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5116.179 - 5136.431 David Friedberg

Yeah, the premium that the conversion price is at tells you what Bitcoin needs to be for you to have equity upside. So it's effectively a convertible note. You earn a coupon and then you have a conversion premium that you can kind of convert to equity, which basically gives you a call option. You're saying the premium you're paying is the price for the call option, effectively.