Fixed income markets , preferred stocks, convertible bonds, revisit capital plans
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Equity capital markets, 4 weeks!
Convertible market, equity market, fixed income markets in Q1
Think Month!
Delevered?
100% delta
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Build more intelligent leverage
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ATM. sell equity into market if we like terms and price
Equity is under valued?
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Think Month?
Think YTD?
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Philosophically
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Healthy software division
$45b billion owned, treasury operations
Create value , operating income 75M$ a year , investing income … 18.6B of unrealized investment income
Fair value accounting next year , investment income captured in GAAP
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LBO, taking cheap capital. Higher return –>
Capital acquisition
14.4B$ benefit, at $105k
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Bitcoin treasury operations
Accounting rules
.
SP500 … ? Above my pay grade , they will make that decision
2025, fair value accounting, $50B of assets on accounting, goes up $10B a year of investment income!
YTD, 650.18% gain!!!
.
6.5x gain in just one year?
.
Buying in bulk
Regulated exchanges like Coinbase, TWAP algorithm, not be noticed by market
Be market participants but be noticed
STEALTH//
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Stealth Bitcoin
.
I invented a large piece of it we enjoy it it is profitable core part company identity
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Rejected by MSFT
.
THEY don’t have a need to adopt a new idea
Pay out dividends , conventional finance playbook Harvard business school
Fair value accounting became mandatory ***–> SAB 121, fair value accounting
Embraced as digital commodity
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First time in 100 years, capital asset can consider in lieu of treasury bills
Not real estate gold paintings, barrels or oil
Bitcoin as treasury asset
Year 1, new asset.
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May 7, embrace later, we don’t need it now
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