$15 billion raised, converted to Bitcoin, and held on balance sheets as permanent capital. Traditional capital markets still do not treat any of it as collateral. Two reasons named on tape. The first: "the rating agencies give it 0% capital credit" The second is a 1,250% risk weighting under Basel III, which is what keeps a bank from holding the asset directly. So the workaround is structural. The Bitcoin gets transformed. The balance sheet becomes the collateral, and the instruments issued against it are what institutions and retail can actually buy, with the market pricing that collateral in the open. Whether that is phase one of traditional finance accepting Bitcoin as collateral is the argument in the clip. Which gives first, the risk weighting or the capital credit? bitcoin:native $MSTR $ASST $STRC $SATA