Strategy 실적 발표

… 39, 43. There were 64 last year. And of course, as you look at this trend right now, 160 when we're not even to the end of 2025 is extraordinary. So we're in a hyper growth or hyper adoption phase for Bitcoin as a treasury reserve asset. Companies are racing to get into the Bitcoin 100. You can see there's even competition to track the Bitcoin 100 right now. And generally, any given week, there are 20 or more companies that are acquiring more Bitcoin. Just a few minutes ago, Coinbase announced that they acquired more Bitcoin this quarter, thousands of Bitcoin. So I see very positive trends here. And each of these companies could, in theory, acquire just as much Bitcoin or attempt to acquire just as much Bitcoin in a dollar value as we have acquired. Obviously, they won't get 3% of the Bitcoin supply, but you can imagine what happens when 100 companies are all competing to acquire as much Bitcoin as possible. The analysts are all starting to cover and track Bitcoin and they have outlooks for Bitcoin. So if you're going to cover the 160 Bitcoin companies that have Bitcoin on their balance sheet, you're going to have to form an opinion about Bitcoin. And so you can see that the …

… the development of the industry. They also loosened restrictions on options trading of Bitcoin ETFs. Paul Atkins just released, gave a speech and made a number of comments about the digital assets industry. It's clear that he's very supportive of innovation, very supportive of the crypto economy, very supportive of your right to self-custody. And this is a welcome development from the SEC. Another welcome development is the guidance that came from William Pulte to Fannie Mae and Freddie Mac, where he said they should prepare their businesses to count cryptocurrency as an asset and a mortgage. This is going to accelerate the institutional adoption of Bitcoin as collateral in the banking industry. There could be no more legitimate driver of the collateralization of credit with Bitcoin than the U.S. Federal Housing Authority. Capitol Hill is embracing Bitcoin. There are three bills. One of them, the Genius Act, has already been passed. Clarity is coming in September and the Bitcoin Act allows for the government to acquire a million Bitcoin. These are picking up momentum. This is a positive development. US states are also embracing Bitcoin. We've now got three strategic Bitcoin …

… highly over collateralized, short term debt. And so we think this is going to lead to success of opening up the preferred market, but also allowing us to use prefers on a go forward basis to raise more capital. Another extraordinary evolution from last week or discovery from last week is the retail interest in preferreds. So we went from raising about $153 million and 15% in our previous preferred offering stride to increasing that retail adoption by 3.7x. $570 million, 23% of the total capital that was raised in Stretch was retail, as thanks to our partners, Morgan Stanley, Fidelity, and others who were part of that raising. And so we're seeing demand for a product that we haven't seen before. I mean, this is a retail-focused product, but also there's institutionals that'll be interested in it. So our fourth time over, fourth time in into the preferred market, we think we'll unlock something that's gonna be able to help us with our capital structure. And how does this look over time with our convertible bonds? You'll see here that through the course of 2029, taking the earliest allowable call date, we should be able to let these equitize over time, or we'll be able to call …