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 in 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 the

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 did.

You 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,

we're we're struggling. And another way

to say it is uh 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 gonna 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 vary. 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

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 60/40 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 and 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 MAG7 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? The 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

time's revenue. Well, it's right there,

right? That's the asset. You might think

I cherrypicked 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

just 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's 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 a 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 longdated, 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 by

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

that 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 sales

force, expanded our technology function.

We launched, you know, dozens of new

businesses. We 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 VA 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? 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-conensus 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 10x your money, you buy

Bitcoin. If you want a 100red 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 strategyy's 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 as 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 riskadverse 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 Bitcoin backed

securities. And there's $500 trillion

dollar 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 creditworthy 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 and 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 dollars 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?

there. Your your capital is being

destroyed by taxes, by inflation, by

tariffs, by insurance, by tors, culture

shocks, regulation,