Recap of what @DarkSide2030_ @tomyoungjr

and I have been saying on BitBonds.

1. It is critical to understand that the issuer of these BitBonds will generally have ZERO exposure to Bitcoin.

2. In all cases, an intermediary such as Cantor will swap the BitBond cash flows for fixed rate or floating rate debt, so the issue just gets CHEAPER debt.

3. These bonds will be insta-hits with retail investors who do want exposure to Bitcoin. Why? Because they can be structured to offer high coupons and/or high yields under relatively modest BTC CAGR assumptions.

4. We know this because of SRTF, SRTK issued by MSTR. A BitBond issued by a Sovreign, or a Muni with triple tax free status yielding 10% effectively would be a nuclear bomb.

5. The US Created the first Nuke in 1945 at Los Alamos. But the Russians got the bomb just four years later in 1949. Now 9 countries have it. Saylor created the first Bitcoin Nuke in 2024. Now, in 2025 lots of others will become nuclear treasuries.

6. Ultimately the issuers of BBAAS (BitBonds as a Service) will keep the residual Bitcoin. This is how they end up with "more Bitcoin than Saylor".