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Bitcoins acquired through proceeds from debt activities that occurred after the issuance of our senior secured notes, namely the two recent convertible note issuances in Q1, are held at MicroStrategy, the parent, and also serve as collateral securing our 2028 senior secured notes. The Motley Fool has a disclosure policy.
Given the conditions in the bank lending market since the SVB and other disruptions earlier this year, the return on these first-lien collateralized facilities has been very attractive. And as noted, our investment is collateralized by borrowing base of government and commercial receivables. It's a privatecompany.
Any kind, collateral, non-collateral. They don’t have collateral. Now does the FDIC even know how much risk they’re bearing 0 when all the assets are so encumbered that they’re all pledged as collateral? ADMATI: We’re at the mercy of these privatecompanies. RITHOLTZ: To the depositors.
And as we continue to champion bitcoin as a strategic treasury reserve asset, we are encouraged by the number of both public and privatecompanies that are adopting the bitcoin treasury standard to help impact shareholder value. We have added bitcoin to our treasury balance sheet in every quarter since August 2020.
00:05:21 [Speaker Changed] No income taxes for the company and, and 00:05:23 [Speaker Changed] Then Koch Industries, I I, I don’t think a lot of people realize one of the largest privatecompanies in the United States and maybe even the largest, they’re, they’re giant energy powerhouse.
And it does not take into account debt and other liabilities. The Bitcoin we acquired using proceeds from our convertible notes offering in Q2 are held at MicroStrategy, the parent, and serve as collateral securing our 2028 senior secured notes. billion in current market value, all of which are currently unrestricted and unencumbered.
RITHOLTZ: It’s a liability on the books. MORGENSON: Could be banks, could be Wall Street, could be private debt folks, but it’s — RITHOLTZ: This is very often securitized and sold off into the market as well? MORGENSON: It can be collateralized loan obligations, now it’s big private debt.
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