JP

Morgan interest. And it was and we had

Roosevelt who was more of a central

planner socialist and it was his way to

put the bankers in New York and the

capitalists in their place and

centralized control of the capital

markets. And one simple way to do it is

just make it illegal for a company, a

public company to buy stock in another

public company.

Well, you look at the chart here and

what you can see is that most companies

would have been better off to have just

bought gold and capitalized on gold.

Gold's the 19th century store of value

asset, but um of course they didn't they

can't capitalize on the S&P 500 or the

Magnificent 7. So what you have is one

strategy

uh get zero yield with shortdated

treasuries. the other strategy you get

55% or 56% with

Bitcoin, you know, and I guess if you're

a gold bug, you buy gold, but there's no

cons there's no consensus there to do

that and that's never

happened. Now, Bitcoin happens to be the

best performing uncorrelated asset. You

can see the numbers, right? It's it's

not correlated to risk asset. It's got

the highest sharp ratio. And all of the

things I've laid out have created a

trend. And the trend is more and more

public companies are beginning to buy

Bitcoin and put it on their balance

sheet. Um, when we bought it in 2020, we

were the first company to buy any

material amount. Now you've got 70

publicly listed companies. You've got

68.5 billion dollars of Bitcoin. You've

got more companies coming every week,

every month, everywhere in the world.

And that takes me to the micro strategy

story. What is the micro strategy

story? Well, in August of 2020, we faced

reality. We had tried everything under

the sun. Buybacks. We had tried spending

massive money on marketing, massive

money on sales, expanded our salesforce,

expanded our technology function. We

launched, you know, dozens of new

businesses. We've wound them down. every

possible strategy you could. Uh, none of

them

worked. And when the lockdowns hit, we

realized we were looking at a fast death

or a slow death or we were going to have

to take a

risk. And so we decided to take a risk.

And uh, when we did it, our stock was

about $12 a share and $6 of that was

cash. So the enterprise value of the

company was $6.

um when we did this slide is

$394. So you can see we could have sold

the company for an enterprise value of

$6 to

$8 or we could go ahead and take a risk

and embrace a new idea and uh we decided

to do that. You can see our trading

volume is 5 million a day. Our trading

volume now is 5.9 billion a day, right?

I mean, you could see our open interest

was $1 million in the options

market. Today, 90 96 billion when we

took this snapshot. The we weren't

volatile. We were very predictable,

predictably

uninteresting. Um, and the sad fact is

we were actually making a lot of money.

We were generating $75 million a year in

cash flow on a $500 million P&L or $500

million revenue stream. The company was

that zombie company. You can't It's not

It's not poorly run. It's wellrun. It's

just you're competing head-to-head with

Microsoft and Microsoft has a chokeold

on every business on Earth. I would

submit to you it would be easier for you

if you were an American company. It

would be easier for you to leave the

United States than it would be for you

to leave

Microsoft. Think about

it, right? All right. I mean, that's how

powerful that company

is. And so we started with a $250

million

commitment and um we persisted and over

time the capital markets rewarded us

with 26 billion dollars of additional

equity. In fact, we were we were able to

raise 37.5 billion dollars of capital

starting with a $250 million commitment,

right? Clarity,

conviction, courage,

commitment. Move forward. The the world

wants you to win the world. What you

what you will find is your customers

will get behind you. Your investors will

get behind you. the capital markets will

get behind you. Um, these mag seven

stocks, right, that that basically

dominate everything. Most investors,

they're overexposed to them and so they

would like to find something else to

invest in. And you know what? Do you

know what the CFOs of the great

companies of the world brag about? They

brag about surrendering their capital.

They basically brag about how much stock

they're going to buy back this year. So,

what they're saying is, "We created the

world's greatest company and we've got

all this money, but we don't know what

to do with it, and so we're just going

to give it back." So, you're the

investor and you're getting showered

with hundreds of billions of dollars a

year of capital from Microsoft and Apple

and Nvidia. You have to put it

somewhere. And so, what I'm saying and

what what our company became was a place

for the capital to flow. And this is

where being non- consensus thinker makes

a difference. See why every other great

company that you love that's well-run is

doing their best to get rid of their

money. Someone the investors have to

invest it somewhere. So our business

strategy is to collect money, right?

We're actually positively polarized to

the capital. We're attracting it. These

other companies are negatively polarized

the capital. They're repelling it.

