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This morning, I will summarize the detailed explanation provided by President Simon.

【What is the At-the-Money (ATM) method?】
Direct issuance in the market.Issuing new shares on existing stock markets in small quantities, making it easy for investors to purchase.
Flexibility and freedom in timing.Instead of issuing a large number of shares at once, it is possible to issue gradually as needed, minimizing the impact on stock prices.
Low cost.By not going through an investment bank, costs such as underwriting fees can be reduced.
例えば、過去4年間でMSTRはこの方式を使って約10 billion$以上を調達しました。得た資金は全てビットコイン購入に充てられています。
【ATM方式と第三者割当増資の類似点と戦略】
1.日本市場におけるATM方式の不在
Due to the unavailability of the ATM method, similarly.It is considered that carrying out a "third-party allotment increase of capital" for issuing stocks below a specific price was a realistic choice and led to the current decision.
2.Strategic fund raising.
By targeting a specific investor called EVO FUND, the conditions for issuing stocks are set flexibly.Flexible setting for the issuance of stocks.andSpeedy fund raising.We are trying to carry out.
3. SharesSupport of stock price
SettingsExercise price supported by gold (will not be issued below the exercise price (1500 yen), ensuring the stability of the stock price. While this does not have the flexibility of the ATM method, efforts have been made to minimize the impact on existing shareholders.Therefore, the stability of the stock price is maintained. This does not have the flexibility of the ATM method, but efforts have been made to minimize the impact on existing shareholders.
This morning, I will summarize the detailed explanation provided by President Simon.
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  • jerrylee : Simon works quickly and pays attention to detail. It seems that such additional information is becoming necessary, indicating that it's indeed a tight competition. Exciting times ahead!