And you can see that manifested in

2024 where a company that had uh 500

million in revenue in 2020 and and we

could maybe generate 50 to 70 million in

earnings a year. We raised $22.6 billion

last year. And you can see this year we

raised 10.1 billion year to

date. Who's giving us this money?

Investors. Why? Because they want to

make money. Why? Because Apple doesn't

want their money. Meta doesn't want

their money. Nvidia doesn't want their

money. Okay? All these, you know, all of

these great companies don't want their

money. And then all the other companies

can't beat the monopolies. You're not

going to want to give them your money. I

want to actually invest in this unicorn,

this digital monopoly that's hyperrowth,

that's fast, and I want to put my money

there.

Well, what I'm saying is you can make

your company that digital monopoly if

you do a merger with

Bitcoin. And that's what our company

did. We did a merger with Bitcoin. And

and the great thing about this merger is

you're merging, you know, at one times

revenue. And every and you can reverse

it. You know, you can buy 100 million,

you can buy 10 million, you can buy a

billion, you can next year you can buy

another 500 million, you can buy 20

million. If you're a cab driver in

Nigeria, you could buy $27 worth. You

can merge with Bitcoin as much or as

little as you want. It's a reversible

transaction. The fees are quite

reasonable. And the

return, well, here's how we perform

against everybody else. And um it's what

I say. Um if you want to 10x your money,

you buy Bitcoin. If you want a 100 extra

money, you buy Bitcoin with someone

else's money. If you want a thousand

extra money, you buy Bitcoin with

someone else's money and then you

leverage the Bitcoin. It's not

complicated. It's not even risky in my

opinion. It's just novel. And so that's

what we did. And this is the result in

four and a half years. And what you can

see is is uh the only company that

outperformed Bitcoin over this time

period is is Nvidia. You have to invent

intelligence.

All 499 of the other companies, every

other company on Earth underperforms

Bitcoin except for

Nvidia. And um if you can copy Nvidia,

have at it. But if you can't copy

Nvidia, you can merge and you can be

Bitcoin. And then once you've uh once

you've merged an operating company with

Bitcoin, the way you outperform is by

being public and issuing equity or

credit instruments and taking advantage

of the fact that securities are treated

uh better than commodities in the

investor

markets. We we haven't just outperformed

over the past uh four and a half

years. We've uh outperformed the last

year. So this is the last 12 months.

Yeah, you think the strategy is running

down, not quite running down. You can

see what happens if you actually

capitalize on Bitcoin. The S&P is up

12%. We're up

249%. Uh, you know, our eternal champion

bonds up

2%. Right? And and by the way, you can

be a great company like Google's a great

company, that's no guarantee the stock's

going to perform. At the end of the day,

the problem with companies is they have

tax surfaces. They have a lot of

complexity. They get tariffs. They get

antirust actions. They get unionized.

Ultimately, every every force on Earth

is trying to drag the company's

performance back to the mean. It's

trying to actually drag you back and and

the more successful you are, the bigger

the target you are. That's why it makes

so much sense to partner with a

decentralized network that doesn't have

a CEO.

Well, what about the last uh 12 weeks?

Well, we've gone through the tariff

tantrum. Um, guess what doesn't get

tariffed, right? Bitcoin. No tariffs on

Bitcoin, right? Or another way to say it

is all these companies are struggling

because they do a lot of stuff. And to

paraphrase the Dow of Steve, doing stuff

is highly

overrated. Okay? The more stuff you do,

the more exposure you have to fire and

flood and war and tariff and supply

chain and regulatory action and

politics, etc., etc.,

etc. So, if you look at this report

card, what's happened? Well, right now

we have the over the last five years, we

have the number one uh return out of the

S&P 500 universe. We've got the number

one options market in the entire crypto

complex. The number one return um you

know over over the Bitcoin standard era,

the number one volatility, uh the number

one options market is a function of

market cap, the number one Bitcoin

position and you can see you know our

trading volumes are six billion a

day. Now the other why else is this

going to work for your

company? Because companies can do

something uh that individuals and trusts

can't do. Institutions can't do this. Uh

families can't do this. Companies can

issue securities. Companies can issue

credit securities like convertible

bonds, like uh junk bonds, like

investment grade bonds, like preferred

stock, like equity, like warrants.

These securities are in high

demand. What you can see from this chart

is the one way to turbocharge a bond is

uh back it with Bitcoin. So our

convertible bonds have a blended

performance of 62% that outperforms

Bitcoin. If you're buying Bitcoin,

you're buying the most volatile asset,

most volatile commodity in the world.

And yet you can beat that volatile

commodity with a credit instrument that

gives you downside protection. And

that's that's pretty amazing because if

you want to compare that to the S&P

index or the NASDAQ, you can see it's

five, six, 7x. But look at the other

bonds in the world. You know, high yield

bonds that are issued by companies that

don't have any money that are struggling

to scrape cash flows. they underperform

by, you know, in this case 7% versus 62

by 85%. Look at other convertible bonds,

right? It's not just issuing a

convertible bond. It's like you want to

issue a convertible bond with a crypto

reactor in the middle. You you want a

energy source, a volatility source in it

and a performance

source, right? Um and so simple converts

are 4% performance instead of 62. And

then investment grade bonds 1% you see.

So we're we're able to do this because

we're a public company. Your company can

do this too. And then you look at this

risk return matrix. The other thing an

operating company can do is it can

create equity which is volatile which

gets traded and then people will

actually want to buy all the other

credit instruments in order to get the

upside with less downside. So what you

can see here is all these convertible

bonds and our preferred stock. It

provides you with upside but less

downside than the common equity. So for

the risk adverse investors, you're

providing them an on-ramp to the crypto

economy, right? They you can give them

10% of the of the risk, 20, 30, 40, 50%.

You can give them half the volatility.

You can uh you can give them guaranteed

yields. And uh there's a massive market

for that. When you adopt a Bitcoin

standard, you're able to create

Bitcoinbacked securities. And there's

$500 trillion of fiatbacked conventional

securities in the market. I just showed

you all the equity

underperforms. I could show you other

slides that would show you all the

credit instruments, all the preferred

stocks, all the investment grade bond,

they underperform, right? the preferred

stocks are bought by people and and

they're just shoved in a portfolio, you

know, going nowhere. You know, you're

just waiting to die, right? There's

nothing that's going to happen there.

And the equity is like everybody knows

there's a 90% chance my equity won't

work out. They don't want to play the

game. You have to change the

game. So, why don't we move on to the

Microsoft story?

What is the greatest company in the

world? Probably Microsoft. Mic, if you

look at Microsoft over the past year,

two years, five years, 10 years, what do

they sell? They basically license

business process to every major company

on earth. What's their what you know

hardware? No hardware dependency. They

can swap out, you know, the silicon.

They don't have a difficult supply

chain.

Nobody can turn them off and their

customers are all very creditw worthy

and they can they sell you three or

enterprise licenses and when it's time

for you to buy their latest teams or

their latest whatever Microsoft product

they just add it to your enterprise

agreement and you agree to take it

because you don't have a choice right

and it's a well-run super profitable

high growth company whatever bad happens

to them they're just going to raise the

prices to their existing uh customers

and pass it through and everybody will

pay it. So that's Microsoft. I had the

opportunity to to present uh the Bitcoin

the case for Bitcoin to Microsoft about

um four months ago or in

December and uh I made the following

points. It was to put this in

perspective. This was on it was a

shareholder resolution and the

resolution says we think that Microsoft

should investigate the feasibility of a

Bitcoin treasury strategy. Right? That

was the resolution. Do a research study

on Bitcoin. And so there was a chance to

present to the board of directors for

three minutes and I put this together

and and what I said to them was look uh

you don't want to mix the next you don't

want to miss the next wave. Digital

capital is the next wave. The way you

know it's the next wave is because it's

growing 62% a year. It's going to grow

past you in a bit. It's the most global

interesting asset in the world. Hundreds

of millions of people are talking about

it.

The greatest digital transformation of

the 21st century is the transformation

of

capital. You're supposed to be in the

digital transformation business. This is

the transformation of capital, right?

Global wealth is spread across $900

trillion of assets. Bitcoin is two

trillion. Most capital is divided

between long-term capital, that's the

store of value assets you just hold to

keep your money, and then other assets

held for utility. the stuff that the

building you need to work in, the

warehouse, the working farm, the thing

the stock you're holding for

dividends. When you see the world that

way, what you realize is the risk

factors are destroying the long-term

capital, right? They're your your

capital is being destroyed by taxes, by

inflation, by tariffs, by insurance, by

tors, culture shocks,

regulation, antirust.

I every single 10K has got 30 pages of

these disclosures in them. And so that